We all knew that when the February ’23 home sales statistics came out, it would look terrible. Let’s face it, last February had the highest prices ever in Orangeville (among others). So let’s rip the bandage off and get it over with. (There is good news coming, so read to the end).
The average price this February was $812,800 down 22.57% over last year. We also only saw 26 sales, which was down 52.7%
Broken down by housing types; Detached homes averaged $1,028,958. Semi-detached homes ranged from $582,00 to $680,000. And the most consistent type of house, townhouses were selling from $730,000-760,000. The Condo apartments sold anywhere from $420,000 up to $750,000 depending on size and age of the units.
Now; for the good news.
Interest Rates didn’t increase this month. Prime is still at 6.7%. This was the first time in a year, that we didn’t see an increase. That’s because, inflation is starting to come down.
In the first half of March we are seeing an increase in activity. Showings are picking up. Offers are happening again. Prices seem to be on the way back up.
There were only 55 homes sold last February, and that is a very small percentage of buyers in Orangeville who bought at the peak. While I empathize with those buyers, remember, those losses are strictly on paper. Until you sell, there is no loss. So hold on to your investment and ride it out. It will recover. And a good portion of those buyers likely sold in the crazy hot market too. The alternative would be paying your landlord’s mortgage and with rent rates on the rise, that isn’t an ideal option.
If you have any questions about the Orangeville real estate market, or what your prices have been doing, feel free to reach out and contact any of us. We are happy to advise you.
Deb, Chad and Kati