Welcome to this week's Halton Hills housing update! Inventory is still trending slightly downward this week but not quite as dramatic as last week. In Georgetown there were 12 sales, which has been the story for a while now. It’s good news for sellers because buyers are still active and the market is moving. There were also 13 new listings which is not ideal since it’s more than our sales but we did have some terminations that kept inventory down. New listings are starting to slow down which is another plus for sellers. Acton, Glen Williams, and Limehouse had no sales but one new listing. The rural market had two sales and three new listings and it’s great to see that there are some sales happening here. One thing I want to point out is that we had 14 sales in total last week and of the 14, only four of them sold for less than a million dollars. That means we had 10 sales over a million dollars which is quite a shift from what we are used to seeing. I’ll be watching out for this in future weeks to see if it becomes a new trend.
Looking at properties that made changes to their listings this week, there were 10 properties that came off of the market and have not re-entered. Seeing double digits of numbers terminating can really create a shift in our market and could help us be in a better position come fall. There were 12 properties that terminated and came back on the market at a lower price and that doesn’t include any of the properties that dropped their price without re-listing. So we are actually seeing a ton of price reductions. There were two properties that terminated and re-listed higher, and then five that re-listed at the same price, probably to get their listing back to the top of Realtor.ca
Looking at active inventory, we are down slightly this week from 214 to 211 active listings in Halton Hills. This number is still insanely high and we need to almost cut it in half in order to have a hot market again. Let’s hope that we continue to see properties terminating throughout the summer. In Georgetown this week we are down from 128 to 126 active listings. Definitely not a dramatic number but it’s a move in the right direction. Looking at our price points, under $800,000 is up from nine to 10 active listings. There are quite a few condo apartments and a few condo townhomes that hit the market this week. This price point is still moving, especially the condo townhomes but to see inventory rising here is just a sign of the times. Eight hundred thousand to a million is down from 31 to 29 active listings this week and that is still incredibly high for this price point. Showings seem to have really slowed down which is why the number of sales over a million dollars this week really interested me. Normally we see this price point move the most and then anything over a million takes a little bit longer but that wasn’t the case this week. One to $1.5 million remained the same this week at 55 active listings and 1.5 million plus went down from 33 to 32 active listings.
In Acton this week we are up from 30 to 32 active listings. The inventory here is incredibly high and we have been in this spot for months and months. Prices are starting to come down here but there is definitely less movement and it’s a hard market for sellers in Acton. Glen Williams is down from seven to six active listings so there isn’t a ton available in the Glen right now. Limehouse remained the same at five and the rural market is down from 44 to 41 active listings. The rural market is where we are seeing a lot of terminations but that market is always slower than Georgetown so it’s not uncommon to see properties coming off after a few months. Every market is sitting really high right now and after last week’s dramatic drop we are heading in the right direction but we need to see a few weeks of double digit numbers terminating in order to change our market. I was surprised by the number of sales over a million dollars this week and really hope that that can continue. So, I’ll be back next Tuesday, have a great week!
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