Halton Hills Housing Update - Ep.206

Hi everyone! Welcome to this week’s Halton Hills Housing Update! I’m going to cover April’s numbers and what happened in Halton Hills last week, so let’s dive in! 

Looking at April’s numbers, last April our average price was $1,000,054. This year, we are up over 9% to $1,153,000, which is almost $100,000 more. This isn’t totally surprising because almost half of the properties that sold last month were over a million dollars, and of that half, there were six that sold over two million. That’s definitely going to pull our average price up! When we look at the units that sold, there were 82 this year and 87 in 2023, so we’re almost on par there. Eighty two units is a high month for us and in our slower months, we sell around 40 units. So, to have 82 units sold this April, I think it shows that there is a strong number of buyers out there and that the market is moving well. Another interesting piece is that our average price between March and April is not up that significantly! We were at $1,122,000 in March and now we're at $1,153,000. So, it’s safe to say that we had a very healthy April! 

In Georgetown last week, it was very similar to the week prior. There were 12 sales and 22 new listings this week, and our inventory is continuing to rise. These numbers show a good amount of sales but also a lot of listings hitting the market. In Acton this week, there were five sales, which is a good amount, but there were also seven new listings. Acton is really feeling an inventory crunch right now. Glen Williams had one sale and one new listing. Nothing happened in Limehouse but the rural market had two sales and seven new listings, which is bad news. Acton and the rural market have the highest inventory we have ever seen right now, and that will impact prices there. In terms of properties that terminated/ expired/ suspended, we had 18 properties make adjustments this week, 10 of them came completely off of the market, seven reduced their price, and one relisted at the same price. This just shows that not all sellers are experiencing quick sales, and buyers do have the power. Our active inventory in Halton Hills is getting so close to 200, with 198 active listings this week. This is just a reminder, I do take out new build properties, vacant land, and farms when looking at numbers, because I feel like our resale market gives a better reflection of what is actually going on in our market. So technically there are over 200 listings in Halton Hills, but in the resale market, there are 198. Once we hit 200, the market will be very saturated (although it already is), but we may start to see more negative impacts on pricing because of it. 

In Georgetown this week, we are up from 98 active listings to 104. That is not a crazy high number given how our overall market is. The last time we had 200+ listings in Halton Hills, we had about 130 listings in Georgetown, so there is room to grow here. At 104 active listings, it shows that the market is still moving and that we are not super saturated when compared to Acton or the rural market. So, looking at our price points, under $800,000 is up this week from 11 to 13, and there are a lot of condo townhomes available there. Eight hundred thousand to a million is up from 14 to 19, so we are starting to see more homes available in this busy pocket. If this price point starts to slow down or become extremely saturated, it will impact our entire market. One to 1.5 million is down this week because we had quite a few sales. We were at 38 last week and are now down to 32, which I would consider to be a pretty dramatic drop. Finally, 1.5 million plus is up from 36 to 40 active listings, which is a lot! The market is moving and houses over a million are moving but that is a lot of inventory in this price pocket. Sellers here need to be aggressively priced because there are not a ton of 2 million plus buyers right now! 

In Acton this week, we are up from 32 to 35 active listings. This is a lot for Acton and normally when we are busy, we see 10 to 18. Thirty five is a huge amount. We are seeing a bit of movement because they do have homes available at a lower price point, but 35 is still too many and I think it will impact the pricing there. Glen Williams remained at eight this week, Limehouse is the same at two and the rural market is up to 47 listings. I’ve never seen this many properties available in the rural market! They are at a higher price point and there are very few listings under two million. When Georgetown is moving well, the rural market tends to slow down completely, so we’ll watch what happens there. 

That was a lot to cover this week! April was a really good month in terms of number of sales and pricing as well. Our market is definitely busy. The average price in April was also strong at 1.15 million. Two years ago we were seeing average prices of 1.4 million, so we are a huge cry from that but there were a few months last year when our average price was in the $900,000, so 1.5 million is strong and we are climbing. It’s good news for sellers because the market also feels stable and like a natural progression in terms of pricing. If we see an interest rate drop, it will be interesting to see how it affects the inventory that is currently available. So, we'll see what happens in May. I think it will be a strong month, but it'll really come down to our inventory levels. So, I’ll be watching those, have a great week everyone!