Welcome to this week’s Halton Hills housing update! Inventory was on the rise again last week, so let’s take a look at the numbers. In Georgetown last week, we had 12 sales, which is a solid week. It is in line with what a typical sales week has been lately, but what isn’t typical is the 24 new listings we saw. That is a huge number of new properties hitting the market and it really surprises me. I can’t pin point why we are seeing such a huge influx of new listings, but it’s not good news for sellers. In Acton this week, there were two sales and four new listings, which is typical for Acton. Glen Williams and Limehouse both had no sales, but each had one new listing and the rural market saw two sales and five new listings. The rural market is just getting hammered with new listings and nothing is selling there.
We also had 29 properties that made price adjustments or came off of the market this week which is a ton! I’ve talked about this before but when we see such a high number of properties making adjustments, it just confirms that the market is not a sellers market. A few weeks ago we only saw about 5 properties making adjustments in a week, so this is another bad sign for sellers. Of the 29, 12 of them came off of the market completely. That helped keep our inventory somewhat stable since we had 35 new listings in all of Halton Hills this week. We also had 13 properties lower their price and four who listed at the same price to freshen up the listing. Again I’m surprised, but of the 35 new listings in Halton Hills, 20 of them were over a million dollars so it’s not a huge surprise since that price point is getting really saturated.
So, looking at active inventory, we are up from 208 to 216 active listings in all of Halton Hills. That number would be a lot higher if we didn’t have 12 properties exit the market this week, but the last time we had 216 listings was in the middle of October, which was an awful month for real estate. That being said, we are seeing more sales than we saw in October, and things are still moving, just a bit slower than sellers would like them to. In Georgetown we are up from 117 to 123 active listings. This isn’t the absolute highest we’ve ever seen (130-140), but most of our price points are starting to feel very saturated. Looking at our price points, under $800,000 is up from eight to 11. The majority of these are condo townhomes and apartments, which are still moving fairly well. Eight hundred thousand to a million is down from 24 to 21 active listings and this is a price point that is also still moving. There are buyers out there but the majority are not looking to spend over a million dollars right now. I think prices will start to soften and I will be watching for that. One to 1.5 million is up from 42 to 47 and that is very very high. There are a ton of properties listed and this is the price point where we are seeing the majority of price reductions. Finally, 1.5 million plus is up from 43 to 44 active listings. We had one sale last week over 1.5 million but it’s a tough price point to find a buyer in. That could change if interest rates continue to drop, but for now it’s very slow moving.
In Acton this week, they are up from 30 to 32 active listings, which is a lot for Acton. Glen Williams remained the same at twelve this week, Limehouse is up to five and the rural market is down from 46 to 44.
So, we are seeing pretty high inventory in all of our markets and these are numbers we just haven’t seen before. Georgetown hasn’t quite reached it’s peak but all of our other markets have. We typically go into the summer with higher inventory levels, but this is higher than normal. The trend is typically that by the end of June through August, people slow down listing their homes, and then the market picks back up in the fall, so we will see if this year follows that trend. We haven’t followed this trend for the last two years and October was our worst month in a while, but we haven’t seen the impact of interest rates dropping yet. The silver lining here is that we are still seeing sales happen.
So, I’ll be back next Tuesday to see if there are any new trends. Have a great week!
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