2020 is underway and the year has started much the way 2019 ended. We have seen slower sales activity, low inventory, and rising prices. Buyers have been acting quickly creating competition for attractive listings. It will be interesting to see what the next few months bring in the resale real estate market in Orangeville the long story short there is a lack of inventory and we should see prices continue to rise until that is resolved.
Month of January
In January there were 40 homes that were newly listed for sale in the month which is down 28.6% from the 56 homes that came on the market in January 2019.
Sales activity was slower than a year ago with 26 homes sold in January 2020 compared to 30 in January 2019. This 13.3% decrease is mainly due to the low inventory of resale homes that are available on the market.
The average days on market has been low for much of the last few years but it has moved to 24 days in January as compared to 29 a year ago. This is evidence of buyers acting quickly when listings come onto the market.
The average sales price for the month of January was $599,585 this represents a 12.0% increase from the average of $535,310 in January 2019. This stat is one that needs some perspective with only 26 sales in the month the average price can easily be skewed due to the small number of transitions.
At the end of the month of January there were 35 active listings in Orangeville this represents a 40.7% decrease from the 59 active listings at the end of January 2019.
What Does All This Mean?
We are in a seller’s market. The shortage of resale home inventory in Orangeville has hit the point where it is putting pressure on prices. Buyers are moving fast to make offers on homes as they become available. If you are thinking of selling in 2020 now is a great opportunity to list your home to take advantage of the current market conditions.
With that said if you are selling a home you will need somewhere to live. If you are considering buying in Orangeville right now you need to be ready to take action. Make sure you have met with your lender and been pre-approved for a mortgage. When homes become available, you will need to be ready to make a decision very quickly so be clear on where you want to be, what type of home you are looking for and what you can afford so you are ready to take action when you find the right home for you.
If you would like to know more about how these market stats affect you and your situation, I would love the opportunity to get together and discuss this in more detail.
Have a Great Day!
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