Hi everyone, welcome to this week's Halton Hills housing update. Our market updates are not looking good these days, especially for sellers. Inventory is a real situation. So, looking at what happened in Georgetown last week, we had 11 sales which is on trend with our normal levels in a moving market, so we aren’t crazy busy but we also aren’t dead. The bad news is that we had 20 new listings which is obviously A LOT for the middle of June. Acton had three sales this week and ten new listings which is also a lot for Acton. It’s just a shocking number of listings honestly. We had 33 new listings in all of Halton Hills last week which is insane for this time of year. I’m not sure what is driving this, whether it’s people needing to get out of their homes before their rates renew or if they think the market is going to pick up because interest rates are decreasing, I just don’t know but it’s not good for sellers. Glen Williams had three sales last week which could be the highest of all time for them. Three is a lot when you only have an average of 6-10 listings at a time. Limehouse had no sales and no new listings and the rural market had no sales and three new listings. There were 18 properties that made price adjustments or terminations last week. Of the 18, 10 came back on the market at a reduced price and eight of them came off the market and did not re-list. These properties leaving the market is helping our inventory and if they were still listed, our inventory would be at an almost all time high in Halton Hills.
Looking at active inventory, all of Halton Hills is up from 208 to 223. The highest inventory I’ve seen since doing my updates over the past 4.5 years was in October last year and inventory was at 230, so we are really close to getting to that level again. During that time, our average price dropped to around $900,000 and inventory was just so high! Over the past six weeks, inventory has really escalated so it’ll be interesting to see where our average price falls this month. So, looking at our price points in Georgetown this week, under $800,000 is up from eight to 11 listings. We are definitely starting to see inventory come up there but there isn’t a ton available, especially in the condo townhouse type product. So, we have some scarcity here. Eight hundred thousand to a million went up from 21 to 24 active listings and homes are just not moving as rapidly as we are used to seeing at this price point. We are seeing a lot of price adjustments over a million dollars, but I think that will start to trickle down into this price point as well. One to 1.5 million is up from 42 to 50 listings. This is a massive jump in this price point and 50 is not a good number for any seller in this pocket. That is extremely high and not a lot of homes are moving right now. We’ve gotten into the high 50s here before but there are a ton of homes in this price range, especially detached homes in Georgetown South and those prices will start to come down. Finally, 1.5 million plus is actually down from 43 to 42 this week. Some of the terminations were in this price point so this isn’t due to high sales. This is also extremely high for this price point and there aren’t a lot of buyers looking in this range.
In Acton this week, we are at the highest number of listings ever with 37 which is up from 30. That is a massive jump in Acton but a lot of the listings here are in a lower price point, so we are seeing some movement. Glen Williams is down this week from 12 to eight active listings so our inventory is still pretty high but it’s much better than double digits. Limehouse remained the same at five and the rural market remained the same at 46, which is also an extremely high number for the rural market.
You can definitely feel the trend this week which is that inventory is very high. We are getting close to some of our highest levels ever and it’ll be interesting to see what happens. We hit 230 listings in October and I think we may reach that next week. I thought this was going to be a strong back half of the year but with inventory this high, it’s hard to know. If inventory doesn’t slow down then I think we could really see an impact on pricing. I’m hoping that listings start to drop off in July so that we can have lower inventory going into the fall, but only time will tell. It’s just not looking good for sellers right now. So, i’ll be back next week. Have a great weekend.
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