Welcome to this week's Halton Hills housing update! Unfortunately we are not seeing any signs in relief when it comes to inventory. However, there was some good news this week. In Georgetown there were 15 sales which is higher than the usual 10-12. Last week there were only six so I think it was just an off week. Fifteen sales is actually a big week for Georgetown, so it’s great to see that buyers are still active! The bad news is that we had 17 new listings, which is super high especially for the end of July. I can’t even wrap my head around it! There are so many new homes hitting the market and 17 is not anywhere near the number we want to be seeing. Sales picking up is good news though.
In Acton this week there were three sales and four new listings. Glen Williams had no sales and no new listings. Limehouse had no sales and two new listings and the rural market also had no sales but three new listings. So, as you can see, we aren’t getting any form of new inventory relief in any of our markets and there also weren’t a ton of sales. We only had 18 sales in all of Halton Hills this week, and of the 18, only five sold for over a million dollars. The past few weeks we had been seeing more sales over a million than under so that might also be a trend that is shifting. Looking at our properties that terminated or re-listed, we had 14 homes this week re-list at a lower price and eight homes come completely off of the market. Properties terminating is really one of the only things keeping inventory from completely skyrocketing.
Looking at active inventory, all of Halton Hills is up from 219 to 220 active listings. That isn’t a huge jump but it is a massive number. It’s only twelve away from the highest number we’ve ever seen. Considering it is the middle of summer, we are not following any of our normal trends and if this stays this way going into the Fall, our prices are going to absolutely tank. There was an interest rate announcement this week and they did drop the rate by .25%, but I don’t think that is enough to balance our market.
In Georgetown this week, we are down from 133 to 132 active listings and that is because of the eight properties that left the market. Looking at our price points, under $800,000 is down from 13 to nine active listings. That is because we had some sales there this week and there are actually no properties for sale between $700,000 and $800,000 available right now. There are a lot at the low 800s that may come down soon. So all nine of these properties are actually under $700,000. Eight hundred thousand to a million remained the same at 31 listings this week and we had a lot of sales and new listings here. One to 1.5 million remained the same at 57 this week. If sales slow down here these sellers are in big trouble. Prices will really start to come down. Finally, 1.5 million plus is up this week from 32 to 35 active listings. This price point is totally dead and we see a sale trickle in here and there. Over the past few years this has been a really hard price point to sell a house in.
In Acton this week, inventory stayed the same at 32 active listings. Glen Williams remained the same at six and Limehouse is up to eight properties this week. That is a huge number of listings for Limehouse. Prior to last week when there were six, the highest we’d ever seen there was four, so this is a huge indicator of what is happening in the market right now. The rural market remained the same at 42 and there were a few terminations that happened there to help keep inventory the same.
So, overall, inventory is still high but at least sales came back in Georgetown. I was really concerned last week that buyers would completely stop, but it doesn't look to be the case. I’m not sure what is going to happen with inventory, but it’s insanely high right now. We have a lot of people in the market who need to sell their homes - whether it’s divorce, or that people are financially tapped out and rates and renewals will start to sink them, some people just don’t have any other options but to sell right now which is why I don’t think we will see as many people terminate as we did last year. I’m still waiting for a big week of terminations but we are halfway through the summer and it hasn’t happened yet. The market is just a big waiting game right now but again I don’t think this interest rate decrease is really going to do anything unless we can cut our inventory by almost half. If we can get closer to the 150 mark in all of Halton Hills then I think we could be busy again. So, I will be back next Tuesday, have a weekend!
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