Halton Hills Housing Update - Ep. 166
Thursday May 11th, 2023
Hi everyone! Welcome to this week's Halton Hills housing update. The numbers are not as dramatic as they were last week, but the inventory is not keeping up with demand.
In Georgetown this week, there were 20 sales this week which is a big for Georgetown. Anything over 20 would be considered pretty high, even 15 would be considered high. We did have 21 new listings, which is good news, because that means houses are coming on the market. However, with the number of bidding wars we're seeing and the sheer backlog of buyers in the market right now, it's not really as exciting as 21 new listings would normally be because we're seeing tons and tons of multiple offer situations.
Looking at Acton this week, there were two sales and four new listings. Glen Williams had one sale and 1 new listing. Nothing happened in Limehouse, there were no sales and no new listings. The rural market also had one sale, and for the first time in a long time, it had no new listings. A couple of notable things in terms of the sales this week - there were 24 sales in total in all of Halton Hills last week. Eight of them got over $1.5M. So, 33% of them transacted over that $1.5M price point, which has been pretty dead up until now. Another interesting piece is that nine of them were between the $1-$1.5M mark. So, we had 17 of the 24 properties in Halton Hills transact last week over a million dollars. We have been busy in that one to $1.5M price point, but $1.5M plus has been basically stagnant. So, it was a really big week because it’s showing that buyer confidence is coming back and people are willing to look at higher ticket properties that they haven't been looking at for the last 6 months. Another notable thing, looking at the sales; 12 of the 24 properties sold over their asking price! It has been a really busy market right now, and there is a lot of competition out there.
Looking at active inventory for all of Halton Hills - last week we had 99 active listings and this week we are slightly down to 98 listings. So, not as dramatic of a drop as we saw last week, but we are definitely not going in a direction that is promising for buyers. Georgetown is up from 52 to 53 active listings. We are sitting super, super low in Georgetown. Looking at our price points, under $800,000 is up slightly from 6 to 8 active listings. Anything that's coming on the market that isn't a condo is selling very quickly in that price range. $800-$1M is up slightly from five to six active listings but that is not even close to our busiest price point. We are starting to see some pretty significant price increases compared to six weeks ago. So all of a sudden that appraisal process and what people are willing to spend has gone out the window. Again, that $1M plus price point, yes, we did not see a dramatic drop based on how much we saw sell, but there was a lot that came up in that pocket and it's just really interesting to see buyer confidence coming back in the million plus range, but especially $1.5M plus pockets.
Looking at Acton this week, it's up slightly from nine to eleven active listings. Glen Williams remains the same at seven. Limehouse also remained the same at one. The rural market is down slightly to 26 because most of the properties that came off and didn't reenter were in the rural market.
So we're definitely in an interesting time here. Normally our market is going in the opposite direction and supply is really starting to come onto the market this time of year. When we look at it, 21 new listings is a lot for Georgetown, so its showing us that people are putting their homes on the market but when demand is so high and our sales are meeting that listing amount, there's no relief for buyers. Last night there was a house that my clients competed on. It was listed at $899,000. There were five offers in total. My understanding is that it got quite a lot over asking. All this being said, we need to see a lot more listings coming onto the market to try and satisfy just the sheer volume of buyers that we are seeing in the market right now. If we continue to see the weeks where our $1M to $1.5M and $1.5M plus price points are transacting as heavily as they did this week, that is going to have a huge impact on where our average price goes in May.
Overall, this is a really interesting start to May. There are some silver linings that we are seeing though. Inventory is coming up, but again, it's just not meeting market demand. So that's it for this week. I will be back next week to see what continues to happen in May. Have a great day!