Halton Hills Housing Update - Ep.164
Thursday Apr 27th, 2023
Hi, everyone! Welcome to this week's Halton Hills housing update. So, this market is just wild. It is so busy out there right now, and we are seeing quite a few new listings, but sales are keeping up with them. So, we're not seeing any increase in inventory just yet.
Looking at sales this week, Georgetown had 21 sales. The last time we had over 20 sales in Georgetown in one week was last March. So, it’s a very busy market right now. We saw lots of inventory come up last week, so I'm not surprised to see a higher sales number, but it’s showing the kind of demand we're seeing. Looking at new listings, last week we had 20 new listings in Georgetown. We have only had three weeks in this entire year where we've seen 20 plus new listings so that is starting to become more common. As these buyers start to get satisfied, it should cause inventory levels to rise because there will be less buyer demand. It’s really interesting to see what's going on in the market right now because it's so busy. I also had clients last night who were one of 14 offers on a property. We won it, but there is just a lot of bidding wars happening.
In Acton this week, there were three sales. That's quite a few for Acton as it’s usually one or two. There were also four new listings. There were no sales or no new listings in Glen Williams or Limehouse. Finally, the rural market had one sale and three new listings. So, the Rural Market is getting hammered with inventory right now.
Looking at our active inventory, last week we were at 114 active listings. This week, we are down to 113 active listings, which is a slight decrease. Georgetown is down this week to 62 listings from 66, which is quite a drop. It’s definitely not going in the direction that we need to be going in. There are some interesting conversations to be had about our price points though. So, looking at our price points, under $800,000 took a big drop from eleven down to eight active listings. There is not a lot available under $800,000 which isn't surprising. It's our opening price point, so it moves fairly well. $800,000 to a million is up slightly from 12 to 14 active listings. The interesting one here is one to 1.5 million. It dropped from 19 active listings down to 13. That's a massive drop for a price point in a week. I talked about last week how that pocket is seeing a ton of sales right now, and so I didn't think that it would drop by six. I can't remember the last time that that price point had less inventory than the $800,000 to a million price point, if ever. That one to 1.5 pocket was literally 50 plus for multiple weeks last fall and now we're down to 13. So, there is not a lot available. 1.5 million plus continues to climb. It is up from 24 to 27 listings this week. So, I'm feeling like a broken record on that price point, but just not a lot of movement. As busy as the lower price points are, it is certainly dead above 1.5 million. in that one to 1.3 million range.
Looking at Acton this week, we remained the same at eleven. Glen Williams remains the same at eight, Limehouse remained the same at one, and the rural market is up to 31 active listings. I said last week that I thought we might see over 30 listings in the rural market, and here we are! We are up to 31 active listings there. So, if you're looking for a rural property, there's lots of options.
So, overall this week we are still trending downward, which is wild. I do think if we looked at last year, May was the start of our upward trend. I can't believe how busy under a million is right now. It’s definitely going to keep the market moving, but also with very low inventory between one and 1.5 million, that's also going to really hurt the supply that we need based on the demand. So, it’s going to be interesting to see how our April numbers pan out. Our average price point is for sure going to be up again in April. So, I'll have those numbers next Tuesday. It’s just been a huge month of sales and price points increasing compared to where we've come from. We're probably going to be very much in line with last April, so it's going to be interesting to see where it all washes out. So, I will be back next Tuesday, have a great week, everyone.