Halton Hills Housing Update - Ep.200
Thursday Jan 18th, 2024
Welcome to this week's Halton Hills housing update. We are in the middle of January now, so let’s see where our numbers landed this week. In Georgetown, there were six sales, which isn’t a very high number, but also not the lowest we’ve seen. I think that number will start to pick up because we are seeing inventory pick up, not dramatically, but it is rising. So, we had seven new listings in Georgetown last week. It’s also not a huge number but some of those properties were ones that had come off the market last year. It’ll be interesting to see if more of these properties do the same, and if so, when they do it. Acton had five sales last week, which is kind of surprising because it’s been really slow the past few weeks. There were also four new listings so there is some new inventory hitting the market. To see Acton’s sales almost in line with Georgetown’s is really interesting, but could have been because there are more detached properties under $700,000 there, and that price point moves more. There were no sales in Limehouse or Glen Williams and the rural market had no sales but four new listings. Some of those properties are also ones that were on the market last year and have now re-entered. When looking at properties that terminated, suspended, and expired, there were nine homes in that fell into that category this week. Four of them re-listed at a reduced price, two re-listed at the same price, and three came off the market and have not re-entered. That is really interesting because we have been seeing a ton of homes exiting the market week to week since the middle of October, and this week we actually saw more properties re-list then exit. I think it’s safe to say that the mass exodus has come and gone, and now we’ll see more price reductions if the market doesn’t bounce back (although I think it will). Inventory is still relatively low.
Looking at active inventory, all of Halton Hills is up from 109 to 112 active listings. That is still a low number compared to where we came from, but not a huge spike week to week. It is going in the upward direction for once though, so we’ll be watching that. There was a slight increase in Georgetown this week, from 56 to 58 active listings. That is still very low compared to how high it was in October, and I do think the market is going to start to pick up. It seems like buyers are re-entering the market and feeling a little bit more confident with where interest rates are, and some are actually dropping. If our inventory stays low, I think that we could have a crazy market again. Looking at our price points, under $800,000 is down from 12 to 11 active listings. There are a ton of condo and condo townhomes in this pocket, but some of them actually sold this week. Eight hundred thousand to a million is down from 13 to 12 active listings. That’s a really low number for this pocket considering how busy it is. I think we will start to see sales and prices pick up here unless we see a huge number of properties re-enter the market. One to 1.5 million, and it’s up significantly from 19 to 23 active listings. This price point always kind of struggles when the market isn’t hot. Then for the 1.5 million plus price point, it remained the same at 12 active listings this week which isn’t a lot considering we’ve seen over 30 in this pocket before. Some of these houses are still subdivision homes and are never going to get the prices they are asking for, but it’s good to see that inventory has softened a bit here.
In Acton this week, we are down from 20 to 19 active listings. It went down because there were more sales than new listings, but that’s still relatively high for Acton. There is a ton of inventory available here and it was interesting to see the number of sales almost match the number of sales in Georgetown. Usually there’s a big gap between the two. Glen Williams went from six down to five active listings because of a termination. That is pretty low for the Glen but besides one house, the rest of the properties here start around two million dollars. Limehouse has no active listings and the rural market is up from 27 to 30.
Overall, this week showed us that the market is moving and sales are happening. We only had 11 sales this week, which isn’t a huge number but there are a ton of properties in the sold conditional status, and it feels like things are getting busier. The only thing that could halt the momentum is if a bunch of properties enter the market. I’m interested to see how the rest of January pans out and if the market stays the way it is, I think we could have a really busy spring. So, we’ll see what happens! Have a great week!