Halton Hills Housing Update - Ep. 172

Thursday Jun 22nd, 2023


Hi, everyone.Welcome to this week's Halton Hills housing update. Inventory is just not climbing at the moment and there’s some interesting stuff going on with the numbers, let’s get into it. Looking at Georgetown last week, we had 15 sales. Higher than average, yes, but still not super, super high. And we only had 16 new listings. That new listing count has certainly not kept up the pace of the 20 plus that we were seeing for a few weeks. Thats led us to think that maybe this is going to change. So not a ton of new listings. Sales are still pretty strong but that's not great news for overall inventory in the market.

Looking at Acton this week, they had five sales and four new listings. Acton is moving along with sales which is interesting because it was dead for so long. Now every week we're seeing four to seven sales in Acton. So that’s really good news for sellers in Acton because that market is turning in their favour. Glen Williams this week had one sale and one new listing. No sales or listings in Limehouse and the rural market had one sale and three new listings. 

Something to note - every week I pull what, expired, terminated, suspended, etc. Then I pull out the re-list from the new listings that came up to make sure I'm not saying there's a new listing when it's just really someone re-listing and changing the price. Anyways, looking at those numbers this week, we had seven properties come off the market this week and not reenter. They may reenter in the next couple of days, but from last week they haven't reentered. That is another factor that's keeping our inventory low, is we're actually seeing some properties come off the market.

Now looking at active inventory, all of Halton Hills is down this week from 129 to 126 active listings in all of Halton Hills. Again, it's a bit higher than around the 98 to 105 where we were teetering on for a very long time, but it's certainly nowhere near the peak. We have a long way to go before we start to feel a big shift in the market due to inventory. Georgetown this week is down. We were at 70 listings last week, we're down to 69 active listings. So still just inventory is not climbing in Georgetown, it's where we're seeing the most sales. Things are certainly still moving there.

Interesting, looking at the price points this week, under 800,000 went down to eight active listings from ten. Most of those are condo or condo townhomes. A bunch of them are in the sold conditional status. So lots of movement there.800 to a million. Weirdly, that price point is up. So it went from nine to 14 active listings, which is, I mean, still not high, but a good number. And there's quite a bit of variety available in that pocket. And the notable price point is one to 1.5 million. Last week, we were at 17. This week, we're down to 13 active listings in that price point. That is very low for that price point. We were hovering 50 plus for the longest time in that pocket. So lots of stuff transacting between a million and 1.5, and it's certainly been a shift compared to what we were used to seeing there for a while. But that price point is very busy again. So 1.5 million plus, though not busy, so it did remain the same this week at 34 active listings. We still have a lot of buyer hesitation in that higher ticket product so it's definitely not moving the way that any of the other price points are moving. It's actually pretty rare to see something transacting over 1.5 million. Still, even with sales as high as they are, it's still like, oh, good for them. They sold at $2 million because it's just not happening as frequently anymore.

So now, looking at Acton's inventory, we were at 20 last week, we're down to 18 active listings in Acton. So inventory has dropped below that 20 mark. Higher than we had seen, anything ten and below was sort of low inventory for Acton. So we're sitting at 18 again. About half of that is over a million, half under a million. There is lots to choose from in Acton. Glen Williams is up from eight to nine active listings. Limehouse remains the same at one and the rural market is down from 30 to 29 active listings. And again, these drops in inventory have a lot to do with those seven coming off the market.

Our sales to new listings were pretty even this week. But with seven properties coming off the market that certainly is not going to help our inventory to climb because these people are pulling their houses off the market. Whether they're not getting the price they want, or they have decided that they don't want to. There's tons of reason why people pull their properties off the market. But seven of them certainly hurts our overall inventory levels. So that's where we're at this week.

I really thought that June would be a month that we'd start to see inventory climbing and that was pointing in that direction the whole start of the month. But now that we've seen listings slow down as we always do going into the summer it really is keeping the market busy. If we have historic levels of new listings in July and August, I think we're going to go into the fall with a very scarce market. This time last year, we were almost hitting our peak of inventory in the next couple of weeks is when we were hitting that 180 to 190 mark and we're nowhere near that this year. 

Like I said, in the summer people just don't list their houses as frequently. So if we don't see that, I think we're going to have a really strong back half despite the fact that interest rates again might be going up. I think that without more inventory, because the buyers are active, we are going to continue to see a really strong market if we can't see more inventory hitting the market. Again, if we don't see a major spike this week, I think that our summer is actually going to be very quiet for listings and we could get right back into a very low inventory situation.

I will be back next Tuesday. Have a great week, everyone.

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