Halton Hills Housing Update - Ep. 115
Tuesday Apr 19th, 2022
Welcome to this week's Halton Hills housing update. We are definitely still in our transition out of our sellers market. The numbers are not as crazy this week, as they were last week, but, still lots to talk about. In Georgetown this week, we only had 11 sales. Like I mentioned last week, this is a big indicator of things changing, because, we were seeing really high sales, when we had inventory come on the market, because there were so many buyers, and everything would just be purchased, basically. But right now, we have lots of inventory to choose from, and we only have 11 sales, it's not good news. Nine of them got over asking, so what that is saying, is the ones that are transacting, are likely the ones that are still doing a massive under list. Now you have to be under listing by hundreds and hundreds of thousands, it's not working anymore, if you just under list by a hundred thousand or two. So, 11 sales, 9 of them got over asking. I want say, bidding wars are still rampant, because it says this, but, the more important story is, that we have tons of stuff to buy, and we only have 11 sales. There were 16 new listings in Georgetown this week, so inventory's gonna be up. In Acton this week, we had a big sales week. We had seven properties sell, six of them got over asking, that is more in line with what I would've expect to see with Acton, given how much stuff is available. There was one new listing there, so inventory's gonna be way down. We saw some big weeks in Acton, in terms of inventory, but only one new listing last week. Glen Williams had one sale, and two new listings. Limehouse had no sales, and no new listings. And the rural market had two sales, and four new listings.
Now looking at active inventory. I skewed us a bit this week, I was kinda looking at the overall inventory, and there was four farm products available, that I just didn't think should be in the pool of listings that I talk about, so I took them out. So technically, our overall inventory's down this week, but it actually remained the same, which is interesting. We technically have 106 active listings in all of Halton Hills. Last week, it was 110, so there's my skewing. So now moving forward, I'm taking out farm properties. So, 106 active residential resale listings in Halton Hills. In Georgetown this week, we are up to 72 active listings, that is just continuing to climb, and it's very high. We did have quite a few properties, I think it was four properties, terminate and didn't re-list this week, so we didn't see as high of an inventory jump as we should have, because some things came off the market, but still 72, sitting very high. Looking at our price points. Under 800 is up to 7 active listings, 800 to a million is down slightly, to 14 active listings from 15. The million to million and a half price point, this price point just keeps getting inventory, and it keeps climbing. Last week we were at 31, we are up to 34 active listings in that price point. This is blowing my mind, knowing where we came from at the start of the year. There are some really nice houses available between 1.3 and 1.5 million, that in February would've fetched over 1.5 easily. So, if you are a buyer, and your budget is under 1.5 million, I'd take a good scrub at MLS right now, because there is some really nice stuff available. That is the pocket that we are in a buyer's market. You can actually possibly negotiate some conditions in there. So, I would not hesitate if you have a 1.5 million budget, to throw an offer at somebody, because that pocket is sitting with really high inventory. 1.5 plus is down slightly to 17 active listings this week from 19. It ws interesting to see a dip there, and then such a big jump in the lower price point.
Acton is down this week, to 14 active listings from 20, which is a pretty big drop there, but still sitting with lots of options in Acton. Glen Williams is up slightly to four, Limehouse has one, and the rural market is down slightly to 15. Again, I skewed that with my farm stuff. So, sitting at 15 active residential listings in the rural market. When we looked this week at the terminateds, and expireds, and all that, the people that are sort of playing with either their listing, or their prices, we were only at 11, where the last two weeks prior to that, we were in the twenties. Things are sort of, I think, stabilizing a bit. I'm not sure that we're gonna continue to see a huge spike. I'm really interested, because it feels like we saw a huge spike there for two weeks, and this week was just kind of like normal-ish, so I do think our inventory's gonna continue to climb, but not at the dramatic pace that we saw for the last two weeks. All in all, we are 110% leaving our sellers COVID market behind. There's no indicator that this is going to go backwards. It's a really interesting time to be thinking about making a move. As a seller, your expectations for sure have to be changing, and when you are buying something, your expectation of what you can get on your sale is gonna have to change, and I think now, we're gonna start seeing some people go back to selling their houses before they buy, because they actually have some options to choose from, and that way they know what they get out of their property. This is very much in transition, and I literally am like looking forward to every Tuesday, to see how these numbers are playing out. So, I will be back next Tuesday. Have a great week, everyone.