Halton Hills Housing Update - Ep. 171
Thursday Jun 15th, 2023
Hi everyone! Welcome to this week's Halton Hills housing update. So, this was an interesting week because we didn't follow the trend of the last two weeks, but we had some ups and downs.
So, looking at the numbers; in Georgetown last week, we had 19 sales, which is a high number for Georgetown. Anything 12 and under is sort of normal. After that it starts to get in the higher realm. In terms of new listings, we only had 15 new listings, which is down from last week. It felt like we had a lot coming on, but that wasn’t the case. This means inventory is going to be down in Georgetown, which is definitely not the trend that we’ve been seeing.
In Acton this week, we had four sales, which is not as high as the two weeks prior, but still quite a few sales in Acton. There were also six new listings. So, the market is really moving there. Glen Williams had no sales, but three new listings. That's a really big week for Glen Williams. Normally we're lucky to get one new listing there. With that being said, most of the new listings were bigger ticket items like 2.5 million plus, but to have three new listings there is quite a bit. Limehouse had one sale and no new listings, and the rural market had no sales and two new listings. One thing to note here is that of the 24 sales in Halton Hills, 17 of them got over asking which is a huge ratio. It just shows the kind of demand we’re seeing right now. It will be interesting to see if that starts to die down and starts to become impacted by the interest rate announcement. So far though, things are still very busy and the far majority of properties are selling in multiple offers over their asking price.
Looking at active inventory, all of Halton Hills was at 129 last week and this week we're at 129 again. So, some markets are up and some are down, but the overall inventory in Halton Hills remained the exact same this week. In Georgetown this week, we are down to 70 active listings from 75, which is a pretty big drop in Georgetown. Looking at our price points, under $800,000 went from 12 to 10 active listings. Most of these properties are condo apartments, but there is one townhouse and a few freehold homes. There is still a lot of stuff to be purchased for under $800,000. $800,000 to one million is down from ten to nine active listings. That’s a pretty low number for this pocket but it is our busiest. Another big drop happened in the one to 1.5 million pocket, going from 22 active listings to 17. We had a big spike in this price point last week so it makes sense that it would be down a little bit. 1.5 million plus is up this week from 31 to 34 active listings. That’s a huge number for that price point. Fifteen of them are under two million, and the rest are over- which is more than half! There are people seeing how busy the market is and they’re trying to fetch those high prices again. I still don't think there's a ton of buyers willing to spend 2 million plus on what I'll call a subdivision home though. The market is still not really there yet but I know people are dipping their feet in and putting their houses back on the market in that pocket. So, 1.5 million plus is definitely the price point that isn't moving as quickly and is starting to see inventory really pile on. We'll be watching that price point but I still don't think we’ll see any rapid movement anytime soon. The lower pockets are still moving quickly though, and inventory is turning over. If you're pricing your house right, it is selling and it's generally selling for more than the list price.
So, looking at Acton this week, Acton went up from 18 to 20 active listings. We hit that 20 mark in Acton again. We were sitting very low for a while but we're back into 20 now so we might be seeing 20 plus by next week. There is lots of inventory available in Acton and a bunch of stuff over a million too. Glen Williams is up to eight active listings from five. That's a lot of listings for Glen Williams. Again, there's a couple of them under two million but most of them are north of 2.3 million. There are even a few listed over three million. Limehouse is down to only one active listing from two and the rural market hit 30 again.
I don't think the effects of the interest rate announcement last week are going to be felt for a little bit. It feels like when we look at the numbers,we’ve almost shifted a month from what the normal trends are. So, all the stuff that's happening now is what was happening last May. It's going to be interesting to see what happens during the rest of the month, and if inventory picks up when we get into the summer. Typically we see less listings in the summer because people are busy, so it’ll be interesting to see if we have an inventory climb or not. On paper it looks like the trend of inventory rising may continue but I’m not 100% convinced that it will. Either way, sales are happening and new listings are coming on the market, just not as rapidly as the last few weeks. So, let's see what happens over the next week and see if we can see if that trend towards higher inventory is going to continue. I will be back next Tuesday, have a great week!