The real estate market is buzzing with mixed signals, and recent stats from different areas tell quite the story.
With all these shifts, it’s clear that keeping an eye on local trends is crucial for anyone navigating the real estate scene!
In Orangeville, sales jumped by 15.4%, even though prices took a dip. Shelburne faced a big drop in sales, but new listings are on the rise, hinting at more options for buyers. Dufferin County saw both sales and prices fall, yet a surge in new inventory could mean fresh opportunities ahead. On a brighter note, Caledon enjoyed increases in sales and average prices, along with a big boost in new listings. Meanwhile, Dundalk is grappling with a sharp sales decline, but it’s encouraging to see more homes coming onto the market.
Average Price
Dufferin County as a whole, and Orangeville specifically, experienced a decline in average prices both month-over-month and year-over-year. This trend seems to be driven by an increase in sales of smaller homes.
Shelburne saw a slight month-over-month increase of 2.3% compared to August, but remains down 12% from September 2023. A similar situation is seen in Caledon and Dundalk, with Caledon reporting a 4.2% rise in average prices versus August, yet down 6.6% from last year. Dundalk experienced a 6.2% increase month-over-month but has a significant 13.8% decrease compared to 2023.
List - to -Sale Price Ratio
Shelburne homes were selling at 99% of their list price for September, while Orangeville & Caledon homes sold, on average, for 98%, with Dufferin County and Dundalk sitting at an average of 97%. This indicates that the average buyer was able to negotiate approximately 1-3% off of the list price during negotiations.
Days on Market
The period from the day a property hits the market until it’s marked as ‘SOLD’ is known as ‘Days on Market’ (DOM). Some selling strategies, such as canceling a stale listing and re-listing it, can skew these results, making it challenging to accurately pinpoint the average time it takes for a home to sell. It’s essential to keep this in mind.
All areas, with the exception of Caledon, saw a decrease in DOM in September. Shelburne currently sits at an average of 25 days, Orangeville 32 days, Dufferin County 34 days, and Dundalk an average of 38 days. All which indicate a stable, balanced market.
Caledon unexpectedly saw an increase in DOM of 10.3% for an average of 32 days from list to sold.
Interest Rates
The Bank of Canada reduced its target for the overnight rate to 4¼% on September 4, 2024.
The next scheduled date for announcing the overnight rate target is October 23, 2024
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