Hi everyone! Welcome to this week’s Halton Hills housing update. My apologies for posting this a week late but I have May numbers for us to look at! In terms of our average monthly price, we are actually down year over year and down month over month. In May of 2023, our average price was $1,186,000. This year we are down to $1,047,000, which is just under 12% down, which is pretty significant year over year. Last May was one of our strongest months though, so that’s not a huge surprise. Our average price for April was almost 1.2 million, but we only had 70 sales this month, and of the 70, over 40 of them were under a million dollars, which is going to bring our average price down. We did have a few higher ticket items sell but not enough to make a big impact. I am surprised to see it under that $1,050,000 mark but it is what it is. I hope that June will be a stronger month, especially with the rate decrease.
So looking at what happened last week, we did not have a strong week of sales. Georgetown only had six sales which is slow for Georgetown, and an indicator that the market might be “dying”. I’m hoping it’s just an off week because there are a few homes in the sold conditional status, but we’ll know soon if this is the case. The other bad news is that Georgetown had 17 new listings, so inventory is way up! Acton had five sales which is strong, and there were only two new listings there. Glen Williams had no sales and two new listings and Limehouse had no sales and one new listing. Finally, the rural market also had no sales but did have three new listings. When looking at the properties that adjusted, there were 19 this week. Ten of them reduced their price, eight properties came off the market completely and one re-listed at the same price. So overall, there's still a lot of movement in terms of people coming off of the market and people adjusting their price and I think it’s just showing us that we are in a buyer’s market right now.
Looking at active inventory, all of Halton Hills is up from 201 to 208 listings. That isn’t the highest we’ve seen but it is getting saturated. The majority of these properties are over a million dollars, but there are also quite a few under a million that haven’t moved yet either. So, looking at Georgetown, it is up this week from 110 to 117 active listings. We are definitely getting saturated here but are still far from the 140 we saw in October. Looking at our price points, $800,000 to a million is up from seven to eight. Eight hundred thousand to a million is up from 21 to 24 listings and a bunch of these are sold conditionally. One to 1.5 million is down slightly from 43 to 42 and 1.5 million plus keeps on climbing and is now up from 39 to 43 active listings. It’s almost impossible to move a property in this price point and there are a few sales here and there but it’s a tricky price point to find a buyer in.
Acton this week is down from 33 to 30 active listings, which is still very high, but it’s good to see that their sales are outpacing their new listings. Glen Williams is up from ten to twelve active listings which is a lot of listings in the Glen. Limehouse remained the same at three and the rural market is up to 46. We are in record high territory in the rural market but these properties are typically expensive and there aren’t a ton of buyers for them right now.
Overall, I think the only big surprise is the average price being down so significantly. We’re still above the million mark which is typically when the market truly dies. We could have a really good June or we could have a really bad June. We can’t really predict things any more. We had one interest rate drop and I’m hoping that we continue to see them as the year goes on. Anyway, I’ll be back next week to see what happens during our first week of June. Have a great week!
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