Halton Hills Housing Update - Ep. 168
Thursday May 25th, 2023
Hi, everyone! Welcome to this week's Halton Hills housing update. The market is very busy but we continue to be going in what feels like the wrong direction.
Looking at last week’s numbers, Georgetown had 16 sales, which is not the highest number we've seen, but we're getting into that territory of not enough listings to buy, which is actually why our weekly sales numbers are lower. If we had a ton of inventory, based on demand, we'd be seeing 20 plus sales every week. But right now, there's just not a lot to buy. So, even though 16 sales is higher than normal, I also think it would be higher if we had more inventory. The other bad news is that we only had 14 new listings in Georgetown, so sales are not keeping up with demand either. We had quite a few properties come off the market, so that's not helping our inventory either. So overall, the market is definitely still going the opposite direction from where we thought we were going. I would say we're getting close to an inventory crisis here, especially in Georgetown.
Acton this week, weirdly, had no sales. That's the second week in a row where we didn't have any sales in Acton. That really surprises me. Normally, when Georgetown is starting to feel an inventory pinch, people start looking in Acton, and there are a lot of properties available under a million dollars in Acton right now. So, I'm surprised to not be seeing more transactions there. I will be watching what happens in Acton closely. Acton did however have three new listings, so that means inventory in Acton is continuing to climb. Glen Williams had no sales and no new listings. Limehouse had one sale and no new listings, and the rural market had no sales but one new listing.
So when we're looking at active inventory, all of Halton Hills last week was at 108. This week we are down to 104. So like I said, we're still going in the wrong direction compared to what we normally see at this time of year. May is normally the month we see things starting to pile on and we are not seeing that at all. Georgetown really is the catalyst for this. Sales are really high and inventory just isn't coming up. If inventory is accumulating there, our overall inventory numbers really start to pile on. However, Georgetown is still sitting super low week to week, and it's definitely not in climb mode right now. So that's impacting all of Halton Hills's numbers.
Looking at Georgetown this week, we are down to 53 active listings from 57. We haven't had a week yet where we're under 50, but to be in the 50s pretty consistently is very low inventory in Georgetown. So, under $800,00 is down from 12 to only five active listings. Eight hundred thousand to a million remained the same this week at seven, but seven is very low for that price point. We're seeing things come up, but they're selling very quickly. One to 1.5 million also remained the same at 14 active listings this week. We are sitting very low in that pocket as well. It's starting to really pick up under 1.5 million, so to not see inventory climbing right now is not surprising when you're looking at the numbers. It is however still surprising to me that we're not seeing more properties coming on the market. As a result the market softening a bit, there's just so much buyer demand and just not enough houses coming on the market. Now looking at 1.5 million plus, we are up from 24 to 27 active listings. So, that is the one price point that is starting to see inventory climbing. It has been a very quiet price point in terms of sales, so no surprise to see it rising a bit. Things just aren't moving as quickly in that pocket.
Acton this week is up from 16 to 18 active listings. Acton's inventory is continuing to climb and had previously seen a period where it was like, oh, is this really starting to dip? But without any sales in Acton and seeing a couple new listings every single week, it's really starting to pile on there. Five of them are over a million, but 13 of them are under a million, which is our really busy price point. So, again, I'm really surprised to not see more inventory moving there. There's some good stuff to buy in comparison to Georgetown, too. So if you're not having any success in Georgetown and you're willing to do that short drive to Acton, I would look there. Glen Williams this week is down from six to five active listings. Limehouse is down from three to two, and the rural market remained the same at 26.
So overall, like I've been talking about all of May, our numbers are not going where they traditionally go. This is the month where we start to see a lot of the spring market houses hitting the market and it traditionally starts to stabilize in terms of buyer demand and then eventually our listings start to climb. But, that is not what has been happening. We are very much in an up and down.
For May numbers, our average price is for sure going to be up from April. There are properties that are selling similar to where they were selling last year. Given the overall price points with how much inventory is selling over that million mark, I think it's safe to say that the overall price point is going to climb this month. We might even hit over a 1.2M average, but we're definitely well into the $1.1s in terms of our average pricing. Will it hit 1.2? I don't know, but it is a possibility. Anyway, I will be back next Tuesday. Have a great week everyone!