Halton Hills Housing Update - Ep.162

Thursday Apr 13th, 2023


Hi, everyone! Welcome to this week's Halton Hills housing update. Inventory is down again this week. I don't know what's going on, but I did cross reference against last April's numbers. I wanted to see what trend we sort of had then, and we're following sort of a normal trend. So, I'm going to talk about that at the end of this week's update, sort of what we're seeing with our inventory levels. But, let's look at last week's numbers.

In Georgetown last week we had 13 sales. That's a good week for Georgetown, notable thing is that six of them, so almost half of them, sold over asking. So that is coming right back because our inventory is just very low and demand is very high. So, without a little bit more supply, I'm not surprised to see the bidding wars back and over asking back. It's going to make our prices go up when supply is so low and we only had eleven new listings last week, so that is not enough compared to where our sales were.

So looking at Acton, we had two sales and one new listing which is nothing crazy. Acton is just not having massive numbers, but it's just kind of consistent week to week. So, something of note, all of our markets had a sale last week. So, Glen Williams, Limehouse and the rural market all had one sale this week, which is just uncommon to see a sale in every market. So, there we are. It's a sign of where the market is at. We didn't have any new listings in Glen Williams or Limehouse, and we had one new listing in the rural market. So, I mean, it's not a huge deal that there was one sale in all the markets, but we haven’t seen this in a long time. It just shows that the market is really busy.

So last week, in all of Halton Hills, we had 16 sales and only 13 new listings. Another thing to note, we had five properties come off the market completely. So that factor of properties coming off the market is still something that is holding our inventory levels down. So we, I think, are going to be coming into a time where we're seeing a lot more listings, and that will probably shift, but for now, inventory is dropping again. So, looking at inventory levels last week in all of Halton Hills, we were at 116 active listings. This week, we are down to 107 active listings. So, we’re not making any traction that way.

In Georgetown this week, we are down from 68 to 63 active listings. In Georgetown, when we look at our price points, they are sitting very low. So, under 800,000 is down from 15 to 13 active listings. Of those 13, six of them are sold conditional. So, quite a bit of stuff moving in that price. $800,000 to a million is down from 14 to twelve active listings. This is a very low number for that pocket especially because it's the main pocket that is selling right now. We need more listings in the eight hundred to one million price point. One to 1.5 million remained the same this week at 18 active listings and 1.5 million plus actually dropped from 21 to 20 active listings. So, you can see those numbers are so far from where we were in July of last year. We just have a ton of demand and with listings sitting so low it's no surprise we're seeing the multiples and the bidding wars right now.

Looking at Acton this week, we are down from eleven to ten active listings. The last time that we had ten active listings in Acton was at the end of March of 2022. Acton has been one of those markets that has really been feeling high inventory levels because Georgetown has had a lot of available inventory. But, to be down to ten active listings in Acton is very low and I think that it just shows there's not a lot in Georgetown. So, people are starting to transact in Acton again and this trend sort of always happens. It has been over a year since Acton has seen ten available houses. These are crazy numbers. We were in the mid 20s there for a really long time, so Acton inventory sitting very low. Glen Williams is down from nine to seven active listings. Limehouse is down from two to one active listings and the rural market remained the same at 26 active listings this week. So, there were no major changes in those markets.

What I wanted to talk about was where our inventory levels were last April because sometimes it all becomes a blur. Thankfully I've got my handy historical notebooks. Last April is when we really started to feel our market shifting, and I was like, “did that actually happen” or is it all a blur? So, last April when we started the month Halton Hills was at 87 active listings. We went to 110 and then down to 106, up to 114 and then we started May with 127. So, you can see when we look at the first couple of weeks like the inventory is sitting low. It kind of goes up and down and then by the end of the month, inventory is starting to pick up. Come May, we are starting to go into a spiral. Every single week of inventory rising, by the middle of July, we are at 193 Active Listings. So, that was our highest weekly number in all of Halton Hills in 2022. But, it really started to pick up at the end of April. So, I have found that this year has surprisingly been following a lot of our normal supply and demand trends. So, it is going to be really interesting if this kind of comes to fruition again this year because at the start of May, we really started to just go into a two month inventory increasing situation, and I know last year there was the factor of interest rates rising and so we probably won't have that this year, but it will be interesting to see what buyers do when they start to feel inventory coming on more rapidly. I think as a seller right now, you are going to get a really good price for your house this April and if we follow the normal trends, it will probably be the highest price you might get all year. So, I think if people are really paying attention to the market, this is the month to be listing your home because it could go downhill on an inventory spiral once we're coming out of April. But, now that we know these numbers, I'm going to be watching and referencing them closely. So overall, the market is in a very rapid spot. We are seeing buyers out first day of listing. We're seeing offers, and we're seeing multiple offers, it's just very busy right now.

So, we'll be watching it closely referring to our trends of last year to see if we follow the same ones. But, if you are a seller and you're thinking about selling or you took your property off the market in the fall, I would really consider putting it back on the market right now because it is really busy out there. So, I will be back next Tuesday. Have a great week everyone!

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