Halton Hills Housing Update - Ep. 102

Tuesday Jan 18th, 2022



Welcome to this week's Halton Hills housing update. 
So what we're seeing right now is complete and total insanity. The prices are crazy. The showings are crazy. The offers are crazy. This is really setting us up for another wild year in real estate. So let's look at the numbers.
In Georgetown this week, we had eight properties sell. Again, those numbers are staying pretty conservatively low because we have nothing for people to buy. Six of them sold over asking. When we break down those six, two of them got 200,000 plus over asking, and three of them got 300,000 plus over asking. The numbers we're seeing right now, yes, some of the properties are being under listed. Some of them, I didn't think they were and then they're still getting like 200,000 over asking. So the numbers we're seeing right now are insane. And like basic houses in Georgetown South are now getting $1.7 million. So the jump we have taken, they would have been lucky to get 1.3 this time last year. So the jump we've taken is shocking. So I just think our prices, our average price in January is going to be nuts. So looking at new inventory, we have 11 new listings. So we are still seeing some things come on the market, but it's not even close to where we need it to be. Acton saw no sales because there's like nothing to buy there, and one new listing. Glen Williams and Limehouse, both no sales, no new listings. The rural market saw two sales, which, rural always picks up if there's something available and nothing's available in town. Both of those sales got over asking and there was one new listing in the rural market. 

Now looking at active inventory in Halton Hills. Last week we were at 29. We are up to 31 active listings this week. So, slow climb. This is still in the realm of the lowest inventory we've ever seen. But I mean, all we can take right now is like being happy that it's not going down. Georgetown this week is up to 16 active listings. We were at 13 last week. So a bit of a jump there. Still so low. Like, I can remember a time when Georgetown had like 100 properties on the market. So this just gives you some context. And even last year in April, May, when things got a little busier in terms of listings, we were at like 50 to 60. And so we're down to 16. There's like nothing there. Looking at our price points, under 700,000, there's two. They're both sold conditional. Condo townhomes so they're both still conditional. 7 to 800,000 has one active listing. It got 37 offers last night, and will probably sell well into the millions. So that's fun. 800 to a million. We have three active listings, up from two, but the volume of buyers, if a property comes up under a million dollars, it's just hundreds. Like there's hundreds of people. These properties are getting like 4 or 500 people through the houses by the time you like tack on two, three people per showing. It's crazy. Really difficult to get a freehold house under a million dollars in Georgetown, by like March. I even think our lower end townhomes are gonna be over a million dollars. So I don't know where this is gonna go, but it's still gonna go up from here. Just the numbers, there's no way it doesn't go up from here. And million plus, we are up to 10 active listings from eight. We did see some stuff come up, especially in Georgetown South this week, which is great news. There's tons of buyers there, but again, these properties that maybe last year were getting 1.3 are now fetching 1.7. And so we're just seeing a huge jump in every product in Georgetown, especially. Acton this week, we are up to four active listings from three. It's basically in the same spot as it was last week. We have one listing at 899 and then it jumps right up to everything being over 1.5 million. So really, not a lot available for the buyers that want to be in Acton. Glen Williams has one active listing. It had offers last night. I think it fetched around 30 offers. He had almost 400 showings on that property. I don't think people realize just how many buyers we have and how many people want to be making moves right now. And it's driving all these numbers. So that Glen Williams property is technically sold. We haven't seen the numbers or anything yet, but offers were last night on it. And it's gonna be crazy. Can you imagine like almost 400 showings? So that's probably like a thousand plus people that have been through that house. The neighbors are probably like, "What is going on?" Limehouse has no listings active, same as last week. The rural market is down to 10 active listings, which I think is probably the lowest number I've seen since I've been doing these updates for two years. So again, rural is even in as bad of a spot as town. Usually there's some stuff to choose from there, but very little happening. 

So this is just not getting better. I think at some point in the next six months, like the higher powers are gonna have to look at interest rates, stress tests, something, to maybe cool it a bit, but the next 12 weeks, like these prices are just gonna continue to go crazy. Because when one house sells for like 100,000 more than it should, the next one just keeps going because the people are setting this benchmark that it's gonna be really hard to come back from. So that's it for this week. And I'm sure I won't have any positive news for buyers next week. I still think we're months away from that. But if we're looking for silver linings, like our inventory technically has gone up the last few weeks so let's just take that. So I'll be back next Tuesday, have a great week everyone.

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