February 2024 Market Update: Orangeville | Shelburne | Dufferin County

February brought another strong month with an uptick in new inventory and an increase in sales as many try to get ahead of the spring market.

Historically, the spring market is known as being one of the busiest times for real estate, but it is often misunderstood as the best time to buy or sell.  The reality, and why so many are listing their homes or buying now, is that spring is not the best time as a seller. And if interest rates do decrease, it certainly will not be the best time for buyers with increased competition.

Homes Sold February 2024

Looking at the overall market conditions, Orangeville is sitting at 1.47 Months of Inventory continuing the trend of pushing further and further into a Seller’s market. Shelburne saw another huge decrease and is now sitting at 3.17 Months of Inventory bringing Shelburne into a Seller’s market for the first time in over a year. 

Dufferin County also pushed into a Seller’s Market with the increase in sales and now sits at 2.6 Months of Inventory.

Average Price

The average price in Orangeville increased slightly by 1.5% to $776,509 which is also a small 1.27% increase compared to 2023.  Townhomes and semi-detached saw in increase with towns currently sitting at $750,800 and semi’s at $736,000, while detached saw a small decline of 2.77% to a new average of 4884,856.

Shelburne, unlike the other areas in Dufferin, experienced another decline in overall price by 8.6% for an average of $748,588.  The majority of the decline came from detached homes which fell 8.6% to an average of $765,786 while townhomes increased 1.2% to $668,333. There were no semi-detached sales.

Dufferin County experienced an overall increase of 4.9% month-over-month to bring the average home price to $897,319, however, this is down 7.3% compared to the same time last year. Semi’s saw the biggest increase overall thanks to Orangeville with the 16% increase, while towns were up 2.8% to $716,000 and detached by 3.4% to a new average of $1,002,860. It’s important to remember that Dufferin County includes the majority of estate homes, farms and luxury properties which is why the average price is significantly higher.

Average Prices - February 2024

List - to -Sale Price Ratio

List to Sale price ratios for Orangeville remain strong at 99%, Dufferin County is up to 98%, while Shelburne experienced a 1% decrease to 96%. This is an overall picture of how much the average buyer was able to negotiate off of the list price.

Days on Market

Looking at days on market (DOM), each area experienced a decrease in the average time it took for homes to sell. Orangeville dropped 55.5% to an average of 20 days, Shelburne saw a massive decline of 88.8% to 54 days, while Dufferin decreased 36% to an overall average of 37 days.

Interest Rates

On March 6th, the Bank of Canada announced its 5th consecutive hold on the prime overnight rate of 7.2%. The next announcement will be held on April 10, 2024, at 9:45 am at https://www.bankofcanada.ca/

February proved to be an even stronger market than January and the trend has continued it’s momentum into March. Turn-key, move-in-ready homes continue to move more quickly as the overall cost of living doesn’t leave much left over for repairs and renovations for the average buyer. Mortgage rates continue to cause lower buyer pre-approvals than we had gotten used to during 2021-2022 which is why the majority of sales continue to be under $850,000. 

For sellers, I would suggest getting on the market as soon as possible. As more and more prepare and list their homes the market becomes oversaturated with options for buyers which changes supply and demand into a balanced (or even a buyers) market. With more options for buyers the more opportunity they have to negotiate and wiggle sellers down on price and other contingencies.

For buyers, right now seems like an ideal time to buy, and it is. If you are sitting on the sidelines listening to the misleading hype that “spring is the best time to buy or sell” can be risky with predictions that the Bank of Canada will start dropping interest rates this summer. If this happens, expect more and more buyers to jump into the game and multiple offers to increase. 

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