Halton Hills Housing Update - Ep.160
Friday Mar 31st, 2023
Hi everyone! Welcome to this week's Halton Hills housing update. So, I think I see a trend one week and then the next week just throws me off. There are lots of interesting numbers within my sold and new listing portion today. So let's dive right in!
I'm going to do a quick summary and then talk a little bit more. So, Georgetown this week had ten sales. In a normal week, there are only eight new listings, so that is not great news for inventory levels. Acton had three sales and two new listings. Glen Williams had one sale, no new listings and there were no new listings or sales in Limehouse. Finally, the rural market also had one sale and no new listings. So, there are a couple of things I want to talk about when I was looking at the sold and new listing data. So firstly, there were 15 properties in total that sold in all of Halton Hills. Of those 15, four of them got over asking. So, we are starting to see that come back. Ten of the 15 properties were over a million dollars, which is a huge shift. That price point was really struggling to move. This is just an interesting shift in our price points because that under million was really what was moving. To see million plus moving again, it means I'm going to assess it. I think it means that there is confidence in the market and I think sellers are confident that they're going to be able to move their homes. It was really kind of scary to have a million plus home there for a bit. So really interesting! I'm going to be watching that closely. Another thing to talk about is the new listings. So we had ten new listings in all of Halton Hills and of those ten, four of them have already sold. So, what we're seeing is when a good home comes on the market and it’s priced correctly, it is basically selling immediately. So that is a really interesting shift in the market, but without an influx of new listings, we're never going to get out of this. I know it's going to come, it always comes, but it’s really interesting how the market is in sort of like a very low spot in terms of inventory and demand is very high. I'm super interested next week if our average price point is going to be up for March. It should be because we've seen a lot of higher ticket sales, but next week's numbers are going to be really interesting.
So, another thing I wanted to touch on is that someone told me that they saw another post and it had different new listing numbers that were much higher than mine. So, they asked my why that is. My answer is that they're not actually filtering the information and combing through and pulling out re-lists. So, for example, this week there were 23 homes in Halton Hills that had a contract date of last Tuesday. But, when I look at what expired, terminated, relisted, etc, 13 of them were re-lists. So, that brings me down to actually ten new properties entering the market. For example, If 123 Main street was on last Monday for $999,000 and on Thursday they relisted it for $975,000, I cannot count that as a new listing because it’s really just a price change. So, overall my answer is that they are not filtering the data fully, and if you see another number that doesn’t match what I’ve said on here, it's strictly because if you search contract date new listings in the last week, you get a much higher number than what actually is a new listing. If I said there was 23 new listings this week, but our inventory is actually down by six units and we've only sold 15, there's an eight unit gap there, and the numbers just don't match. So I digress, but that's why I really comb and dive into these numbers. I find them really interesting but also accuracy is really important.
Looking at our active inventory now, last week we were at 112 active listings in Halton Hills, and we are down to 106. That's a huge drop this week and it’s not going in the direction I thought it would be. This week, Georgetown went from 64 active listings down to 60. So again, inventory is dropping and not going in the direction we suspected. Only 60 listings in Georgetown and that has been staying pretty consistent for the last two months. We see stuff come on, but it's getting bought up, so our inventory is staying very stable. Looking at our price points, under $800,000 is down from eleven to ten active listings, $800,000 to a million remain the same this week at 15. The notable price point is one to 1.5 million which went from 20 active listings down to 16. So quite a bit like I talked about earlier got bought in that price point, and 1.5 million plus is up slightly from 18 to 19 active listings. Again, that price point is just the slower price point, and we're not seeing much movement over 1.5.
But, if that one to 1.5 price point continues to be really strong, we might see people feeling more confident selling their $1.3 and buying something in that $1.5 plus. So, it’s going to be interesting to watch a million plus as this market is sort of climatizing to the interest rates. So, looking at Acton, we're down from twelve to eleven active Listings. That's starting to get pretty low there. Glen Williams is down from eight to seven active Listings. Limehouse remains the same at two this week and the rural market is at the same as last week at 26. So, I think this is interesting only because we're not seeing an influx of listings. I mean, we had eight new listings in Georgetown and that is a low number in general and only ten new listings in all of Halton Hills and four of them are already purchased, like off the market, updated as sold. So, the market is in a spot I did not think it would be in given what happened last year.
Next week I am going to have March's numbers. I suspect our average price is going to be up given how many sales we've seen over that million plus. What that's going to look like next week we will see, but I think that the market is in a pretty strong spot and eventually sellers are going to get that message and I think we should start to see be more inventory coming. But, right now it's just not happening week to week. So, I will be back next Tuesday. Have a great week everyone!