Orangeville Real Estate
September 10, 2019
Well, we’re through the summer months now where there is a typical lull in the market, with the children off school and people enjoying the warm weather and taking holidays.
In Orangeville the number of active listings that hit the market in July and August 2019 was down 15% compared to those two months in 2018, and the number of new listings in these two months was also down 10% comparing 2018 to 2019. Average sale prices were up in these two months 6.1% with the current average sale price in Orangeville being $559,000 to date in 2019.
The number of sales year to date is up just over 14% so we’re seeing an increase so far for number of sales this year over last, and with the average sale price increasing, Orangeville is still a desirable place to move to. Average list price to sale price ratio has pretty much remained unchanged, with Sellers getting 99% of their asking price.
Currently, there are 90 listings on the market in Orangeville, including condos. Out of these listings, 11 are conditionally sold. Average asking price currently is about $635,000.
So, for different price ranges in town, there are 40 listings under the $600,000 mark, which is 44% of what’s out there and it’s the most active price range. 22 listings are between 600 and 700,000, which is 24%. Another 20 listings are between 700 and 800,000 which is 22%, and the remaining 8 are above 800,000 which is only 9%.
The year is looking good so far and the fall market is just about to begin, so we’re expecting the next couple months to be quite active, which is typical, before it slows down for the Christmas holiday season.
OTHER REAL ESTATE NEWS
The bank of Canada did not touch the interest rates again on September 4th, which are sitting at 1.75% so we haven’t seen a rate increase since October of last year. Predictions are that it will remain the same for the rest of the year. The market has corrected itself and cooled off since the chaos of 2017 where interest rates started to rise, and the implementation of the foreign buyers’ tax and the mortgage stress test.
Nationally, Royal LePage predicts home prices will increase 0.4% year-over-year by the end of 2019. In the Orangeville market, as I mentioned before, we’re on track for an average sale price increase of about 4%.
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