Hi everyone! Welcome to this week's Halton Hills housing update. These updates just seem to be getting worse in terms of inventory and it’s not looking good for sellers. So, in Georgetown this week, we had 12 sales which is on par with what we’ve been seeing for the past three months. Sales are staying consistent and that’s something that we weren’t seeing in the fall when our inventory was also this high. We also had 25 new listings in Georgetown this week and that is A TON! Inventory is climbing rapidly here and we all know that when Georgetown inventory is high, it has an impact on all of our other markets. For inventory to be coming on at this pace in June is really interesting! The silver lining is that we are still seeing sales and buyers haven’t completely left the market yet.
In Acton this week there were five sales, which is a great number, and four new listings. Glen Williams had one sale and no new listings. Limehouse had no sales and one new listing and the rural market had two sales and five new listings, so inventory is climbing there as well. One thing to note is that there were 35 new listings in Halton Hills last week and of the 35, 21 of them were over a million dollars. That price point is getting extremely saturated. When we look at properties that terminated or changed their prices, there were 12 properties this week that reduced their price and three that came off of the market. That is a lot less than last week but I think as the summer progresses, we will see more homes coming off of the market.
Looking at our active listings which is the real story here, I’ve been doing these updates since January 2020, so 4.5 years, and the highest I had ever seen was 230 units in October of 2023. Today we are officially breaking records with 232 active listings in all of Halton Hills and it doesn’t appear to be slowing down. I am really curious to see how this progresses over the next few months since the summer is typically a quieter time for new listings. So, looking at our price points in Georgetown, we are up this week from 127 to 137 active listings. The most I’ve seen in Georgetown is 140 so we are getting really close to that. Under $800,000 is down this week from 11 to nine active listings. There is not a ton of inventory available and we could actually use a few more condo townhomes on the market. Eight hundred thousand to a million has skyrocketed this week from 24 to 31 active listings. That is one of the highest numbers I’ve ever seen in this pocket. This price point is still moving, but 31 active listings means that buyers have options which isn’t always common. This also means that you are going to be negotiating your price downward and if a buyer doesn’t get what they want from you, they can easily go to another house and get a better deal. One to 1.5 million is up from 50 to 56 active listings. That is a lot and most of them are detached Georgetown South subdivision houses. They are still moving, and actually a few have gotten over asking, but you just need to be pricing your properties well for this market. Finally, 1.5 million plus is down from 42 to 41 active listings. That is still really high and there are not 40+ buyers with that kind of budget in Georgetown right now. We just don’t have people willing to spend that kind of money, especially on subdivision houses. We will start to see those prices come down because there are just way too many available right now.
In Acton this week we are down from 37 to 36 active listings which is still extremely high. Glen Williams is down from eight to seven listings. Limehouse remained the same at five and the rural market is up slightly from 46 to 47
So, it’s really not a great story for sellers right now. This is the kind of market we were in last October and by the end of November, there was a mass exodus off of the market and it helped sellers who had to sell. I’m curious to see if that is what will happen this summer and if we go into September like we did February and March of this year where inventory was lagging a little bit and properties were selling really quickly. I think we will see more and more properties dropping their prices down to the next price point because it’s just inevitable with these inventory numbers. I also think we will see our average price dip this summer unless inventory comes down.
I hope you all have a wonderful Canada Day and I will be back next Tuesday! Have a great week!
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