Welcome to this week's Halton Hills housing update! It was a slow week of sales in Halton Hills and that could be due to delayed reporting because of the long weekend. Next weekend we could have a massive number of sales.
In Georgetown last week, there were 10 sales, which is not bad. We’ve been seeing between 11 and 12 for a few weeks. There were also 16 new listings which is lower than we’ve seen, but it’s still higher than our sales. If we start to see our sales really decrease, we may be in a tough spot in terms of inventory and pricing. Acton had two sales this week which is way down from the nine they had last week, but there was also only one new listing, so it feels like inventory could be settling down. There were no sales and no new listings in Glen Williams, Limehouse, and the rural market this week. We had 12 properties that made adjustments to their listings. Seven came completely off of the market, five reduced their price and of the five, one reduced dramatically and is now holding offers. When we start to see inventory increase, we also tend to see more properties making these adjustments because there is more competition. This is a number that I’ll be watching closely.
Looking at our active inventory, it stayed the same at 198 this week. It’s good for us to be just under the 200 mark, and we haven’t gotten over 200 in our Tuesday updates, but we have a few on our Friday ones. I take out all new builds, vacant land, and farms and only look at resale condo and freehold properties, so when you look at MLS there are technically more than 200 properties for sale in Halton Hills. So the market is definitely remaining stable and not skyrocketing. Once we get into the 200s we start to see prices go down and things get scary for sellers.
Georgetown this week is up slightly from 106 to 109 active listings. We are still far from the 140+ that we saw when our market was super saturated, but the majority of the homes for sale are over a million dollars, and that price point will start to fee crowded soon. So, looking at our price points, under $800,000 stayed the same at 11 this week. Most of these are condo townhomes which are moving, but the condo apartments like the Sands and Chapel street are not moving as rapidly. We are still seeing a lot of movement in this price point though. Eight hundred thousand to a million is down slightly from 21 to 20 active listings. Twenty listings in this price point is pretty high, but it is the one that moves the best. One to 1.5 million is up from 36 to 38 listings. This isn’t super high, but it also isn’t low. We are still seeing sales but we are still far from the 50+ listings we saw when the market was really saturated. The price point that is dead is the 1.5 million plus market. We’re up from 38 to 40 listings and almost nothing is moving. It’s the same story with the Glen, Limehouse and rural market and that’s because the majority of those properties are in this price point too. There aren’t a lot of buyers who are pulling the trigger on these higher end properties, especially with these interest rates.
Looking at our other markets, Acton is down slightly from 31 to 30 active listings. That is still extremely high for Acton but the majority of them are under a million dollars and we did see quite a few price reductions here. If houses aren’t priced well in Acton, they don’t really move well because people tend to prefer to buy in Georgetown. Glen Williams remained the same at ten this week, Limehouse stayed at three, and the rural market is down slightly because of terminations from 48 to 46, which is still really high.
So when looking at the total 198 active listings in Halton Hills, inventory is really spread out among all of our markets and out of all of them, Georgetown will likely have the least impact on their pricing. Eventually we will see pricing come down in the Glen, Limehouse and the rural market, and we are already seeing it happen on a ton of properties. Things will probably soften in Acton as well just because there is a lot available under a million in Georgetown, so Acton has to be more attractive with their pricing. Buyers will choose Georgetown over Acton if they are able to. Overall I think the market is moving well and I really hope that interest rates drop like people have been predicting. If they do, more buyers will participate in the market and they’ll have more buying power. If it does go down on June 5th, hopefully it refuels the market and brings our inventory down a bit. Time will tell though! Have a great week everyone!
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