Orangeville Real Estate Market Stats – June 2020

We are at the halfway point of 2020 and this year has been far from usual. As the restrictions continue to ease around Covid-19 we have seen buyers being active in the real estate market but the sellers have been a little slower to return which has caused continued low inventory and rising prices.

The Month of June

There were 74 homes listed for sale in June 2020 this is an 11.90% decrease compared to the 84 homes listed in June of 2019.

Despite fewer homes for sale, there was a 4.84% increase in the number of sales for the month of June 2020 with 65 sales compared to 62 in June 2019.

The average sales price increased to $644,421 in June 2020 compared to $538,117 in June 2019 this represents a 19.75% increase in the average sales price.

The list price to sales price ratio was 100% for the month compared to 99% in June last year.

The average days on market decreased to 16 in June 2020 compared to 22 in June 2019 this has been caused by having more buyers looking to buy than there are homes available for sale.

At the end of June 2020 there were 46 active listings in Orangeville compared to 93 active listings at the end of June 2019 this is a 50.54% decrease and this biggest factor impacting the price of resale homes right now.

Year-to-Date

To the end of June, there have been 260 resale homes sold, a 16.93% decrease from the 313 homes sold through the halfway point of last year.

The average days on market continues to be very low this year at 18 days compared to 23 days in 2019. This has been caused by the imbalance of the number of buyers in the market and a smaller inventory of homes for sale.

The average sales price at the end of the second quarter of 2020 was $615,006 this is a 10.39% increase from the average sales price of $557,105 at the end of June 2019.

The list price to sales price ratio remains at 100% in 2020 compared to 99% at this point of last year.

What Does All This Mean?

In the month of June, we saw higher sales activity than in the same month the year prior for the first time since the Covid-19 restrictions came into effect in March. We are also seeing continued low inventory levels which are pushing the average sales price higher.

If you are thinking of selling your home there is a lot of demand from active qualified buyers in the Orangeville market and there is not a lot of resale homes available for sale. This is an opportunity to sell your home for a great price.

As a buyer in this market, you need to be ready to act when homes come on the market. With the continued low inventory levels we have seen home sell very quickly, so if you are looking to buy meet with your lender get pre-approved for a mortgage, review your finances and know what you can afford and set your budget and be ready to act when the right property comes on the market.

Despite the current activity in the market the safety of our clients continues to be of the utmost importance. We are asking that all buyers do their homework before visiting a property by reviewing the listing details and only going to see properties that they potentially would be interested in bringing an offer on. In our listings, we continue to ask that potential buyers sanitize hands, wear masks and gloves, and do not unnecessarily touch anything in the home and that our sellers are diligent in cleaning the surfaces in their home. Covid-19 has changed how we do business but we are committed to helping our clients achieve their real estate goals while keeping everyone safe and healthy.

If you have any questions about the Orangeville real estate market or would like to discuss your specific situation in more detail please feel free to reach out to me and we can have a chat.