Halton Hills Housing Update - Ep.175
Friday Jul 14th, 2023
Hi, everyone! Welcome to this week's Halton Hills housing update.
The numbers are pretty stable this week. There were 15 sales in Georgetown which is not a super high number, but it's not low by any means. We also only had 16 new listings, so the number of new listings is starting to slow down which will keep the market moving. Without massive amounts of inventory piling on every week, we won’t feel a spike, and that’s what would start to change the market.
In Acton, there were three sales and four new listings, so things are still moving there. There were no sales in Glen Williams but there was one new listing. In Limehouse, there were no sales and no new listings, and in the rural market, there were no sales but one new listing. So, you can see that the sales numbers overall have slowed down quite a bit, but our new listings are definitely not piling on. Things are pretty balanced right now. Another notable detail is that in all of Halton Hills, six properties came off the market last week and didn't re-enter. So, that's another thing that's going to keep inventory at bay.
Looking at all of Halton Hills this week, last week we were at 136 active listings and this week we are actually down to 135. That is definitely correlated to the six properties I just mentioned, but things are really at bay right now when it comes to active inventory. We saw a jump for a couple of weeks in June, and I’ve been talking about how normally in July and August we stop seeing a lot of new listings hitting the market. I think we're about to get into that mode. With buyers still active, not crazy active, but still active, it's really keeping things level.
In Georgetown this week, we went from 82 active listings down to 80. It's still a much higher number than we were used to seeing in April and May, but it's still a lot lower than where we've been. Looking at our price points, under $800,000 is up slightly from four to five active listings. Of those five, four of them are freehold properties. So, there's only one condo unit for
sale right now, and everything else is freehold. Overall, there is not a lot of good stuff available under $800,000. $800,000 to a million remained the same this week at 20 active listings. One to 1.5 million took a jump this week from 19 to 23 active listings. We are seeing a lot of inventory hitting the market in that price point. So up to 23 active listings, that's the highest inventory we have seen there in a very long time. Something to note here, the 1.5 million plus price point has been a point of discussion for a few weeks because it’s been sitting high with very few sales. This week, it actually dropped from 39 to 32 active listings. I had to triple count to make sure my numbers weren't off, but then I went back and looked and six of the properties that sold last week in Georgetown were over 1.5 million. So, there was a lot of movement randomly in that price point last week it's literally been dead and sitting so high. So, we'll continue to watch that upper price point. Looking at Acton this week, they are up slightly from 13 to 14 active listings, but inventory is still sitting relatively low there. Glen Williams is up from eight to nine active listings. Limehouse remained the same at four and the rural market is down slightly to 28.
So, if we keep seeing properties coming off the market and not a huge number of new listings, we are not going to see inventory spiral out of control. I actually think this summer with be pretty balanced, although it does feel like buyers have cooled off a bit, but there’s just change in the air. I would say that overall, the market is still pretty strong and if you’re pricing your house right, it’s still selling. We’ll be watching how this goes but in July, it’s pretty typical for there not to be a huge number of new listings. We see people who need to list because they’re in the midst of buying etc. So, I think our inventory is going to remain relatively low through the summer, especially because we've had a couple of weeks where the levels have not been super high.
So, I will be back next Tuesday watching what happens as we get on with the summer. Have a great week everyone!