Halton Hills Housing Update - Ep.216

Welcome to this week's Halton Hills housing update. This is kind of a rough update and this week did not follow the trends we’ve been seeing lately. So, looking at the numbers, Georgetown had six sales this week which is not good news. We’ve been seeing 11-12 sales consistently for the past few months which was an indicator that buyers were still active and that the market was still working. Again, we only had six sales this week and when we were slowing down in the fall, we were seeing 4-6 sales. So, that’s not great news for sellers. I’m hoping this was just a random week and that next week we will go back to “normal”. Another piece of bad news is that Georgetown had 19 new listings this week. That is a TON of new listings for July. If we don’t start to see inventory soften, our prices will really be impacted. So, looking in Acton, there were two sales and two new listings so an even week there. There were no sales or new listings in Glen Williams or Limehouse and the rural market had one sale and four new listings. Something to note is that of the nine sales we saw in Halton Hills this week, six of them were over a million dollars. Last week we also saw the majority of sales over a million dollars and I just think this is so odd! Only three sales in our typically busy market is so weird and inventory is really starting to build up there. So, there are just a ton of concerning things happening this week and only time will tell if they become a trend or not. 

Looking at properties that terminated or re-listed, there were eight properties that came off of the market this week, eight that re-listed at a lower price, one that re-listed at a higher price, and one that re-listed at the same price. I think that overall it was not a great week in terms of numbers and it feels like buyer activity is slowing down. There are a lot of listings that came on the market this week and without a ton of sales or terminations, it’s just inevitable that prices will be impacted. 

So, looking at active inventory, all of Halton Hills is up significantly from 211 listings to 219. Georgetown is the market that’s being impacted the most and it went from 126 listings up to 133 this week. That is a very high number for Georgetown. Under $800,000 is up from 10 to 13 properties. That’s quite a bit and even those are taking a while to sell. Eight hundred thousand to a million is up to 31 active listings and we haven’t really seen any sales in this pocket over the past two weeks, which is concerning since this is usually our strong pocket. One to 1.5 million is up to 57 active listings but we are seeing some sales which is good news. Finally 1.5 million plus remained the same at 32 this week. The majority of properties selling right now are between one and 1.5 million, which is surprising but good news. A lot of the properties under a million dollars have been sitting for a while so it’s really hard to know where the market is going to go.

In Acton this week they remained the same at 32 active listings which is really high. There is a lot available there but we aren’t seeing anything too dramatic going on. Glen Williams and Limehouse both remained at six this week and six is A LOT for Limehouse. The rural market is up slightly to 42 listings which is also very high, but that’s just the trend right now - high listings and few sales. 

We are seeing a ton of new properties hitting the market in the middle of July which is honestly shocking. We don’t normally see this many in the middle of the summer and if it continues we are going to have a very rough back half of the year. Normally we go into the fall with a lot of the inventory bought up, but I’m just not sure that will be the case. I do think we will start to see prices coming down again this fall. We do have an interest rate announcement coming up but there wasn’t much of a shift from the June rate drop, so I’m not sure if it will do much to help shift our market in a better direction. So, we will have to wait to see what happens. I will be back next Tuesday, have a great week!