Halton Hills Housing Update - Ep.159
Wednesday Mar 22nd, 2023
Hi, everyone! Welcome to this week's Halton Hills housing update. So, this might be the start of our inventory increasing in Halton Hills. It felt very busy with new listings last week. Looking at the numbers, in Georgetown this week there were nine sales. That's very much in line with a typical week that we have been seeing recently. Anything above that twelve mark is considered a high week.
So, we had nine sales which means properties are still moving. It’s definitely not crazy, but the interesting thing about this week is that we had 17 new listings, which is a lot of new listings! There was a day last week where we had eight new listings, and once we start seeing ten plus new listings in a given day in Halton Hills, that's a lot of new listings. That is when inventory really starts to pile on.
So, 17 new listings is a high week in terms of new listings. The saving grace right now that is in my opinion, keeping inventory at bay is the people that are still taking their properties off the market. We're still seeing terminations, whether it's people not getting the price that they were hoping for or properties expiring because they've been overpriced and on the market so long, we are still seeing stuff every week coming off the market and not re-entering. So that's keeping our inventory levels under control.
In Acton, we had two sales and one new listing. Nothing crazy there. Glen Williams had one sale and no new listings. Limehouse had no sales and no new listings. There was one sale and three new listings in the rural market, which is actually a lot for the rural market to see.
Looking at our active inventory, last week we were at 108 active listings. This week we are up to 112 active listings. So, that's not a massive jump compared to the gap we saw between sales and new listings in Georgetown and the rural market. But, there were properties that came off which is keeping inventory levels somewhat stable. When we look at Georgetown, we are up from 60 to 64 active listings. So again, not a huge jump, but as things start to come up more rapidly and inventory starts to pile on, buyers always are like, well, let's see what happens, so sales tend to slow. Being at 64 active listings isn't high by any means. Our inventory is still low, but we were in a downward trend there for a few weeks. So, now that we're starting to see a lot more stuff coming on the market, I think this is going to shift.
Looking at our active price points, under $800,000 is up from eight to eleven active listings. That's a lot of listings under $800,000. One of the things we are seeing is people holding off offers and listing at $799,000 and hoping to get more. It will be interesting to see how that strategy works. I personally am not using that strategy in Halton Hills right now. So, $800,000 to a million remained the same this week at 15 Active Listings. One to 1.5 million is up slightly from 19 to 20 listings and 1.5 million plus remain the same at 18. When we look at the 1.5 million plus price point, what's interesting is that eight of those, which is almost half of them, are over $2 million and half of those are subdivision homes. So not like a custom house, nothing crazy, and there are still four people on the market who are in a subdivision within town that are hoping to get over $2 million for their property. I don't know, I just don't have anyone that would spend over $2 million on a subdivision house right now. So that price point continues to be a bit of a struggle.
Acton is down slightly from 13 to twelve active listings. So, things are sitting at a normal level in Acton. We got really high there and we've also been really low this time last year but twelve to 16 to me is pretty normal in Acton. Glen Williams is down from nine to eight active listings. Again, that's kind of high for the Glen. Four to six would be normal in the Glen. Lime House is sitting at two active listings, the same as last week. Limehouse doesn't see a ton of listings. The rural market is up from 24 to 26 active listings. Anything over 22, or even 20 active listings in the rural market is a lot, so this number really started to skyrocket in the last six weeks and it's continuing to climb. Again, the stuff in the rural market is a higher price point so less transactions are happening in the rural market.
So overall, I think this week is interesting. Not because any of the numbers were too crazy, but because of the fact that most of the new listings are not re-lists. So overall, the trends that I saw last week, if that continues this week I definitely think we are pointing in the direction of the spring market in terms of listings being in full swing. As we get through the spring market, our inventory generally starts to pile on. So, watching these numbers really closely every day, and I'm looking at the new listings to sort of see what trends are happening. The trend last week felt very much like what we were seeing end of March, start of April last year, and that's when things really started to turn. So watching it closely, I might be completely wrong and next week we might dive back to 100 active listings, I don't know. The vibe I'm getting though is that we're starting to see more listings and that's really what we need right now because inventory is sitting a little low and demand is higher than it's been, I would argue since like last May and June.
So will be back next Tuesday to see if we are still trending in the way that I am anticipating. So have a great week!
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