Halton Hills Housing Update - Ep.194
Friday Dec 01st, 2023
Hi everyone! Welcome to this week's Halton Hills housing update. The numbers have been pretty in line with what we’ve been seeing. In Georgetown last week, there were eight sales which is good for sellers because we’ve had some low sales numbers in the past few months. Eight is a decent number for Georgetown for one week, especially this time of year. We also had 12 new listings, but we didn’t feel a huge impact because of the eight sales we had and there were properties that also came off the market, which I’ll talk more about later. Acton had one sale and no new listings. Glen Williams and Limehouse both had no sales and no new listings, and the rural market had one sale and one new listing. Georgetown is really the only market where were seeing sales and movement right now. Last week, there were 18 properties that were in the expired, terminated, and suspended category. Of the 18, 10 of them did not re-list. We’ve had a ton of weeks now where we've seen a lot of sellers coming off the market and that’s really what has brought our inventory down from the 230ish that we had. Six of the 18 re-listed at a lower price (two of which did a major price decrease and are holding off offers), and then two properties re-listed at the same price to freshen up the listing and bring it to the top of realtor.ca again. This week was just another one with a ton of sellers leaving the market.
So, looking at inventory now, last week we were at 201 active listings in all of Halton Hills. This week we are officially under 200 and sitting at 197 active listings. We’re finally heading in the right direction to give our market a little more life. In Georgetown this week we stayed at 117 active listings. This is definitely down significantly from the 140ish we had a few weeks ago, but we still have a long way to go. When our market was busy back in May, there were about 65-70 active listings in Georgetown, so were almost double that now
Looking at our price points, under $800,000 is up from 16 to 19 active listings. Sixteen of those are condo apartments or condo townhouses. There are still SO many of those products available and I think they’re really refusing to drop their prices. The reality is though that we saw a detached house in the Delrex area get $686,000 this week. Even if it’s a detached home with problems, it’s still a detached home. Condo townhomes especially need to come down in price because buyers just aren’t there. Eight hundred thousand to a million is up from 27 to 31 active listings. That’s a decently large spike and I think as sellers drop their prices, we will see a lot more listings in this price point. This price point is still our most active and we are seeing the majority of sales under a million dollars. One to 1.5 million plus is actually down this week from 48 to 43 active listings. That is a big drop and it’s partially due to some properties exiting the market and some re-listing at a lower price. At one point we had like 60 properties in this price point, so it isn’t as high as it could be but there isn’t a ton of movement going on. $1,500,000 plus is down from 26 to 24 active listings. This price point is still really dead and it’s mostly moving because people are taking their homes off the market. It’s interesting to see how these numbers are shifting and how we're starting to see a ton of inventory coming on under $1,000,000, because it’s not something we are used to.
Acton is down from 30 to 28 active listings which is still really high. Glen Williams remained the same at 10, Limehouse remained the same at one and the rural market is down from 43 to 41. That’s still really high in the rural market.
This week’s numbers are pretty on par with what we’ve been seeing except for the new listings in Georgetown. We did have a higher number than the past few weeks but properties are still coming off the market and making price adjustments. We’ve also seen a healthy number of sales, especially for the end of November. As inventory comes down and we enter 2024, hopefully we start to see demand pick up a little bit. I don’t think they are going to raise interest rates next week because inflation was down, so let’s hope that we are past the point of interest rates impacting what the market is doing. So, I’ll be back next week with November’s numbers and numbers from the first few days of December. Have a great week everyone!