Halton Hills Housing Update - Ep. 118
Tuesday May 10th, 2022
Welcome to this weeks Halton hills housing update. So much interesting things happened this week, so let’s dive in. Georgetown this week had 16 sales. For the last 4-5 weeks we’ve been pretty consistent with our sales. We’ve been between 12-16 sales which really is indicating that that’s where our market should be in terms of sales every week, and we’ve really stabilized on that number. Another interesting point is that only 4 of those for over asking, so we are officially out of the chaos. Most weeks for all of 2022 we saw maybe 1-2 properties not getting over list, but it’s just simply not working right now. There are not enough buyers, there’s not enough demand, so we are seeing things listing at the price they should be listing at, and getting conditions & negotiating, and it’s just a completely different market than we were in. But the bad news for sellers who are in this market is our inventory continues to climb, so we had 27 new active listings in Georgetown this week, which means our numbers are going to be way up. Acton this week had 4 sales and 8 new listings, so up there. Glen Williams had no sales and one new listing. Limehouse also had no sales and one new listing. The rural market had two sales, and both of them got over asking, so that’s interesting. They were rural properties under $2,000,000 which tend to be a little busier so I’m not really surprised that there was some over asking there, but we’re not seeing a ton transacting in the rural market because there’s options in town, so good news for those sellers. There was 3 new listings this week in the rural market.
Now looking at active inventory. This continues to climb - we are at an all time high since I’ve been doing these videos. We are up from 127 to 138 active listings in all of Halton hills this week. That’s a really big number. It’s not the biggest number I’ve seen in my career - I can remember times we were at 160+ listings in all of Halton hills, but in comparison to where we were, that number is very high. Georgetown this week took another jump up to 96 active listings so we are getting very close to having 100 active listings in just Georgetown. Like I said last week, 9, 10, 11 listings was a thing at the start of this year, so to be at 96 just shows how things have changed. Under $800,000 this week is down slightly to 8 active listings but that’s still a lot in that pocket. There’s tons of condo townhomes available right now so if you’ve been looking in that opening price point in Georgetown, you actually have some options. $800,000 to $1,000,000 took the biggest jump this week. It’s up to 21 active listings. This pockets interesting because it was always ‘list it at $899,000 and get $1.2M’ and now it’s not happening so there are tons of houses sitting under that million mark. You couldn’t get a townhouse in Georgetown for $1.1M - $1.2M, like a 3 storey townhome and we’ve had a bunch transact from the $950k - $1M range the last few weeks. It is a very different market right now especially on certain kinds of products. We have seen a 15-20% drop in some of the pricing, so this is definitely correcting back to where we were in 2021. $1M - $1.5M, this price point has been getting hammered with inventory. A silver lining here, we have 47 active listings this week which is still crazy, but we are down from 49, so that price point didn’t see the jumps it’s been seeing week to week. What too a jump slightly was $1.5M+, we’re up to 20 active listings in that price point from 17. We aren’t seeing a ton of stuff come up in that price point but the stuff that is listed there, is sitting. We’re not seeing a ton of movement in that $1.5M+ price point right now. The higher stuff is really struggling right now.
Acton inventory is up from 14 to 16 active listings this week. Glen Williams is up from 4 to 5 active listings. Limehouse had no listings last week but they got 1 this week so they’re at 1 active listing, and the rural market is up slightly to 19 listings from 18. We’ve been slowly climbing in that rural market. Generally towns getting saturated so rural’s gunna start to feel that as things come up. These numbers are not a surprise, it’s the trend, it’s where we’re going. Sometimes it really surprises me. I also looked up the properties that came on/ off, terminated, all that stuff. We had 20 of those, but what’s interesting is 17 of them came off the market completely. They didn’t relist, but even with those properties coming off, we had inventory up. One person raised their price because offer night didn’t work, but interestingly 12 listings dropped their price. If you are a buyer right now, this is the market you’ve been waiting for, and it’s time to think about maybe getting into it because there are some deals to be had right now. It’s a completely different market than what we were seeing, so I’m really interested to see May’s numbers. I do think they’re going to be lower than April’s. I can’t wait to compare them to February and March because what we’re seeing is kind of insane considering all of that stuff was really not that long ago, and we just never thought we’d get out of it, and here we are getting right out of that market and flipping into a buyers market. I’ll be back next Tuesday with more details on the chaos that is happening but the trend is definitely going towards inventory continuing to climb. I will say through the summer is when we usually see listings stop, so through the summer we might stabilize here, we might come back to a busy fall if there’s people that want to cash out out there when we’re in a more balanced market. So I’ll be back next Tuesday, have a great week everyone.