The real estate market in Orangeville continues to be hot with rising prices, homes selling fast in multiple offers, and very low inventory of resale homes for sale. There continues to be high demand for houses in Orangeville and there are more buyers than sellers in the market right now.
Here is a look at your market stats.
The Month of October
In October 2020 74 homes were listed for sale this is similar to the 73 homes listed for sale in October 2019.
The number of transactions completed in the month of October 2020 decreased by 6.02% to 78 sales this year compared to 83 in October 2019.
The average sales price in the month of October 2020 was $653,605 as compared to $579,932 in October last year, this represents a 12.70% increase.
The list price to sales price ratio was 101% in October as compared to 98% last year.
The average days on market were 14 days in October 2020 this is a decrease of 46.15% from the 26 days in October 2019.
At the end of October, there were 33 active listings on the market in Orangeville as compared to 63 listings in October last year, this is a 47.62% decrease in the number of homes available for sale.
Year-To-Date
Through the end of October, there have been 560 homes sold in 2020, this is a 2.19% increase over the first ten months of 2019.
The average days on market continues to be very low at 16 days through October 2020, compared to 24 over the same period of last year.
The year-to-date average sales price is $637,293 through October 2020. This represents a 13.33% increase over the average price of $562,358 for the same period in 2019.
What Does All This Mean?
We are on pace to have more sales activity in the Orangeville real estate market in 2020 as compared to 2019 despite the impact COVID-19 had on the market earlier this year. The large number of buyers looking in Orangeville coupled with the small number of homes available has caused prices to continue to rise during 2020.
If you are thinking of selling your home you should get it ready to sell soon as this is a great opportunity to get a very nice return on the sale of your home. Simply put there just aren’t enough resale homes available on the market to meet the demand of buyers, this is creating an opportunity for sellers to take advantage of this dynamic and sell for a great price.
If you are looking to buy a home in the current market you will be faced with bidding wars and competition when trying to buy a home. You need to get your finances in order, set a realistic budget of what you can afford, and be ready to act quickly when homes come available for sale.
If you would like to know what the market stats mean for you and your specific situation please feel free to reach out, I would be happy to discuss what is going on in the market and how that might impact you.
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