This article deals with the recent single family residential sale statistics for Orillia, Ontario for the month of January 2011 and compares it to January 2010. There are so many different statistics that can be manipulated in many ways to produce either positives or negatives... Basically, what I was concerned with was the activity on our local real estate board with a focus on the average sale price and the sales/listing ratio.
Once again, I am strictly looking at single family dwellings that were reported to the Orillia & District Real Estate Board. I am not taking into consideration any commercial, multi-family, or rental dwellings.
Average Sale Price $233,031
January, statistically speaking, was quieter than a year before. From personal experience, I have been busy but my clients are taking a more cautious approach to the start of the year. The average sale price for the month, $233,031, is far off the twelve month average (February 2010 - January 2011) of $262,189. This can be attributed to the relatively small sample size of 32 sales where a few lower priced sales can trend the average sale number downward.
Last year, the January 2010 numbers:
Average Sale Price $244,036
So, for 2011, the single family residential market for the Orillia area has had nine fewer sales, resulting of a sales/listing ratio being down 4% and an average sales price being down $11,005 from a year ago at this date.
With February being a short month, the spring market is approaching and the numbers above should see a trend upwards based on the activity that has started in the past week or so. There have already been some larger waterfront listings brought to market and once the ice breaks, there will be more and more.
In terms of in-town homes, I am getting a lot of calls from people wanting to buy a home that has the ability to provide rental income as well. People are looking at the university and college students as a way to help pay off their mortgage.
I am really excited by the opportunities that I think the Orillia real estate market will provide for 2011... will you be part of it?