Orangeville Real Estate Market Stats – July 2020

The real estate market in Orangeville continues to be hot throughout the summer. Prices continue to rise and we have seen many homes selling with multiple offers over the last few weeks. The continued high demand for houses in Orangeville and the small inventory numbers have contributed to the increase in prices.

Here is a look at your market stats.

The Month of July

In July 2020 87 homes were listed for sale this is an 8.75% increase over the 80 homes listed for sale in July 2019.

The number of transactions completed in the month of July 2020 increased by 55.32% to 73 sales this year compared to only 47 in July 2019.

The average sales price in the month of July 2020 was $667,375 as compared to $576,996 in July 2019 this represents a 15.66% increase.

The list price to sales price ratio was 101% in July as compared to 99% in July last year.

The average days on market were 16 days in July 2020 this is a decrease of 42.86% from the 28 days in July 2019.

At the end of July, there were 46 active listings on the market in Orangeville as compared to 101 listings in July last year, this is a 54.46% decrease in the number of homes available for sale.

Year-To-Date

Through the end of July, there have been 333 homes sold in 2020, this is a 7.50% decrease over the first seven months of 2019.

The average days on market continues to be very low at 18 days through July 2020, compared to 23 over the same period of last year.

 The year-to-date average sales price is $626,486 in the first seven months of 2020. This represents an 11.93% increase over the average price of $559,702 for the same period in 2019.

What Does All This Mean?

Despite the dramatic slow down in sales activity earlier this year due to COVID-19 the number of sales year-to-date are very close to the numbers for the same period last year. This is an indication that there is a lot of demand for resale homes in the Orangeville area which has resulted in an increase in the average sales price in our area.

If you are thinking of selling your home you should get it ready to sell soon as this is a great opportunity to get a very nice return on the sale of your home. Simply put there just aren’t enough resale homes available on the market to meet the demand of buyers, this is creating an opportunity for sellers to take advantage of this dynamic and sell for a great price.

If you are looking to buy a home in the current market you will be faced with bidding wars and competition when trying to buy a home. You need to get your finances in order, set a realistic budget of what you can afford, and be ready to act quickly when homes come available for sale.

If you would like to know what the market stats mean for you and your specific situation please feel free to reach out, I would be happy to discuss what is going on in the market and how that might impact you.