Halton Hills Housing Update - Ep. 177
Tuesday Aug 01st, 2023
Hi, everyone. Welcome to this week's Halton Hills housing update.
So, the numbers are a bit odd this week. Georgetown, which is not the really odd part, had ten sales, which is a pretty normal number for Georgetown. Things are definitely still moving there. There were only eleven new listings, so that's definitely on the lower end of what we want to see. We are still sitting relatively low in Georgetown. We did see a couple properties come off the market, too, so Georgetown is definitely a market that is keeping our market moving. Acton had no sales this week and this is the first time this has happened in months! They're regularly getting between two and four sales a week, so to see no sales in Acton this week is kind of confusing. I think that there's a lot of really good stuff available there, but it could just be a blip in the reporting of sales. There was five new listings in Acton though so inventory is really starting to feel a crunch. To see five new listings and no sales is not great for the overall market there. If this does become a trend, Acton will likely start to see a drop in their pricing. So, looking at Glen Williams, there were no sales and one new listing. Limehouse had no sales and no new listings, which is pretty standard for Limehouse. Another conversation point is our rural market. So, the rural market had one sale which is normal in the rural market, but there were five new listings. We are feeling the inventory just pile on in the rural market. It has been weeks of new listings and you'll see when I talk about it later. Our rural market is the highest I've ever seen it in the three and a half years of doing this market update.
So, looking at active inventory, there was 131 active listings last week. We are up to 141 active listings. That is a huge climb and it's mostly because of the active in the rural market. To see 141 listings is a bit of a surprise though, given how strong the sales have of been over the last few months. Things are still moving though and to be up 10 listings is an indicator that the market might be shifting again. It would be a new trend or just a blip. Georgetown remained the same this week at 74 active listings. Georgetown is staying very stable and under a million is moving really well. I looked back at our inventory last July and it was our highest inventory in all of 2022 at 125 active listings. So, only being at 74 this July shows a massive decrease compared to year over year. Our market still has very low supply when we're considering the market we came from. Looking at the price points under 800,000 is up from four to five. There are two freeholds and then three condo towns or condo apartments. 800 to a million remained the same this week at 15 active listings. One to 1.5 million is down slightly from 26 to 25 active listings, that is starting to climb. It's still a far cry from where we were but that market is starting to slow down a bit. That one to 1.5 and then 1.5 plus is the same at 29 this week and that is much better than the 39 that we were at a few weeks ago. So, we've seen that 1.5 inventory come down and we've seen a few sales, we've seen some properties come off the market and then we've seen a few price adjustments under the 1.5 price point. So that's sort of where we're at in Georgetown. We’re still very stable.
Acton is up from 16 to 21 active listings and if we don’t see sales start to pick up, we are going to go into the fall with very high inventory which will hurt pricing in Acton. We've seen a lot of steady, good weeks in Acton so I do think this might just be a blip but it's just something to sort of note that we're sitting pretty high with inventory there. If you're a buyer, take a look at Acton. There's some pretty decent things available. Looking at Glen Williams this week, they're up slightly from six to seven. So not crazy. Limehouse remained the same at three and now the rural market went up from 32 to 36 active listings. Again, in the three and a half years that I have done this market update, I have never seen the rural market hit 36 and 34 was the highest I had seen it hit. I do think it might go even higher than 36 in the coming weeks though.
This time last July, we were at 192 active listings in all of Halton Hills. The highest we had seen was 193, so in comparison, we are still leaps and bounds behind where we were last year. But a few months of this kind of slow sales, new inventory increasing, and we could be right back to where we were last year. Last October was our lowest price point and it hit under a million dollars average price in Halton Hills last October. So, it's going to be really interesting to see if our fall follows the same trend that it did last year because normally the fall market's really strong and last year's was horrific. So, I'm going to be watching these numbers closely because the Acton and the rural numbers are really starting to throw me off and if we stop seeing sales in Acton, that's going to be interesting. To only have eleven sales last week in all of Halton Hills is very low.
I will be back next Tuesday to see what happens. Have a great week, everyone.