Halton Hills Housing Update - Ep. 112

Tuesday Mar 29th, 2022


Welcome to this week's Halton Hills housing update. So this was a big week, this week, again for inventory increasing, but also for properties that didn't have much success on offer night and had to readjust their strategy. So we'll look at all those things today. In Georgetown this week, we had 15 sales. 13 of them got over asking, so still lots of activity out there, but I was actually surprised to not see a higher sales number given that we had a bunch of new listings last week. Ironically, the sales and new listings from last week are the same as this week. So there was 22 new listings this week. So inventory is up again, which is great news. In Acton, we had two sales. Both of them got over asking, but we did have nine new listings there. So quite a bit came on the market, and that should reflect in higher sales next week. Glen Williams this week had one sale. It got 600,000-plus over asking. It was an amazing house. But really big sale in the Glen this week, and there was three new listings there. Limehouse this week had no sales and one new listing. The rural market had one sale and two new listings.

So now looking at our active inventory, last week we were at 60. This week, we are up all the away to 74. That is a huge jump. Last year, our peak was 103 active units in all of Halton Hills. That happened, I believe it was the last week of April or the first week of May. So we are getting there and we are climbing, and I anticipate this year we won't see the drop back down that we saw last year, when we finally get to those numbers. So that's gonna be interesting to watch. In Georgetown this week, we have 43 active listings. One of the main reasons we didn't see such a huge jump compared to the 40 last week is what I'm gonna talk about in a little bit with the properties that didn't have success, and a bunch of them came off of the market. We didn't see a huge jump in inventory, but 43 is definitely going the right direction. So looking at active price points. I was with a client. I had my client event yesterday, chatted with a client, and she's like, "You need to like adjust your price points." And I was like, "You're actually right." And I've never thought about it 'cause I just kind of chug along every week. But since I've started doing these market updates, our average price has gone up $500,000. So when I started this in January of 2020, we were hovering just under the $900,000 mark, and now we're at 1.4.

So this week I'm going to adjust our price points that we usually look at, and you'll have to give me a few weeks to start to see a trend in these price points, But the first two are normal, and then after that, we're gonna switch things up a bit. So under 800,000 this week, we have three active listings, not a lot available always in that opening price point stuff. So it was the same as last week. 800 to 1,000,000 is at 11 active listings. That's up from eight last week. So this is where we're gonna switch things up now. So our next price point is 1 to 1.5 million. We have 18 active listings in that price point, and I can tell you that that is very high. There was a point at the start of the year where we had nothing available between 1 and 1.6 in Georgetown. So between 1 and 1.5, we have 18 active listings. There is a ton of stuff available in that price point. If anything is feeling a saturation right now, and when we look at those properties that didn't, you know, kind of get the success they wanted on offer night, most of them are sitting in that price point. So now the next price point is gonna be our 1.5 million-plus. So I've just sort of adjusted things to reflect where prices have gone 'cause it makes sense, and I was just chugging along. So here we are. So 1.5 million-plus, we have 11 active listings, which is a lot over that price point, especially in Georgetown.

So that's our new price points that we're gonna be watching. And yeah, like I said, it'll take me a little bit to start seeing the trends within those price points, but I definitely know that 1 to 1.5 is sitting very, very high right now. Now looking at Acton, inventory doubled this week. We were at seven last week. We are up to 14 properties available this week. Glen Williams is up to four, which is a high number for the Glen. Limehouse is up to one, and the rural market is up slightly to just 12 from 11. So the one other thing I want talk about this week is the terminations, the relists, all that stuff. So I talked about this, I think it was two or three weeks ago, because we saw a lot of it happening, and it happened again this week. When I popped open that expired, suspended, terminated, relist list, it was at 15. There was many weeks where it was zero to two. So it just shows there's a lot more happening in terms of pricing strategies and the way people are reacting to the market. So we had 15 properties this week. Five of them went up in price after offer night, which means they listed at 999, didn't get what they wanted, which is like 1.25, and they went back up there. So we are not seeing the activity. We are not getting on every property the results that some people are expecting. And so, they have to relist higher. And so five properties did that this week. Five other properties went down in price and made a new offer night. So they are, and it does work sometimes, they are hoping that, by getting more traffic in at a lower price point, that it will drive them to the price that they're looking for. Four properties came completely off the market. They were like, yeah, this didn't work or whatever. And so four of them just completely went off, and that's why our Georgetown numbers didn't exactly line up this week. So one property went down in price with no adjustment to an offer night.

So big changes happening. Inventory is definitely on the climb, and when we look at those properties that are having to adjust their pricing strategy, that is a clear indicator that things are changing. And so, I think now, if you're a buyer, you are going on a house by house basis. You do not have to assume that every house is going to get 2 to 400,000 over asking. Some aren't getting offers at all on offer night, and some are getting not great offers on offer night. So case by case basis now, and we are starting to see people listing the house at what they want to sell it for and not holding off offers. So that, I love to see that strategy come back because it means like we're actually not playing a game here. If you have a budget of 1.5 million, and the house is listed at 1.5 million, you can buy it for 1.5 million. That is how it should be, and that, you know, is how it was three years ago. Things have certainly been wild for the last like 20 months. And so, to see this kind of stuff coming back, it just indicates where we're going. And so I think, as a buyer, this is great news, and you need to start reevaluating how you look at any given listing and not expecting that it will 100% go crazy. So great news this week. So next week, we're gonna cover March numbers and we are gonna continue to follow this trend that we are seeing with inventory going up. So I'll be back next Tuesday. Have a great week, everyone.


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