Halton Hills Housing Update - Ep.196
Thursday Dec 21st, 2023
Hi everyone! Welcome to this week’s Halton Hills housing update. This week is another week of inventory dropping and we’re definitely starting to see this as a trend. In Georgetown last week, there were eight sales, which is a good number. The interesting thing is that only one of the eight sold over a million dollars and the rest were under. So, it’s the lower price point that is seeing activity and everything else is pretty stagnant. There were also only four new listings last week and three of them are vacant new builds, so there’s actually only one new resale home for sale in Georgetown this week. Low new listings is definitely a trend in December and we see it every year. The big shift that is happening though is that we are still seeing properties coming off the market every week. We’ll be watching to see if the low listing numbers change the demand in terms of number of sales and whether that causes bidding wars to start again. For now, the numbers show that the market is still moving.
In Acton this week, there were two sales and one new listing. There’s really not a ton going on there. Glen Williams had no sales and one new listing. Limehouse had no sales and no new listings and the rural market had one sale and one new listing. So, as I mentioned, the one thing that is really keeping our market moving is the properties that are making price adjustments or coming off the market completely. Last week there were thirty properties that came off which is insane! This week isn’t quite as dramatic but still pretty significant. There were fourteen properties that came up in the terminated, expired, and suspended category. Of the fourteen, twelve came off and did not re-list. We aren’t seeing many price drops anymore, just properties coming off which will bring our inventory down.
Looking at active inventory, all of Halton Hills is finally under 150 listings! We are at 149 active listings in all of Halton Hills, which is down from 164 last week. Inventory is definitely coming down and the last time we saw under 150 listings was the start of May, and May was a really strong month for us. That could be an indicator that the market may pick back up in the new year. If you’re a seller, you’ll remember that we were sitting around 230 listings eight weeks ago, which is wild! Georgetown this week is down from 96 to 88 active listings. The last time we saw that number was the start of August, so it has been months of inventory skyrocketing and we are finally coming back down to levels that feel more stable. Looking at our price points this week, under $800,000 is down from 19 to 15 active listings, which is still pretty high and there are a ton of condo townhomes and condo apartments. This price point is the one that moves the most and so does $800,000 to a million. We are down from 29 to 24 active listings in that price point. All of the sales this week except for one were under a million, so it’s not surprising to see that that price point is down this week. One to 1.5 million is up from 30 to 31 active listings. This price point is still softening even though it’s up this week. It was sitting at almost 60 active listings so we are on our way down. There is just a huge saturation of properties in this price point and not a lot of people willing to buy. Looking at 1.5 million plus, it remained at 18 this week. This price point is super, super dead and I think we will start to see more of these properties coming off the market.
Acton is down from 24 to 21 active listings this week. All of our inventory levels that we’re currently seeing are really similar to what we had in August. We are kind of canceling out the disastrous September and October that we saw in terms of inventory and our inventory levels are feeling less suffocating in terms of how many listings we have. Glen Williams is up slightly this week from seven to eight active listings. Interesting stuff in the Glen, there's one property just sitting at $689,000, which is a small house and then you jump right up to 1.96 million, so almost two million dollars, it’s a huge gap in the Glen right now. Limehouse had one termination this week, bringing them to no active listings and the rural market went from 36 active listings to 32. We haven’t seen those numbers since the end of August.
Overall, I think these numbers are very promising. If we continue to see no new listings throughout the month of December, as well as sales happening, we could go into the new year in a much better position than we were this fall. There was no interest rate increase, and people are starting to get used to this market and they will start to participate again. So, this is going to be really interesting to watch. I’ll be back next Tuesday, have a great week everyone!