Hi everyone! Welcome to this week’s Halton Hills housing update. We have a ton of movement in the market right now!
Looking at Georgetown, there were 11 sales last week and 11 sales again this week. We’ve been seeing between 11 and 12 sales every week, which isn’t necessarily high, but it also isn’t low. We have seen upwards of 20 sales in a single week in the past, and when it starts to die down, we see between three and five. So, we’re in somewhat of a middle ground right now where things are moving. We had 17 new listings this week so inventory is climbing but we also had eight properties come off of the market. Of the 11 sales that happened this week, four of them sold over asking. They were mostly in the lower price points but it’s interesting to see how busy the lower pocket is with bidding wars. We aren’t really seeing bidding wars in higher price points.
In Acton this week, there were nine sales which is the the highest we have ever seen. In 2022 during the peak there was a week in March, April or May where we also had nine sales, but besides that week, it has always been lower. The majority of the sales were under a million dollars, which isn’t surprising given that Acton typically has a lower price point available. In fact, the majority of the sales were actually under $750,000. Acton also had seven new listings, so inventory is still coming up as well. Glen Williams had no sales but two new listings. Limehouse had no sales and one new listing and the rural market had two sales and two new listings.
So we had 16 properties make adjustments to their listings this week. Eight of them came completely off of the market, six reduced their prices, one re-listed at the same price, and one re-listed higher even though they hadn’t been holding offers, which is a strategy I haven’t heard of… So we’ll see how that goes.
Looking at active inventory, it actually remained the same this week at 190 active listings. When I did my Friday numbers, we were over 200, but we actually had quite a few sales, especially in Acton, that reported on Monday which sort of softened things. In Georgetown our inventory increased from 104 to 106 active listings. There was a gap between sales and new listings but because some sellers took their homes off the market, we don’t see the gap. Under $800,000 went from 13 to 11 active listings. This price point is really busy. I had a townhouse listing in this price point and it was extremely busy and ended up with four offers and two or three other people who had considered offering but weren’t fully ready to pull the trigger. It’s hard to get a decent property at this price point so it’s very busy when you do have one. So, $800,000 to a million is up from 19 to 21 listings. That is a lot in this price point, especially because this is where we tend to see a lot of freehold sales, so prices may start to be impacted negatively because of the mass inventory. One to 1.5 million is up from 32 to 36. That price point is definitely climbing but we are seeing a surprising amount of sales over the million mark. Finally, 1.5 million plus is down from 40 to 38, which is still really high. There aren’t 38 buyers who are willing to spend near two million dollars in Georgetown, so I can’t anticipate seeing a ton of sales here anytime soon even with the market getting busier.
Acton is down this week from 35 to 31 active listings, which is still really high for Acton. Luckily we are seeing sales and the majority of the listings are under $1,000,000. Glen Williams is up from eight to 10 active listings which is a lot for the Glen. They’re mostly higher price point properties so there aren't a lot of buyers. Limehouse is up from two to three and the rural market remained at 47 listings this week. The interesting thing about the rural market is that there are actually four properties available under $1,000,000 there, which is incredibly rare! That’s definitely a shift for the rural market.
Overall, our market is still moving and we aren’t at a point where things feel dead. We’re seeing quite a few sales so buyers are out and looking to make moves. We aren't seeing much movement in the higher price points, but that’s to be expected. The real question is where our inventory levels will be at the end of the month. They stayed at bay this week because of the eight properties that came off, but we would have been over 200 if they hadn’t. I'm really hopeful that we're going to see an interest rate drop in the coming weeks, at the next announcement in June, and that will hopefully refuel the market and help to bring inventory levels down. We’re going to have to wait and see! I’ll be back next Tuesday, have a great week!
Post a comment