The volume of transactions in the month of October is down when compared to last year. The major reason for this is the lack of inventory in our market. Prices continue to be on the rise and we most definitely remain in an active sellers market.
The Month of October
When looking at the statistics for the month of October I will continue to compare sales and listing acivity to the 2019 and 2018 years to provide context as 2020 was an unusual year from a statistics point of view.
In October there were 51 homes listed for sale, this is a reduction of 31.08% from the 74 homes that were listed for sale in October of 2020 and is lower than the volumes in 2019 (73) and 2018 (56).
There were 52 homes sold in the month of October, a 33.33% decrease from the 78 homes sold in October 2020 and down from the number of sales in 2019 (83) and 2018 (57).
The Sales to New Listings Ratio for the month of October was 101.96%, there were more sales than new listings, which isn’t too unusual for the month of October (it has happened in each of the last 4 years), but combined with the very low number of homes available for sale is a strong indication that demand for homes continues to be very strong.
The Average Sales Price in the month of October was $843,894 a 29.11% increase from the $653,605 average in the month of October 2020. This increase is partially due to a few higher-end sales in the month but is a meaningful increase in price nonetheless.
The Average Sales Price to List Price Ratio remains very strong at 105% for the month of October, and this is an indication of strong demand for homes in our market.
The Average Days on Market for the month of October was 12 days this is a little higher than we have seen over much of 2021 but was pushed higher with four of the homes that did sell in the month had been on the market for over 40 days, one of which was over 80 days and with so few sales in the month this pushes the average higher.
At the end of October, there were 24 active listings this is a 27.27% decrease compared to the 33 homes available for sale at the end of October 2020. The historically low inventory of homes available for sale in the Orangeville market combined with high demand continues to push prices higher and increase competition for homes in Orangeville.
With 24 active listings at the end of the month and 52 sales in the month of October, it would indicate that we have 0.5 months of inventory available a the end of October.
Year-to-Date – October 2021
Through the first 10 months of 2021, there have been 768 homes listed for sale an increase of 11.95% from the 686 homes listed in the same period of 2020. The number of homes listed remains in line with 2019 and 2018 where there were 798 and 736 homes listed for sale respectively.
So far in 2021, there have been 643 homes sold in Orangeville an increase of 14.82% from the 560 homes sold in the same period a year ago. While the number of homes listed has remained in line with 2019 and 2018 figures the sales this year have remained far ahead of these years and we are on pace to have more homes sold this year than any other going back to 2011.
As a result of the high number of sales as compared to a relatively normal number of listings, the Sales to New Listings Ratio is 83.72% which is an indication of the amount of demand that we have seen in the Orangeville real estate market in 2021.
The Average Sales Price for the ten months ended October 31, 2021, was just shy of $800,000 at $791,324 an increase of 24.17% from the average of $637,293 for the same period of 2020.
Year-to-date the Sales Price to List Price Ratio remains high at 106% and the Average Days on Market remains low at 10.
What Does All This Mean
Looking at these statistics it is apparent that the main factor for what has happened in the Orangeville real estate market in 2021 is a result of there not being enough homes available and extremely high demand for homes in Orangeville. As we have moved through the year the number of new listings has not been able to catch up to the demand for homes and as we stand now with two months remaining in the year the inventory remains extremely low with 24 active listings at the end of October.
If you are looking to buy a home in Orangeville this market has been challenging, but my advice remains to know your finances, get pre-approved for your mortgage and be ready to act when the right home hits the market.
If you have been thinking of selling your home and haven’t acted yet, now is a great time to sell your home and take advantage of the great sales prices in todays market to unlock the equity you have built up in your home.
If you would like to discuss how this information affects your personal situation in more detail I am always happy to connect.
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