Halton Hills Housing Update - Ep. 191
Wednesday Nov 08th, 2023
Hi everyone! Welcome to this week's Halton Hills housing update. So, I have October's numbers today as well as what happened last week. The October numbers are honestly very odd to me. I really thought we might see our lowest average price of the year but that is not the case. We’re actually up from last month and way up from 2022, which makes no sense! Based on the climate in the market right now though, I think it’s just inevitable that prices are going to come down and we will start to feel a pinch. So, in October of 2022, which was the worst month of 2022, our average price was $966,000. This October, our average price was $1,146,000. I can’t wrap my head around this given how much inventory we’ve had and how few sales we’ve had, but numbers don’t lie. So, our average price is in fact up in October. One thing I never talk about is dollar volume, which is the dollar amount of real estate that has sold. So, in October of 2023 we sold $48,145,000 worth of real estate in Halton Hills. Last year, we sold $48,301,000 of real estate. So, we actually sold $156,000 more of real estate last October but the difference is the units. In 2023 we sold 42 units and in 2022 we sold 50. Our dollar volume is almost the exact same year over year but we only had 42 units sell. We are also down 16% in terms of units sold compared to September, but this is not a huge surprise given how slow the market was in October. It’s actually almost comical though to think that the news could be prices up because they are up from September, but the market feels a lot slower. I’m going to credit this to a few big sales that pulled the average price up but this really doesn’t seem reflective of what we’re feeling in the market in terms of activity.
Looking at what happened last week, Georgetown only had six sales which is super low. It is reflective of the market though, not a lot is happening. We only had eight new listings here though which is good news. We had been seeing double digit listings for a while so hopefully we are starting to see a slow down. This naturally happens as fall goes on. We do need to see sales pick up though because our inventory is still very high. Acton had three sales which is a good number and two new listings. Glen Williams and Limehouse had no sales and no new listings and the rural market had one sale and two new listings. So, the other thing I’ve been talking about is properties exiting the market and either re-listing or coming completely off. Last week we had 19 properties that either expired, terminated or suspended. Of the 19, one of them re-listed at the same price, nine came back at a lower price, and nine came off the market completely. We’ve been talking about this and sellers leaving the market is really helping to bring inventory levels down and to stop them from spiking when our new listings outpace our sales. If these nine properties were still on the market, inventory would be up this week but that’s not the case.
Halton Hills was at 225 active listings last week and we are down to 221 this week. We may be at the slowdown or even the plateau here, and hopefully we’ve reached the peak of inventory. I really thought it was going to keep going but the last two weeks have both had declining inventory levels so it will be interesting to see what happens during the remainder of the year. Georgetown was at 136 active listings which is down from 138 last week. It’s not a huge drop but it’s a move in the right direction. Looking at our price points, under $800,000 is down from 18 to 17 this week but still very high! There are a ton of condo townhomes, a lot of which are overpriced. Eight hundred thousand to a million is also sitting very high at 36 active listings which is up from 33 last week. This price point normally moves very rapidly but that doesn’t seem to be the case and we have a ton of property types available. You can even get a detached house in Georgetown South for under $950,000 right now! We are just not used to seeing this in this price point. Those prices are definitely starting to come down and I think this will continue because inventory is still very high in this pocket. One to 1.5 million is down slightly from 57 to 55 active listings which is still extremely high. This is the price point that is seeing the most price adjustments in and some are even re-listing to $999,900. Despite what the average price says, prices really are coming down and our average price is less than what it was in October of 2021. So, if you’re selling your house, you cannot expect to get more than what sellers got in 2021. $1.5 million plus is actually down from 30 to 28 active listings but this price point is dead in terms of sales.
Acton is down from 28 to 26 active listings which is still very high for Acton but we are starting to see a few sales trickle in here and there, and there are some nice properties available. Glen Williams currently has the highest inventory I’ve ever seen. Last week it was at 11 and we are now up to 12. Almost all of these homes are over priced to be completely honest but the Glen is a higher price point so there are less buyers there. There are a couple properties under $800,000 that aren’t moving either which is a massive shift for the Glen. Limehouse is down from two to one active listing and the rural market stayed the same at 46.
So, the trend of high inventory is continuing but we have had two weeks of lower inventory which is hopefully going to continue to happen. Our sales numbers in terms of units is still very low and the average price for October really threw me off a bit this week. I don’t think anyone should actually think their house is worth more than it was last year because we are still behind that and 2021. Prices have come down significantly, we just happened to see higher ticket prices sell which caused the average price to go up. We’ll have to see what happens in November but we are still really saturated in all price points and markets. Eventually, the pinch will be felt and prices will be reflective of that.
So, I’ll be back next Tuesday. Have a great week!