Orangeville Real Estate Market Stats – March 2023

We are one quarter into 2023 and the Orangeville real estate market continues to remain slow. There continues to be below-average numbers of new listings and sales, due in large part to higher borrowing costs and has caused there to be low inventory in the Orangeville market.

The Month of March 2023

In March there were 65 homes listed for sale a decrease of 53.24% from the 139 homes listed for sale in March of 2022. New listings continue to lag behind the 10-year average (92 listings) in March.

30 homes sold in March, a decrease of 59.46% from the 74 sales that occurred in Orangeville in March of last year. While March of 2022 was a higher than normal month for sales, the 10-year average for March is 66 sales, which means this year March sales are about 55% below the 10-year average.

With 30 homes sold and 65 new listings, the Sales to New Listings Ratio (SNLR) for the month of March was 46.15%. This indicates that Orangeville is experiencing a balanced market when the SNLR is between 40% and 60%.

The Average Sales Price in March was $776,417 a decline of 23.58% from the average of $1,016,006 from March 2022. The Average Sales Price continues to have some large swings month-to-month due to the low numbers of sales and the mix of properties being sold.

The Average Sales Price to List Price Ratio in March was 98%, this indicates that the homes that are priced well are selling for close to the asking price.

The Average Days on Market for homes sold in the month of March was 17 days, this is down from 23 days in February and is another indication that the desirable homes that are priced correctly are selling quickly.

At the end of March, there were 63 Active Listings an increase of 12.50% from the 56 homes available for sale at the end of March 2022. The amount of inventory of homes available for sale continues to be low, which has helped maintain prices at the current level despite the low sales volumes.

With 63 homes available for sale at the end of the month and 30 sales in March this indicates that there is 2.1 Months of Inventory. This stat continues to indicate that Orangeville is experiencing a seller's market but is really more of an indication of the lack of new listings coming onto the market.

Year-to-Date – The First Quarter 2023

In the first quarter of 2023 there have been 149 properties listed for sale in Orangeville, a decrease of 42.69% from the 260 homes listed for sale in the first quarter one year ago.

There have been 77 homes sold in Orangeville in the first quarter a decrease of 54.17% from the 168 sales that took place in the same period one year ago.

The year-to-date Average Sales Price of a home that sold in Orangeville is $803,475, down 21.89% from the Average Sales Price of $1,028,701 in the first three months of last year.

Year-to-date the Average Days on Market for homes that sold has been 25 and the Average Sales Price to List Price Ratio was 98%.

What Does All This Mean?

Higher interest rates have led to the first quarter of 2023 being historically slow in terms of sales in Orangeville. On the flip side, there have been a below-average number of new listings which has left the Orangeville real estate market with low inventory as we enter the spring. Generally, the spring market kicks off after the Easter long weekend and there is an increase in buyer demand and new listings coming onto the market. As April plays out I think we will see more listings come on the market, and the early indication is there will be demand from buyers to absorb the new listings. I think the spring will mark an increase in activity from where we have seen it in the first quarter but I expect sales volumes to lag the historical averages.

If you are thinking of selling, right now with low inventory and well-priced homes selling quickly, there is an opportunity to sell. I do expect inventory to increase as we move later into the year, more inventory offers more options for buyers and more competition for sellers so right now is a good time to sell real estate.

If you are looking to buy right now you need to be aware that there is competition for the most desirable listings, and there has been a return of multiple offers on some homes. This doesn’t mean that we have returned to the hysteria of 2021 and early 2022 but with low inventory the “best” listings are receiving a lot of attention.

If you would like to discuss what is happening in the Orangeville real estate market or how any of this affects your specific situation feel free to reach out any time or use the link below to schedule a call with me.

https://calendly.com/brianrooneyrealestate