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March 2024 Market Update: Orangeville | Shelburne | Dufferin County

March Market Update for Shelburne, Orangeville and Dufferin County

Spring inventory is in full swing with another influx of new listings hitting the market. Each area overall experienced a slight increase in average price and homes sold in less time versus February.

Unfortunately, that is where the similarities end. Orangeville sits well into a Seller’s market with many homes receiving multiple offers with short, no conditions. Turnkey, move-in ready properties appear to be the most desirable to buyers as many don’t have the extra savings to put into renovations.

Keep reading for a more detailed breakdown.

Number of Homes Sold in Shelburne, Orangeville and Dufferin County

Let’s take a look at what types of market each area is currently experiencing.

Orangeville rose slightly to 1.7 Months of Inventory (MOI) compared to last month thanks to a 32% increase in new inventory, but is still going strong in a Seller’s Market. 

Shelburne experienced a slight decline in MOI which now sits at 2.3 maintaining it’s status as a Seller’s market. However, based on what we are seeing on the ground in Shelburne, is the market is divided. Homes under $800,000 are moving much more quickly and for a higher percentage of list price than those listed $800,000+.

When looking at all of Dufferin County, we experienced a 0.3% increase putting us at 2.9 MOI. Still well within a fairly strong Seller’s Market.

Average Price

Many areas experienced an increase in average price during March, and Dufferin County was no exception with the average price of all home types increasing 9% to $978,649. Breaking that down for a closer look, townhomes rose 2.8% to $736,611, semi-detached took a dip down 5.3% to $697,000, while detached homes shot up by 7.2% overall for a new average of $1,075,426 (a 15.4% increase vs. last year).

Orangeville remained virtually unchanged for overall average price with a minimal increase of 0.7% for a new average of $830,537. Townhomes increased to $774,000, up 3.1% from February, semi-detached dropped 5.3% to $697,000, while detached increased 4.4% to a new average of $923,561.

Shelburne remained virtually unchanged with only a 0.7% increase month-over-month for a new average of all homes types now sitting at $753,707. Townhomes, when broken down, saw a minor increase of 3.1% compared to February for an average of $689,000, and detached sit at $771,355 with a 0.7% increase (a 1% decline from March 2023).

List - to -Sale Price Ratio

List to Sale price ratios for Orangeville remain strong at 99%, Dufferin County dropped 1% to 97%, while Shelburne experienced a 2% increase up to 98%. 

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 another 20% to an average of 16 days, Shelburne saw a decline of 17.6% to 27 days, and Dufferin decreased 19% to an overall average of 30 days.

Interest Rates

Fixed Rates: 

A Mortgage Products – Insured (25 Year Amortization)

5 year fixed (full featured) Insured: 4.89%

3 Year Fixed (Full Featured) Insured: 5.04% 

 

A Mortgage Products – Uninsured (up to 30 Year Amortization)

5 Year Fixed (Full Featured) Insured: 5.09% 

3 Year Fixed (Full Featured) Insured: 5.19%

 

Alternative Mortgage Products (B): With extended Debt to Income Ratios

1 Year Fixed: 6.74% with 1% lender fee 

2 Year Fixed: 6.44% with 1% lender fee 

3 Year Fixed: 6.24% with 1% lender fee 

 

Remember, with every mortgage pre-approval and approval, your broker can secure the buyer a rate drop up until 5 business days before closing.

 

This means that if you choose a closing date 60 days out at today’s rate, as the rates come down, your broker can always get you the lowest interest rate.  It’s a great strategy and one of the major benefits of choosing a broker/agent vs. going directly to the bank.

Bank of Canada Prime Rate: 7.2%

 

The next announcement will be held on June 5, 2024, at 9:45 am at https://www.bankofcanada.ca/

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