Halton Hills Housing Update - Ep.202
Friday Feb 02nd, 2024
Hi everyone, welcome to this week’s Halton Hills housing update. I’ve got an interesting update this week and I really want buyers to be on high alert here! The market is changing and your window for good prices and negotiations may be closing. In Georgetown last week, there were nine sales and only seven new listings, which means our sales are outpacing our listings and our inventory is continuing to decline. Acton had four sales which is busy for them, and two of the four actually went into a bidding war and got over the asking price. There were only three new listings, so again, sales are outpacing listings, which means inventory is down here too. Glen Williams had one sale and no new listings. Limehouse and the rural market had no sales and no new listings. When looking at the properties that terminated, expired, and suspended this week, there were 11 properties in these categories. Four of them came back on the market at a lower price, one came on with the same price, and six didn’t come back on. This is not great news for inventory, especially with sales outpacing new listings, which brings me to the real conversation this week.
In Halton Hills this week we are at 98 active listings, which is down from 108. The last time we were under 100 active listings was in May of 2023, which was the busiest month last year. In Georgetown, we are down from 55 to 51 active listings. I looked back in my notes and I actually had to go to my old note book to find the stats, but the last time we had 51 active listings in Georgetown was in March of 2022 and that was the month we had our highest ever average price in Halton Hills, which was just over 1.4 million. That just gives you an idea as to where our current levels are. They are extremely low and I don’t foresee a huge influx of inventory hitting the market anytime soon. Demand is also picking up and the bank held rates again, giving buyers a little bit more confidence. It will be super interesting to see how this pans out, but with inventory dropping so much and the few listings we see in each of our price points, I think buyers really need to take a serious look asap if they want to buy a house without bidding wars. I really think this is going to be a busy Q1.
Looking at our price points in Georgetown, under $800,000 is down from 13 to 12 active listings. That’s a decent number for this pocket but a lot of the properties are condo townhomes. Eight hundred thousand to a million stayed the same at nine this week. That is not a lot, especially when a lot of the properties are townhomes. There aren’t many detached properties available under a million dollars right now. One to 1.5 million is down from 23 to 19 active listings, and this price point is starting to move again which is great news for sellers because it was quiet for so long. A lot of properties came off the market in this price point and if we see a lot of them come back on, it would change the market a bit. Then 1.5 million plus is up slightly from 10 to 11 active listings, which is not a huge number and much lower than where we came from a few months ago.
In Acton this week, we are down from 18 to 16 active listings, which is the lowest inventory we’ve seen in months in Acton. Things are really moving there so when we get down to about ten or 11 listings there, that is when they have REALLY low inventory. Glen Williams is down from six to four active listings. Limehouse stayed at zero and the rural market went from 29 to 27. There is still a lot available in the rural market but the prices are a lot higher, which means there aren’t as many buyers who are able to look there.
Overall, I think this week’s update is really interesting. I think I predicted that the market would get really low in inventory and now that buyers are back, I do think we will start to see bidding wars, especially since the interest rates have likely reached their peak. So, I will have January numbers for you next week. I do think our average price will be down, but I think it’ll be a lot higher in February and we could see an extremely busy March, like we’ve seen in the past few years. It’s just an interesting spot to be in, especially since we were over 230 active listings in October, and now we’re under 100. It really felt very doom and gloom, and now I think we may be in a position where sellers may start to get over asking price. So, buyers, please go take a look at what’s available if you want to try and get a deal. If you wait, you may be facing a seller’s market and I really don’t think we will go down from here in terms of pricing. So, I will be back next Tuesday, have a great week!