It’s beginning to a lot like Christmas but the real estate market in Orangeville continues to be hot. With improved sales volume compared to last year and inventory levels remaining low, we should continue to see upward pressure on resale home prices in Orangeville going into 2020.
Month of November
In November there were 36 homes that were listed for sale which is a decrease of 29.41% from the 51 homes listed in November 2018.
Sales volume increased by 32.26% in the month of November with 41 sales compared to 31 in the same month of last year.
The average price of a resale home in Orangeville was $575,466 in November, which is an increase of 5.38% over the average of $546,064 in November 2018.
As of the end of November 2019, there were 49 active listings which represents a 36.36% decrease from the 77 homes available at the end of November 2018.
Year to Date
With most of 2019 behind us there are two numbers that stand out in the Orangeville real estate market from the past 11 months, first is the 15.75% increase in sales volume with 588 homes sold in 2019 compared to 508 through 11 months of 2018.
The second figure that stands out most is the number of active resale listings available at the end of November. As I mentioned above the number of homes available for sale at the end of November was 49 which represents a 36.36% decrease in inventory compared to the same time last year and represents one month of inventory currently on the market.
To round out the picture the average days on market continues to remain low at 25 days through 11 months of 2019 compared to 26 days at the end of November 2018.
The average sales price of a resale home through November 2019 is $563,446 which is a 3.83% increase year to date over the November 2018 figure of $542,687.
What Does All This Mean?
The biggest factor right now in the Orangeville real estate market is low inventory. The number of homes for sale normally decreases this time of year but with only 49 resale homes available on the market this is lower than normal. If you are thinking of selling your home the low inventory levels should increase demand and continue to push prices higher into 2020.
On the other hand, the limited number of options will make it difficult for buyers to find the right home in Orangeville. We should continue to see prices increase in December and into 2020 and competition among buyers will likely show up in the form of more multiple offer situations for desirable properties.
If you would like to know more about how these figures affect your personal situation I would love to get together with you for a coffee to discuss.
Have a great day!
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