Hi everyone, welcome to this week’s Halton Hills housing update. We are definitely seeing inventory pile on here so it’ll be interesting to see how the market shifts in the coming weeks.
In Georgetown last week, we had 14 sales which is a really strong week for Georgetown. Buyers are out but the even more interesting piece is just how much inventory is coming back on the market. Last week we had 22 new listings in Georgetown, and the same the week before. We are seeing really high volumes of listings hitting the market right now, and we all know what happens when inventory gets extremely high. Buyers tend to put the breaks on and sellers end up having to drop their price. We are definitely in a different spot than we’ve been in the last few months and our inventory is getting higher. Another interesting thing is that of our 14 sales last week, eight of them sold for over $1,000,000. That price point has been struggling and it’s been slower to find buyers so to see a lot of properties transacting over a million is great.
Acton had one sale and nine new listings this week, which is a ton! Glen Williams had no sales and one new listing, and nothing happened in Limehouse. The rural market had no sales but did have four new listings. Another thing I tend to talk about is the properties that have terminated, expired, and suspended each week. These are the ones making price adjustments or deciding to come off the market completely. So this week, we had 16 properties that fall into this category. Nine of the 16 came back on the market at a reduced price, which shows that this is still a buyer’s market and that despite four houses selling over asking last week, that is not the case for every house. One property tried to hold offers last week but was unsuccessful, so they came back on at a higher price, five properties came off and didn’t relist at all, and then one property came back on at the same price. These trends show us that although the market is moving, it’s not extremely strong right now and there are still sellers who aren’t happy with what’s happening so they’re either making price adjustments or deciding to come off the market.
Looking at active inventory this week, the numbers are starting to get high. Last week we had 167 active listings in Halton Hills and this week we are at 184 which is a pretty high number. Once we reach 200, we are in a very saturated market, which isn’t great for sellers. We’ve doubled our inventory in less than three months. The market does feel strong still, so that’s the silver lining, but things will change if buyers slow down. The hope is that interest rates will go down and that the market will pick up again, and we won’t have to worry about inventory levels, but that just isn’t the case right now. So in Georgetown this week, we are up from 90 to 98 active listings. We are almost at the 100 mark and we peaked into the 140s last year so we still have a bit to go until we get totally saturated, but I do feel like we are seeing a steady climb towards it. Looking at our price points, under $800,000 is up from six to ten active listings, most of which are condos and condo town homes, but there’s not a lot available under $1,000,000. Eight hundred thousand to a million is up from 12 to 14. So of the 98 active listings, only 24 of them are under $1,000,000 and the rest are in our higher price points. All of the properties that made price adjustments this week were also still over $1,000,000. One to 1.5 million went from 40 down to 38 active listings and that was the pocket that most of the houses that sold over a million were in, so I’m not surprised to see that soften this week. I do think we need to watch this price point though because when it gets super saturated, the market starts to turn. Finally, 1.5 million plus is up from 32 to 36 active listings. There are tons of people trying to fetch big dollars for their properties right now and there are lots of properties over two million dollars. It is really hard to find a buyer over two million right now so we will likely see a lot of these properties sitting for a very long time.
In Acton this week, I think this is the highest inventory it has ever been. Thirty one was the highest but this week they are up from 25 to 32 active listings. There are so many properties available here. The majority of it is still under $1,000,000 but I do think we will start to see prices soften because of how much inventory there is. Glen Williams remained the same at eight this week, Limehouse is down to two, and the rural market is up to 44. The highest we’ve ever seen in the rural market is 46 so we’re really close to that.
So, next week I will have April’s numbers. I do think we have seen some really strong sales, especially in Georgetown, which will bring our average price up. The other markets haven’t had much movement but that’s because most of them start at way higher price points. I do think that if we continue to see this high of inventory in May and June we will see prices soften a bit, but we’ll see what happens! I’ll be back next Tuesday, have a great week.
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