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January 2024 Market Update: Orangeville | Shelburne | Dufferin County

Welcome to your detailed update on the latest real estate market trends of Orangeville, Shelburne and all of Dufferin County for January 2024. 

We seem to be experiencing an early start to the spring market. Just as the BOC announced yet another rate hold, the 4th consecutive hold since the last increase in July 2023.  Buyer confidence has come back, the number of people obtaining their pre-approvals have increased, which is definitely reflecting in January’s numbers.

Now despite the increase in sales we have seen a decrease in average prices in some areas, so keep reading to find out why.

Looking at the market conditions overall, Orangeville is sitting at 1.9 Months of Inventory which is down 32% from last month continuing on the trend of pushing well into a Seller’s market, meaning there are more buyers than inventory.

Shelburne saw a huge jump down 43% to put us into a balanced market for the first time in months thanks to a large number of listings that either expired or were cancelled and did not relist.

 

Dufferin County overall sits on the edge of a seller’s market and balanced market with 4.3 months of inventory, very similar to last month.

Average Price

Moving along to average price, Orangeville experienced a slight increase of 2% bringing the average of all home types to $764,821. This seems low for Orangeville, but when looking at a list of all the homes sold in January there was an increase in condo sales as well as attached homes, which combined account for over half of the properties sold. The average price for detached actually increased 11% to an average of $910,154.

Shelburne experienced a slight decrease in average price of 3.5% to $819,000 but when we compare to this time last year, January of 2023, we are up 14.6% overall. 

And for Dufferin, overall there was a slight decrease, both month over month and year over year, to a new average of $855,150. Mainly due to the increase in the condos and attached home sales in Orangeville that I mentioned earlier.  And we have also seen a fair number of properties under Power of Sale which have sold below market value bringing down the average.

List - to -Sale Price Ratio

Orangeville, Shelburne and Dufferin are all sitting at 97% for January. This indicates that the average buyer was able to negotiate approximately 3% off of the list price during negotiations.

Days on Market

Orangeville is currently sitting around 45 days from list to sale, Shelburne is looking a little more accurate now at 88 days, and Dufferin overall is at 58.  This is a great indicator on how long as a seller you should expect to wait, but it is important to remember that these are an average and are most likely moving much faster if you were to look at entry level homes or those in the lower price points.

Interest Rates

As we all know by now, the Bank of Canada announced their 4th consecutive hold on their prime overnight rate keeping it at 5%.  Current mortgage rates for insured transfers or refinaces are between 4.49% on a 6mth term – 4.89% on a 5 year.  For uninsured rates are between 5.59% – 6.49% on 2, 3 or 5 yr terms, and if you have to go on the B side rates are sitting between 6.44% for a 4 year – 7.44% for a 1 year.  Of course, rates always vary depending on your own personal situation and you should always consult with your mortgage broker. If you need help finding a good one, I’m happy to recommend some of the amazing brokers my clients have enjoyed working with.

So for January, which is generally a slow month in real estate, things really picked up. As I mentioned before, buyer confidence seems to be back in full swing and the sales are reflecting that with the majority being under $800K.

We have been hearing that in the larger cities they are experience a large number of multiple offers on starter homes so we anticipate those buyers to start expanding their search to this area soon enough as the larger cities become more and more unattainable.  This means that if you’re thinking of selling, you may want to consider hitting the market a little earlier than originally planned, and if you’re a buyer on a limited budget, I you get out there and start looking as competition is growing every day.

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