Halton Hills Housing Update - Ep. 169
Wednesday May 31st, 2023
Hi, everyone! Welcome to this week's Halton Hills housing update. We had a really interesting week in terms of sales and new inventory, so let's get into it.
In Georgetown this week, we only had 12 sales. That’s a pretty good week for Georgetown but it's definitely lower than we've been seeing. Eight of the 12 sold over asking, and that shows there's still lots of buyer demand. We're definitely still in bidding war mode, but to only see 12 sales is kind of on the lower end. There is a lot of inventory in the sold conditional status, so those may update to sold next week, but last week there were only twelve sales.
So now looking at active inventory, all of Halton Hills is up significantly this week. We were at 104 active listings last week. This week we are up to 120 active listings. The last time we saw numbers this high, in the 120 mark, was the end of December. So, all year we have not seen our inventory levels this high. We had a couple weeks where it dropped under that 100 mark. To be at 120 this week is really interesting and the next few weeks are really going to tell us where this is going to go. If we keep seeing inventory rise like we did this week, it's a sign that our market should be slowing down in the coming months, or at least softening a bit.
Looking in Georgetown, last week we had 53 active listings and this week we are up to 64. So, this is still not a massive number for Georgetown because we did see around 135-140 active listings in our peak last year. Inventory is still pretty low here, but it's going up, and we have been between 55 and 70 active listings every week for a very long time. So, that number is something that if it starts to pile on, it will be another indicator that we are starting to soften a bit and we're seeing enough inventory coming up to meet our buyer demand.
Now looking at active price points; under $800,000 is up from five to seven active listings, $800,000 to a million is up from seven to 11 active listings. One to 1.5 million went from 14 to 17, and 1.5 million plus is up from 27 to 29. So, all of our price points in Georgetown did go up this week. Again, these are still very low numbers in comparison to the peak market that we saw last July. Numbers are up, but they're still very low. It's really interesting to watch the numbers, and if we keep up this trend, it's going to change the market.
This week, Acton remained the same at 18 active listings, but because of the sales we saw, and the new listings that came up in the higher price points, this market actually shifted. Half of the properties available in Acton are now over the million mark. That price point was not moving in Acton at all. Nine of the 18 properties available are over a million, so it will be interesting to see if those properties start to move because of Georgetown’s low inventory. Glen Williams remained the same at five active listings. Limehouse is up slightly from two to three active listings and the rural market took a jump from 26 to 30 active listings. We officially broke the 30 mark for the rural market.
This was a really interesting week because we had been feeling such low inventory and yes we’ve been a bit of fluctuation but never a crazy spike. I’d consider this week to be a bit of a crazy spike though! This is what we started to see at the end of May last year and that’s when inventory really started to take off. There is a ton of buyer demand and I would actually say that it feels busier now than it did this time last year, because buyers had really cooled off at this point, but they're really active right now, so I don't know how that's all going to play out.
I am going to have May's numbers next week and our average price should be up. We have seen a lot of sales in the million plus price point and it’s going to pull our average price up. In terms of week to week, I don't know where this is going to go, but it could be the start of the softening with how much inventory we saw come up and the shift in those numbers. So, I will be back next week with May's numbers. Have a great week, everyone.