The 2020 Orangeville real estate market is off to a hot start with increased sales volume, increased average selling prices and continued low inventory.
The Month of February
There were 83 resale homes listed for sale during the month, which represents a 76.60% increase over the 47 homes listed in the same period in 2019.
Corresponding to the increase in the number of homes coming onto the market there were 60 homes sold in the month representing a 76.47% increase over the 34 homes sold in February 2019.
The average sales price in the month of February was $601,087 as compared to $532,334 in February 2019 a 12.92% increase.
At the end of the month, there were 47 homes listed for sale this is down from 62 homes at the end of February 2019, a 24.19% decrease. There continues to be approximately one month of inventory on the market.
Year-to-Date
So far this year buyers have been a little more active and there have been 86 sales in Orangeville as compared to 64 sales in the same period in 2019 this is a 34.38% increase.
The average days on the market has dropped to 18 days as compared to 28 days at this point last year. This is a symptom of the low inventory and the increased number of buyers in the market.
The average sales price through the first two months of the year was $600,633 this is a 12.54% increase over the $533,729 average sales price in the first two months of 2019.
What Does All This Mean?
Plain and simple, it is a seller’s market. If you are thinking of selling in 2020 and you are waiting for the “Spring Market” do not wait any longer and get your home ready to be listed right away. There are motivated buyers looking to buy homes, there is a low number of resale homes available on the market, and interest rates just decreased at most of the major banks giving some buyers the ability to afford a higher mortgage then they previously would. All of this means that right now is an attractive time to sell your home.
If you are buying in the Orangeville market, the same advice that I have been giving new for the last few months still rings true. Meet with a lender and determine how much of a mortgage you qualify for. Next, determine how much you feel comfortable paying for a home, based on the carrying costs and expenses. Finally, you need to act quickly when the right home comes available on the market. If you are waiting to go and see a home it may be sold before you have a chance to see it.
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