Halton Hills Housing Update - Ep. 173

Thursday Jun 29th, 2023


Hi, everyone.

Welcome to this week's Halton Hills Housing Update! I think the market is changing a little bit… The numbers that are here this week support what I'm seeing out in the market. So looking at sales - last week, Georgetown had 14 sales, which is a good week for Georgetown, not super high, but it's definitely not low.14 is good sales for a week. 25 new listings though, that is a lot of new listings in a week for Georgetown. And if we start to see more weeks where we have 20 plus new listings, that's really where it starts to pile on. We had a couple of weeks over the course of the last eight weeks where we did see 20 plus listings, but it was never really consistent. So it's going to be interesting to see if this is the start of a trend of listings coming on the market, which would be odd. It feels like our market has shifted a whole month this year. Everything's seems to be happening a month later than it normally does. Going into July, we normally start to see listings slow down, but if we keep seeing them hitting the market and picking up, that will be interesting. Another thing is this week I've had a couple of clients competing on properties or wanting to offer on properties, and they're one of, there's not a bidding war. It just feels like things are a little less busy than they were in comparison to three or four weeks ago. So again, its going to be interesting to see if that trend continues. 

In Acton this week, we had four sales, a good number for Acton, and two new listings. Glen Williams had one sale and one new listing. There were no sales in Limehouse, but there was one new listing. The rural market had one sale and two new listings. So we're seeing listings hitting the market for sure, some areas more than others. I mean, the Georgetown 25 is definitely the notable number for the week. Acton is actually pretty low at two. It certainly feels like we are in a market where things could change, but I said that four weeks ago and then it didn't really change. Also inventory has been staying at bay. 

The real conversation this week is the active inventory! All of Halton Hills is up to 134 active listings from 126. That's a really big jump week over week when we've been seeing things stay at bay. I mean, it's not like the whole market is going to change based on these numbers, but if we saw four to five weeks of eight new listings, we would be in a completely different place in terms of our active inventory. So we're going to be watching that number closely. Again, July is not normally the time that we see a flood of new inventory, but I think that that is going to be different this year. I do think we're going to be seeing strong amounts of new listings going into July. Looking at Georgetown, Georgetown is up from 69 to 79 active listings. That is the highest number we have seen in Georgetown since the first week of December. So again, it's not crazy high. It's still far from the 130 to 140. But 79 active listings, we have not seen that in basically seven months. So that might be another indicator that things are starting to shift a bit.

Looking at active price points, under 800,000 remain the same this week at eight active listings, 800 to a million remain the same this week at 14. 1 million to 1.5 is up from 13 to 18 active listings. A big jump in that price point. And then 1.5 million plus is up from 34 to 39 active listings. So when we're looking at that price point, especially the 1.5 million plus, I actually don't think I've ever seen inventory at 39 in that pocket. That is huge! It just shows you that people are still trying to fetch very high prices for their house. A lot of those are still basic subdivision homes. Yes, they are larger four bedroom homes, but they are not worth over one and a half million dollars but again, a lot of people are still trying to fetch those prices. And so 39 active listings at 1.5 million plus is a lot like we were sitting usually between 20 and 30 when we were kind of in a high market last year. Let me just reiterate that July was our highest point last year and we only had 28 active listings in that price point. So we are way high in 1.5 million plus. People really need to be adjusting their expectations in those higher price points.

Other notable thing is that the under million price point is not climbing. That area is still moving really well and we just don't have enough listings. But even the 1 to 1.5 saw a climb this week and the numbers are getting higher there. So it always happens when the market starts to shift, the higher price points start to feel it quicker. Again, this is supporting what I've been feeling and seeing when I've been out at showings and listings. I'm going to be watching really closely because this could be an indicator of a change in the market. Looking at Acton this week, Acton is down from 18 active listings to 15. So a drop in Acton, still moving, not super low inventory, but not high inventory either. Glen Williams remained the same at nine active listings. Limehouse took a jump from one to three active listings and the rural market is down slightly from 29 to 28 active listings.

So I think this week's update is very interesting. I think mainly because of the change I’ve felt for some of the properties I've seen with buyers, just overall interest and thinking it's going to go crazy price or multiple offers, and then it doesn't. There are just things that are happening that I felt this week that I thought - oh, maybe buyers are starting to cool off a bit, or inventory has started to satisfy the amount of buyers out there and things are starting to cool. The numbers that I'm seeing this week support that as well. But whether that continues, because we've seen this happen like two times in the last few months and then the market just still goes crazy. So I’ll be watching this really closely because it's really possible that this is the start of sort of a climb if we continue to see new inventory coming on. It's still a good time if you're a seller, I think, because there's more demand now than there's been in a very long time. But if inventory starts piling on, it's going to become less of a good time. I think again, prices will probably be up in June. We did see a lot of higher stuff selling, but it will be really interesting to see if our normal summer market of very low listings kind of flips this year. And we continue with this trend of high new listings.

So I'll be back next Tuesday. Have a great week, everyone.


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