Welcome to this week's Halton Hills housing update! It was an interesting week in Halton Hills and I think there may be a few trends emerging. So in Georgetown last week, there were 11 sales, which is on par with the last six weeks. This shows that the market isn’t dead, but it’s also not super busy, and that we’re in an in between right now. There were only 14 new listings this week which is not a ton compared to the higher numbers we have been seeing. This could be a start of listings slowing down which is one of the trends we could be seeing. Will we see less listings hitting the market week to week? And if we do, what will happen to pricing?
In Acton this week we had two sales and sx new listings. Things are not slowing down there! Glen Williams had no sales and one new listing. Limehouse didn’t have any sales or new listings and the rural market had one sale and two new listings. We also had 24 properties that either came off of the market or adjusted their pricing this week. Of the 24, 15 reduced their price and that is a TON of price reductions. We haven’t seen that many since the fall when our inventory was extremely high and it’s not a good sign. Last week there were only 5 properties that did price adjustments so this is a sign that things are likely slowing down. We also had seven properties come completely off of the market, and two that re-listed at the same price. Another thing to note is that we had 23 new listings in Halton Hills last week and only seven of them were under a million dollars. The far majority are over a million, and quite a few over 1.5 million too. There isn’t a ton available under a million dollars right now, especially condo townhomes. So, if you have a house listed for over a million dollars, you have to stand out somehow because there is a ton of competition.
Looking at active inventory, we officially broke into the 200s this week and are at 201 active listings. This is when we start to see prices soften and people coming off the market because there is a lot of choice for buyers and you have to have an attractive offering. Georgetown is up slightly from 109 to 110 active listings. The inventory in Georgetown is high but it’s not near the 130-140s that we saw in the fall when the market was really slow. There is a bit of buffer room but of the 110 listings, only 28 of them are under a million dollars. So, there is still movement under a million, but it will be a tough battle for anything over a million to get the pricing you want. Looking at our active price points, under $800,000 is down from 11 to seven active listings. That is not a lot and a few weeks ago we had quite a few of the Stewart Maclaren townhouses available, but now there is only one. So, $800,000 to a million is up from 20 to 21 active listings. There are quite a few properties available, with most of them being between $900,000 and a million. Under $900,000 there is not a lot, especially detached homes but under a million is still moving a fair bit. One million plus is up from 38 to 43 active listings. It’s not the highest we’ve ever seen but it is quite a lot. If you’re looking to spend between one and 1.3 million, you’ve got some good negotiating room. Finally 1.5 million plus is down slightly from 40 to 39 listings. That is a ton of houses and a lot of them are over two million.
In Acton this week, they are up from 30 to 33 active listings and that is a lot for Acton. We are seeing price adjustments happening here but there are a ton of homes available under a million dollars. Glen Williams remained the same this week at 10, Limehouse remained the same at three, and the rural market is down from 46 to 45. The rural market is also really saturated but a lot of the homes there are over 1.5 million dollars. It’s tough to be a seller in the rural market right now.
Overall, we are trending towards the market slowing down but we are a week away from a highly anticipated interest rate reduction, and that could change everything. People’s buyer power goes up when interest rates are lower and that has a positive impact on pricing. It’ll be interesting to see where the market is a month from now. If rates do go down, will sellers be flooding the market thinking it’ll be busier? Or will buyers flood the market causing low inventory? No one can know for sure what will happen but if the rates are decreased, it should have a positive impact on the market.
I will be back next Tuesday with May's numbers! Have a great week.
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