As we approach the end of 2020 the real estate market in Orangeville continues to be active with buyers looking for their next home to buy and a shortage of resale homes available on the market.
Here is a look at the local real estate market stats.
The Month of November
In November there were 30 homes listed for sale this is down 16.67% from 36 in November last year.
The number of completed sales in November was 40 which was slightly lower than the 41 sales in November 2019.
The average sales price of the transactions in November was $628,080 which is a 9.14% increase from the average sales price of homes sold last November.
The list price to sales price ratio continued to be 101% in November 2020 as compared to 98% last year.
The average days on market continues to be extremely low at 13 days in November 2020 as compared to 35 days on market in November 2019.
At the end of November, there were 18 homes available for sale in Orangeville, this represents a 63.27% decrease compared to 49 listings at the end of November 2019.
Year-To-Date
Through the end of November, there have been 600 homes sold in Orangeville this year which is slightly up from the 588 homes sold at the same point last year.
The average days on market is sitting at 15 days in 2020 as compared to 25 in 2019.
The average sales price for homes sold so far in 2020 is $636,678 which is a 13.00% increase in the average sales price of $563,446 through 11 months of 2019.
What Does All This Mean?
We remain in a sellers’ market. There are buyers looking to purchase homes in the Orangeville area but there is a shortage of homes available for sale. We will continue to see extremely low inventory levels in the foreseeable future with the holiday season upon us, coupled with increased COVID-19 restrictions in some of the surrounding areas.
As a buyer in this market, the one thing you need to do is be sure you are ready to act when the right property becomes available. Make sure you have met with your lender, you have reviewed your finances, and are comfortable with your budget when you are looking to buy a home. Many of the properties that are selling are selling in multiple offers so you need to be able to act quickly and make your strongest offer when the right property becomes available.
If you have been considering selling your home there are some advantages to selling in the winter months and considering the current market conditions this might be the right time for you to sell your home and realize a great return on your investment.
If you would like to discuss how the current market stats impact you, please reach out, and we can arrange some time to talk about your specific situation.
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