Halton Hills Housing Update - Ep.214

Hi everyone! Welcome to this week's Halton Hills housing update. I have this week’s numbers along with unofficial June numbers, so let’s get to it! 

In June of 2023, our average price was $1,140,000. I said that prices would probably be down but here we are June of 2024 and our average price is up $1,143,000, so three thousand dollars more than last year! These are unofficially numbers meaning that this could change if lower sales are reported but we did have five sales in the Glen between 1.9 million and 3.1 million, so that definitely helped bring our average price up. I definitely wasn’t expecting it to be up and without the sales in the Glen, I don’t think it would be, but we look at Halton Hills as a whole! So, we are pretty much even with last year in terms of price but there are a few differences in units sold and days on market. Last June we had 87 units sell and only 72 this June, so we are way down year over year. Our days on market have also doubled, last year it was 12 and this year it is 23 days. Another big thing to note is that this time last year we had 132 active listings and this week we are at 214. We have WAY more inventory and I think our prices will go down in the coming months because of this. We’re already starting to see some pretty dramatic price reductions happening, like $50,000-$70,000 off of their original list price.

In Georgetown last week we had 11 sales which is pretty on par with what we have been seeing. We only had nine new listings though which is the first week in a while where there have been more sales than new listings. Thi is what we need to be seeing in order for inventory to soften. We’ve been seeing weeks of 20+ new listings and there was just no relief. In the summer we typically see listings slow down, so hopefully last week was the start of this happening. In Acton this week there were four sales and two new listings. Nothing happened in Glen Williams or Limehouse in terms of sales and new listings. The rural market had three sales and no new listings, so we are in a favourable position in all of our markets this week! Another interesting trend that we may start to see more of is listings coming off the market and dropping their prices. There were 13 properties this week that came off of the market and haven’t re-listed, and I’m wondering if this will be the start of a mass exodus like we saw in December/January, where we had a weeks of 30, then 12, then 14, then 25 houses come off of the market and that really helped our inventory come back down to a more manageable level. I suspect that this may start to happen really soon. We also had seven houses make price reductions and one that re-listed at a much higher price because they had tried to do an offer night which didn’t work. Offer nights are just not working in this market, unless you are priced about 200 to 300 thousand less than market value. So, that’s what’s happening in terms of sales and new listings. 

Looking at active inventory, we are down dramatically from 232 to 214 active listings in Halton Hills, which is great news for sellers and due to the fact that we had more sales than listings in all of our markets, along with 13 properties that terminated and didn’t re-enter. You can see how much of an impact can be made in just one week when both of these things happen. In Georgetown this week we are down from 137 to 128 active listings, which is still really high for Georgetown. The market is feeling really saturated but the fact that we are still seeing somewhat strong sales is a good sign for sellers. Looking at our price points, under $800,000 remained the same at nine this week. Eight hundred thousand to a million remained the same at 31, which is super high and we are starting to see price reductions in this pocket which is not common. We had one in this pocket reduce yesterday by $50,000 and another by $70,000, so we are seeing some big changes! One to 1.5 million is down slightly from 56 to 55 which is a ton! Finally, 1.5 million plus is down from 41 to 33 active listings and the homes in this price point are the most common to leave the market and not re-enter. 

In Acton this week they are down from 36 to 30 active listings. Glen Williams remained the same at seven, Limehouse remained the same at five and the rural market is down from 47 to 44.

So, our average price for June is definitely a surprise but our listings slowing down wasn’t. It’s what we normally see at this time of the year and the numbers we have been seeing were crazy high. Hopefully we continue to see the trend of sales being more than new listings and homes coming off of the market, so that we can go into the fall with more reasonable inventory levels. Again, last year within a month we saw about 80 properties come off of the market so if that were to happen again now, our inventory would be closer to 150, which would totally shift the market. I think today’s update was super interesting because our trends are starting to change. Our average price also held really well, despite our days on market being much longer. Overall, I think today’s update was a positive one for sellers. We are still facing price reductions but this is a moment of possible relief.

So, I’ll be back next Tuesday to see what the first week of July is like! Have a great week!