2021 is going out the way it came in being unpredictable and with less inventory and rising prices once again. In many ways, it is the perfect finish to the year that we Have had in the Orangeville real estate market.
The Month of November
In November there were 44 homes listed for sale in Orangeville, this is an increase of 46.67% over the 30 homes listed for sale in November 2020.
There were 51 homes sold in the month of November, an increase of 27.50% from the 40 sales in the same month in 2020.
The Sales to New Listings Ratio for the month of November was 115.91%, because there were more sales than new listings this figure is over 100% and shows that the number of homes available for sale in Orangeville actually shrunk in November, this is not something that we normally see this time of year.
The Average Sales Price in the month of November was $862,575, a very large 37.34% increase over the average price of $628,080 in November 2020 and a large increase over the average sales price trends we have seen for most of 2021.
The Average Sales Price to List Price Ratio for the month of November remains strong at 106% and the Average Days on Market continues to follow what we have seen for most of 2021 at just 9 days.
At the end of November, there were 11 active listings, this is an extremely low number for inventory in the Orangeville real estate market, and is a 38.89% decrease from the 18 homes that were available at the end of November 2020. For some context, there would traditionally be between 50 and 80 homes available for sale at this time of year.
With 11 active listings at the end of the month and 51 sales during November, this would indicate that there are 0.2 months (less than 1 week) of inventory available at the end of November.
Year-to-Date – November 2021
Through the first 11 months of 2021, there have been 812 homes listed for sale in Orangeville, an increase of 13.41% from the 716 homes listed for sale in the same period of 2020.
So far in 2021, there have been 693 homes sold in Orangeville, this is a 15.50% increase compared to the 600 sales in the first 11 months of 2020. This year is on pace to be one of the most active years in terms of the number of completed transactions ever in Orangeville, despite battling continued low inventory.
As a result of the high number of sales compared to a relatively normal number of new listings the Sales to New Listings Ratio is 85.34% which is a strong indicator of the sellers market, we have experienced for all of this year.
The Average Sales Price of a home in Orangeville was $796,980 an increase of 25.18% from the average in the same period of 2020 of $636,678. The average sales price year to date continues to inch closer to the $800,000 mark.
Year-to-date the Sales Price to List Price Ratio remains similar to where is has for much of the year at 106% and the Average Days on Market remains at 10.
What Does All This Mean?
In the last month, we have seen a resurgence of demand for homes in Orangeville due in large part to the latest news reports of interest rates set to increase many buyers are rushing to purchase properties while interest rates are at all-time lows combined with the extremely low number of homes available for sale. Based on what has been happening in the last couple of months I expect that December will provide us with another active month to finish out 2021.
Right now, we continue to experience extremely high demand for homes in Orangeville and as a result, there are very few homes available for sale. This prolonged period of low inventory combined with the historically low interest rates has caused prices to continue to rise, and with worries of rate increasing in 2022 this has strengthened the demand for homes.
If you are looking to buy a home, the advice I give to my clients is to have a very clear idea of what you want in a home and have your finances in order. There continues to be a lot of competition in the market and you will have to act fast when you find the right home. Meet with your lender to get your preapproval done, review your finances, set a budget, and be ready to go and view homes as they come onto the market because they will not last very long.
If you have been thinking of selling your home this is a great time to do it, traditionally there is not a lot of new listings in December and January. The real estate market tends to be quieter around the holidays and the start of the new year but right now there continues to be active qualified buyers looking to purchase homes in the Orangeville area. This provides a good opportunity for home sellers with the combination of low inventory and highly motivated buyers.
If you would like to know more about what is going on in the Orangeville real estate market or would like to discuss your specific situation in more detail, I am always happy to connect.
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