Halton Hills Housing Update - Ep.187

Hi everyone. Welcome to this week's Halton Hills housing update. We have a ton to cover today with September’s numbers, so let’s get into it! In September of 2022, which is last September, we sold 62 units which was down significantly from 2021 when we sold 81 units. Our average price last year was $1,139,000. This year, we sold 49 units and I actually thought it would be less because it has been an extremely slow month but we had a lot of properties transact last week. So that is 20% down year over year. Our average price is also down to $1,079,000 which is 5% year over year. When we talked about August numbers last month there were some really high sales that pulled things up and our average price was around 1.3 million, which was not reflective of the actual market. So technically we're down about 17% since August which I don't think is true apples to apples but it does show where our prices are going. Last October our average price was under a million dollars in Halton Hills so that might be the case for this October.

Looking in Georgetown last week, we had nine sales which is a normal number and definitely a lot better that what we saw for a couple weeks in September. About half of those sold over a million too which was a change. We also had 20 new listings in Georgetown which is a high number and our sales and not supporting that. Our inventory is definitely climbing. In Acton this week there were three sales and no new listings so things are actually moving well there right now. Glen Williams and Limehouse both had no sales and no new listings and the rural market had two sales and four new listings.

I’ve been talking a lot about properties terminating over the past few weeks and this week we had 17 properties that terminated their listings. Three of them re-entered with a lower price, two re-listed with a higher price, one at the same price and then 11 properties terminated and stayed off the market. So because 11 properties terminated this week, inventory didn’t skyrocket. Sellers aren’t getting the prices they want right now and it’s keeping inventory from going off the charts. This happened last year too.

Looking at our active inventory, all of Halton Hills is down from 204 to 203 active listings. It’s pretty even but we had more listings than sales and it’s the properties terminating that is keeping things balanced. In Georgetown there were 122 active listings last week and we are up to 126 this week. It isn’t the highest we’ve ever seen here but it’s not the direction sellers want to be seeing. Under $800,000 went from 12 to 11 listings. There are a couple of freehold properties within that too. 800 to a million, this is really interesting, went from 20 to 24 active listings. This is the highest I’ve ever seen in this pocket because it’s normally the one that moves the most. This just shows us that even those houses are having a harder time selling and it’s showing us what the market is doing. One to 1.5 is down from 55 to 54 active listings. We had a few properties come off the market in this pocket. 1.5 million plus went rom 35 to 36 active listings and this price point is just dead. Acton went from 31 to 27 active listings which is still high but at least it’s not over 30. The rest of the markets remain the same with Glen Williams at five, Limehouse at three and the rural market at 43.

So you can sort of see my theme here. I mean, it's no surprise that our September numbers are softened significantly versus last year. Last September was not a great market either and I think that it’s fair to say we are back to 2020 prices. It’ll be interesting to see what happens in October and I really think we're going to see a very low average price point. People always ask if it’s going to rebound in the spring and we just don’t know. Interest rates are really high right now and at some point it will reach the peak but it’s hard to know when. We’ll just have to watch and see. So, I’ll be back two Tuesdays from now. Have a great week everyone.