Halton Hills Housing Update - Ep.163
Wednesday Apr 19th, 2023
Hi, everyone! Welcome to this week's Halton Hills housing updateSo, we had a really big week in terms of sales and listing numbers. Let’s take a look at what happened. So, in Georgetown last week, we had 18 sales. That is a very big number for Georgetown. Anything over 12 to 13 is sort of uncharacteristic, so it's a higher number than we would normally be seeing. So, 18 sales is quite a bit, and then we also had 25 new listings which is a ton of new listings. I am convinced that we’re following the up and down pattern we saw last April. I also think in the coming weeks we are going to see new listings out pace our sales, and that is going to be the catalyst for our inventory starting to climb a bit through this spring market because it's very busy with buyers right now.
Something notable though in terms of the 18 sales in Georgetown, none of them were over 1.5 million, so once again, we're seeing the lower price point selling while over 1.5 million is certainly still struggling. Seven of them were between one and 1.5. So, we are seeing quite a bit of stuff happening in that million plus price point. That price point was hurting for a while, but now that things are stronger in the lower price points, the people that are selling for $900,000 are the ones thinking about moving up and purchasing homes in the million to 1.5 million price point. So, the market is really moving again and seeing those sales is a good sign but a lot of the higher ticket items are not moving, especially the way they were last year. Of the 18 sales, seven of them got over asking. So, we are in a market again where were seeing multiple offers and people holding off offers, but we aren’t seeing buyers go crazy and offer say $100,000 over asking. They’re a bit traumatized from last year. The strategy does work on certain properties but for a lot of them I would still hesitate to do it that way.
Looking in Acton, there was one sale and two new listings which is very on trend for Acton right now. Inventory is pretty low there. Glen Williams had no sales and one new listing. There were no sales or new listings in Limehouse and the rural market had one sale and three new listings. The rural market has a ton of inventory right now.
So, now looking at active inventory, we are up this week from 107 to 114 active listings. Again, this had a lot to do with our new listings outpacing our sales and we also had four properties that completely came off the market. So, had those properties stayed on, we would be even higher. I suspect we are getting closer to that time when we are going to start to see inventory piling on. I'm not saying I think prices are going to plummet though, I just think that the market is actually really strong right now. But, I do think we're going to start to see more and more properties coming up and as those buyers start to get satisfied, demand is going to diminish a bit and that should change the market. So, it's going to be really interesting to see where things go here.
Looking at Georgetown, there were 63 listings last week and we are up to 66 listings this week. Looking at our active price points, under 800,000 is down from 13 to eleven active listings. That's a very busy price point right now. The far majority of those are actual condo units. We have this saturation all of a sudden of condos available which we don't usually see. Of those eleven, only one is a condo townhouse and there's quite a few apartment condos for sale, with a couple of freeholds in there too. 800 to a million remain the same this week at twelve and that's still a very busy price point. Things are selling every week but a lot is coming up. One to 1.5 million is up slightly from 18 to 19 active listings. But, like I talked about, that price point is starting to pick up and we're starting to see sales in there. So that's going to be one we're going to be watching because last year when inventory started to pile on, that was the price point that felt it the most. However, if things are moving in there, it might not disproportionately skyrocket compared to the other price points. 1.5 million plus is up and this one's up significantly this week from 20 to 24 active listings. There are nine properties still over two million and a lot of those are what I would consider subdivision homes. Buyers, again, are just not there for that kind of product. There are some nice custom homes under two million, so why would someone spend that on a subdivision house when you can get a nice custom home under two million? So, we're just seeing that higher price point still very much struggle demand wise.
Acton this week is up from 10 to 11 active listings. Glen Williams is up from seven to eight. Limehouse remained the same at one, and the rural market is up from 26 to 28. 28 is a very high number for the rural market. There are lots of really expensive things available in the rural market, and people just aren't spending that kind of money on real estate right now. So, we're seeing very low sales in the rural market and I’m going to check my notes but I don’t think we’ve seen over 30 properties ever available in the rural market in the three years that I’ve been doing these updates. So, we’re getting pretty close to that and we may be a few weeks away from seeing inventory possibly reaching 30 or over. We're just not seeing the movement that the rural properties need, which is also interesting, though, because usually when Georgetown is sitting very low, as we are right now, the rural properties move a bit more, but that just doesn't seem to be the case right now.
So, watching all those numbers and it was an interesting market update this week, only because the numbers I talked about last week, are following what happened last April. Last year at the start of April, we just went into inventory climbing mode until July. Every week I’m just super curious to get the numbers on paper and see if we are actually following that trend. It will present itself in next two to three weeks if we are.
So, this week, 25 new listings in Georgetown is a massive number so we’ll see what happens there but I really do think we’re about to see inventory climb. I could be wrong and I have been before but if it trends like normal (and we have seen a lot of normal trends this year), we will start to see things pick up here. Buyers are out, inventory is low and the market is strong. Anyway, I’ll be back next Tuesday, have a great week!