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Hi there! Welcome to this week’s Halton Hills housing update. I have July numbers and my prediction was right! I thought that our average price would be up because we had a ton of sales over a million dollars in the past few weeks, and it is. So, in July of 2023 our average price was $1,107,000 and this July it is $1,217,000. That’s a huge jump year over year and we’ve only seen a couple of months with an average price this high in the past few years. I’m interested to see if August continues to see higher ticket items sell. We also had 54 units sell in July and of the 54, 32 sold for over a million dollars and four sold for over two million dollars. So, it’s really not surprising that our monthly average price is up. Last year there were 53 units that sold in July, so we’re pretty on par there. I’m really not sure why these higher ticket items are selling but it’s good news for Sellers who have homes in those price points.
So, looking at what happened this week, things are definitely slowing down in Georgetown. Maybe August is the dead month we thought July would be. There were only eight sales this week which is not a huge number. We also had 13 new listings, which is a lot, especially for this time of year. There are also a lot of properties coming soon and I’m just surprised with how many new properties are hitting the market in the middle of the summer. So, of the eight homes that sold, four of them were over a million and four of them were under a million. We didn’t have sales in any other market besides Georgetown. Looking at our other markets, Acton had no sales and one new listing. Glen Williams had no sales and one new listing. Limehouse didn’t have any sales or new listings and the rural market had no sales and two new listings. The other markets aren’t seeing as many new listings as Georgetown is, and we really need to see Georgetown slow down in order to get our inventory back to a tolerable level. We also had 18 properties that made adjustments to their listings. Seven of them re-listed at a lower price, one re-listed at the same price, and 10 came off of the market. Those homes coming off of the market is the only reason that we didn’t see inventory skyrocket this week.
Looking at our active inventory, all of Halton Hills remained the same this week at 220 active listings, which is extremely high. It’s not our highest but it’s up there. Within that, Georgetown stayed the same at 128. Looking at our price points, under $800,000 is up from 11 to 12, $800,000 to a million remained the same at 30, one to 1.5 million went up from 53 to 54 and 1.5 million plus is down from 34 to 32. So we are seeing some movement in our price points but it’s nothing crazy. The real story is that there are 42 homes available under a million dollars and it’s not moving very quickly.
So, looking at our other markets, Acton is down slightly to 35 active listings from 36. Glen Williams is up from six to seven. Limehouse still at a crazy high number of eight active listings, the same as last week, and the rural market stayed the same at 42. We have super high levels of inventory in our secondary markets but they really aren’t seeing a ton of sales or spikes in inventory. The only thing keeping Georgetown’s inventory from spiking is the fact that properties are exiting the market. If it wasn’t for that, we’d probably be close if not at an all time high now.
I'm very excited to see what happens in August and am curious to see if the interest rate reductions are going to start to pick up buyer activity. I’m also interested to see if we see more properties exiting the market. I'm definitely interested to see if our million plus houses continue to be the majority of what is moving because that has really never been the case, besides 2022 when everything was priced over a million dollars. It’s a weird trend to see right now. So, I will be back next week, have a great week!
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Link to this week's market update: https://youtu.be/zlhgwR5aSDs?si=1uuEdGXd_O2y1B36
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