Halton Hills Housing Update - Ep.182
Friday Sep 01st, 2023
Hi, everyone. Welcome to this week's Halton Hills housing update. So, another sort of weird week in terms of numbers. We had extremely low sales across the board this week. In Georgetown, there were only four sales. That is extremely low for Georgetown and that is just showing us how quiet buyers are right now. Showings are still happening but we are not seeing may offers right now. Hopefully this trend of extremely low sales ends soon because it will not be good for our overall inventory. We also had nine new listings in Georgetown this week. That isn’t as high as we have seen recently, but it’s still higher than our sales. The one thing keeping our market sort of at bay is properties coming off of the market. We had ten properties this week that terminated and haven't relisted, so that also keeps our inventory sort of stable. So, even when there are weeks where the new listings outpace the sales by a lot, it doesn’t increase our inventory that much because of the terminations. We just have a lot of sellers who are either not getting the price they want or buyer’s just aren’t offering. It’s definitely a weird time right now.
In Acton this week, there were two sales and two new listings. The market is moving there but it’s not crazy. Glen Williams had one sale but no new listings and Limehouse had no listings and no sales. The rural market had one sale and no new listings. So we’re seeing some sales in the outer markets but no many listings. That is definitely helping inventory stay at bay.
So, looking at active inventory, we are actually down this week due to the terminations we had. Last week there were 153 active listings. This week we are down to 152 active listings. We’re definitely balanced right now but it’s not because of sales being equal to listings, it’s because of the terminations. We are not seeing many sales right now. This will likely result in prices softening a bit. In Georgetown this week, we stayed the same at 92 active listings. We did see some shift in our price points though. So, under $800,000 went down from 11 to eight active listings, and most of those are conditionally sold, so there isn’t a ton available there. $800,000 to a million really climbed this week. Last week we were at 12 listings and this week we are up to 18. That is quite a bit in that pocket, especially considering that is our pocket that usually moves the most. We're seeing some listings sitting in that pocket, especially the three story townhouse type properties. We have a lot of those on the market right now, like a freehold townhouse and they’re just not moving as rapidly as they have been. So, it's really interesting to see inventory up significantly in that pocket and also stuff not moving because we only had four sales in Georgetown last week and that’s really low. Looking at our other price points, one to 1.5 million is down slightly from 37 to 36, but this pocket is still sitting very high compared to where we were a few months ago. So, this pocket right here is probably going to feel the biggest shift as inventory continues to climb. 1.5 million plus is down from 32 to 30 active listings. This price point is interesting to me because the sellers here sit at their price and hope for the best, so nothing is really moving. We did have a few things sell here back in June but right now that pocket is sitting and the ones that came off the market were in that pocket. They're just not moving the way that they were and those sellers seem to just really hold on to their pricing of what they wanted, especially a lot of them hoping for what neighbours were getting in 2022. So it will be interesting to see if those people are going to start to bring their pricing down as well.
So, looking at our other markets, Acton remained the same this week at 21 active listings. Glen Williams went down from seven to six active listings, so not a huge amount of inventory sitting in Glen Williams right now. Limehouse remained the same at two and the rural market is down from 31 to 30 active listings, but that's still sitting very high as well.
So overall, when I look at this update, the signs that the buyers are really cooling off is very evident. We did not see a ton of sales this week. We had eight sales in all of Halton Hills which is extremely, extremely low, especially given the number of good houses that we have on the market right now. So, to only have this many sales is really showing us that the buyers are in a wait and see kind of mode. Wait to see if interest rates go up again and if prices will go down. I'm not sure exactly what's happening but seeing low sales like these numbers is not going to be good for our seller's market. So, I'm going to be watching this closely next week. I’ll have August numbers which I think will be down in terms of units just because it has been a very slow month. I'm just interested to see where prices land.
So, I will be back next Tuesday, have a great week, everyone.