Halton Hills Housing Update - Ep.190

Friday Nov 03rd, 2023


Hi, everyone! Welcome to this week's Halton Hills housing update! The numbers are really interesting this week. Inventory is technically down but it wasn’t because of sales but I’ll elaborate on that later. So, in Georgetown we had nine sales which is a normal week, not too low or too high, and 14 new listings. So once again it was another week with new inventory outpacing sales. Acton had no sales and one new listing, so it is slowing down a bit which I was expecting. Glen Williams had no sales and two new listings. Limehouse had one sale and no listings and the rural market had two sales and five new listings. So, based on these numbers our inventory should be up, but it’s not. That is because we had a ton of properties come off the market and not re-enter. We saw this happening last year too and that is what kept inventory from completely skyrocketing. I think it’s also just showing us that sellers are realizing it’s not a great time to sell if you don’t have to. So, to be more specific, we had 28 properties terminate/suspend/expire this week. Seventeen of those did not re-list, which is what made our inventory drop this week. Of these 17, only two of them were under a million dollars, so it just shows that the price points that are struggling to move are the ones making these adjustments because they aren’t getting the price they thought they would. Seven properties dropped their price and one increased their price (which doesn’t really make much sense but I guess it’s because bidding wars are not working). And then three properties listed at the same price as before just to refresh the listing and move it up on realtor.ca. 

Looking at active inventory now, last week there were 230 active listings in Halton Hills and this week we are down to 225, which is not what I was expecting to see. If we compare sales to new listings, we should be up but again it’s because sellers are taking their homes off of the market which is causing it to decrease. I’m not sure if this is a trend we will continue to see (declining inventory) but we are down this week. Georgetown went from 143 to 138 active listings this week. That is better but still really high and we are not seeing many sales given the number of listings. So. looking at our price points, under $800,000 went from 15 to 18 active listings. There’s a lot available and a ton of condo townhomes right now too. They are still sitting extremely high and for some reason their prices have not come down yet. We haven’t seen a ton of sales in this price point either and that’s probably because you can buy a detached property for $800,000. Why would someone buy a townhome for $750,000 when you can get a detached for a little bit more? It just isn’t going to happen. I'm expecting that price point to start to feel the pinch now that inventory is getting higher and higher. Eight hundred thousand to a million went from 31 to 33 active listings, which is extremely high for this price point. This is the pocket that continues to move the most but a lot of people in the million plus price pocket are now dropping to $999,900, which is causing inventory to rise here. One to 1.5 million went from 62 down to 57 active listings. I talked a lot about how these houses are coming off the market and it’s showing. 1.5 million plus went from 35 to 30 active listings and this is the price point that sellers are leaving the market in, so that's just a really interesting note for this week.

Acton is down from 29 to 28 active listings which is still sitting quite high. Glen Williams is up to eleven which is super high for the Glen. There are a lot of overpriced listings here too. Limehouse is down from three to two active listings and that’s normal for Limehouse. The rural market stayed at 46 active listings and we saw some terminations here too. Forty six is still A LOT for the rural market. 

So, despite the fact that inventory is down, we are still sitting really high in all of our markets (except for Limehouse). I will have October’s official numbers next week and I’m interested to see where our average price falls because we really haven’t had a ton of sales this month. Our silver lining for this week is that our inventory did technically go down and hopefully that will continue to happen. I think people are realizing that unless you have to sell your house right now, it’s just not a good time to be making a move. So, I’ll be back next Tuesday. Have a great week!

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