The first quarter of 2024 is in the books and the Orangeville real estate market has performed pretty close to expectations so far this year.
In both the month of March and on a year-to-date basis, the number of sales has continued to be higher than last year by about 30% however the sales number has remained well below the 10-year average. The number of new listings both in March and year-to-date has been about 30% above last year but this figure is similar to the 10-year average.
With slow sales volumes (38 sales in March) and a normal number of new listings coming on the market (86 new listings in March), the sales to new listings ratio was at 44.2% which would point to a balanced market.
The average sales price of a home in Orangeville increased in March to $830,537 which is a 7% increase from March 2023.
The spring market is getting into full swing and since there was an active spring market in April and May 2023 the comparison to last year might not be as strong for the next couple of months. I expect the second quarter to be much the same as the first with sales coming below the 10-year average and new listings to remain close to the 10-year average figure. Prices should remain relatively flat as they have for much of the last 12 months.
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