Halton Hills Housing Update - Ep. 167
Thursday May 18th, 2023
Hi, everyone. Welcome to this week's Halton Hills housing update.
Not as dramatic of a week in terms of sales versus new listings. Inventory is going in the right direction this week, so we'll see how that pans out in the next coming days/weeks. Looking at last week's numbers: Georgetown had 15 sales. So, that's nowhere near the 20 plus we've been seeing on those really high weeks. It was a stable number of sales, but we only had 16 new listings. So not a massive amount of sales, but also not a massive amount of new inventory either. There’s just not much happening in Georgetown this week.
Acton had zero sales and I think this is the first week in months that we haven’t seen a single sale in Acton. It’s interesting and I’m curious if this could be a trend. I'm going to see if it continues because as things come up in Georgetown, like I mentioned previously, people slow down looking in Acton if there's inventory in Georgetown, but there's not much coming on the market in Georgetown at the moment. I'm surprised to see Acton slowing down, especially because there's a lot under a million there. So, it will be interesting to watch those Acton numbers. Another notable number for Acton is six new listings, which is a very big week for Acton. That’s an interesting shift in the market there. Glen Williams had one sale and no new listings. Limehouse had no sales but two new listings. I know it doesn't sound like a lot, but two listings in Limehouse in one week is a lot. The rural market had two sales and one new listing. So pretty balanced there.
Last week there were 18 sales in all of Halton Hills. Fourteen of them were over a million dollars. We talked last week about how that price point was dead and then all of a sudden it lit up. Now the far majority, like 14 of 18 over a million dollars is a pretty surprising week, in my opinion. That's going to pull our average price point up in May. We have quite a few properties available under a million, especially between Georgetown and Acton. So to see so many selling over a million and not a massive amount under a million is, again, just something interesting we're going to have to watch and see if that trend tells us anything. The other thing is, of the 18 that sold, 11 of them sold over asking! Very busy market right now and tons of bidding wars happening. So, this week we did have inventory rise, but this could be the start of what normally happens, where we see inventory pile on throughout the spring. We'll be watching this closely.
Looking at our active inventory, all of Halton Hills was at 98 last week and it's up to 108 active listings this week. We’ve been sitting under that 100 mark for a couple of weeks, so to be back over 108 listings is going in the right direction for buyers. But, I can tell you I have a lot of active buyers in the area right now, and we are seeing nonstop bidding wars. Like seven to ten offers on some properties. It’s just really high numbers, which means there are a ton of buyers that want to be buying and they just can't get anything. As a result, we start to see some stupid sale prices. So, I don't know where this is going to go, but it's not great for buyers at the moment. And again, if you are a seller, there's a ton of demand right now! Get your homes on the market! Georgetown this week is up from 53 to 57 active listings. We’re sitting very low in Georgetown, very very low. Fifty seven is not enough. We had gotten up to 140 there in the peak of the market last year.
Looking at our price points, under $800,000 is up from eight to twelve active listings. However, ten of those twelve are condo or condo townhomes. Under $800,000 is starting to disappear. Again, it's mostly going to be condo products. $800,000 to a million is up slightly from six to seven. That is definitely not enough listings in that price point. That is very low for a very high demand price point. One to $1.5 million is up from 13 to 14 active listings. That price point is seeing a lot of listings coming up, but it's seeing a lot of listings sell as well. Fourteen is a far cry from the 50 plus that we were seeing in that price point. Inventory is very low in that pocket, especially with how many sales we're seeing. $1.5 million plus is down this week from 26 to 24 active listings, and again, things are selling over $1.5 million. All of this is really interesting because it was a price point that was like, dead. I might go back and count the number of houses that sold over $1.5 million between October and March. I can tell you it’s almost none. So, to see this price point moving again is kind of a sign that the market is going in a good direction.
Looking at Acton this week, we are up from 11 to 16 active listings. Acton again is starting to see that inventory pile on. Of those 16 listings, 12 of them are listed under a million dollars. So, we should be seeing sales pick up there, just given the price points that are available there. But right now, inventory is sitting high, but not actually that high, because we were between 20 and 25 for a while. Compared to where we've come from the last few weeks, I would say 16 is a surprisingly high number given how many listings are available under a million. Glen Williams this week is down from seven to six active listings. Limehouse is up from one to three active listings and that doesn't sound like a lot, but three listings in Limehouse is quite a bit! The rural market remained the same at 26 active listings. The thing with the rural market is the price points start at $1.35 million. You definitely need to have that higher budget to be transacting in the rural market right now. And yes, we're starting to see it pick up in town, so I am curious to see if we see it pick up in the rural market as well. We did have two sales this week there, so we'll just be seeing if the trend of those higher price points moving is something that's going to continue here.
Overall this week, we had a good amount of new listings. I would say compared to sales, the inventory is not coming on in mass amounts, but we're at least seeing some new listings hitting the market. There were relatively low sales this week. We have over ten listings in the sold conditional status, so those will likely firm up. There was a two bedroom house that had a basement apartment and it got $1.1 million! It was on a not so sought after street… But that's the kind of pricing we would have seen in the spring market of last year. So, to see something sell over asking so quickly at $1.1 million for that kind of product - that’s kind of a crazy sale. Are we going back to where we were? I would be surprised. But we do have these small indicators in the market that show that buyers are paying those really high premiums for those kind of products now. So we'll see where the market goes! I’ll be watching closely.
This week was nothing dramatic. It was more stable and actually going in the direction that we usually go in in May. So, we'll see what happens next week. Have a great week!