Halton Hills Housing Update - Ep.220

Hi everyone! Welcome to this week's Halton Hills housing update. The summer market is still active but the bad news is that inventory isn’t really decreasing. So, looking at our numbers this week, Georgetown had 15 sales which is pretty high! We haven’t seen anything over 12 in months so 15 sales is strong. We also had quite a few lower ticket homes sell this week, which we haven’t seen in a few weeks although that is the typical trend. The bad news is that we had 17 new listings, which is insanely high for August. The inventory is just not stopping. I thought by this point in the summer we would have between one and five listings in a week which is normal for the summer but that is just not the case right now. Looking at our other markets, Acton had three sales and five new listings. Glen Williams had one sale and two new listings. Nothing happened in Limehouse and the rural market had no sales but five new listings. So, looking at sales, there were 19 total and only seven of them were over a million dollars, which is a shift from the past few weeks where we had really only seen million dollar plus properties sell. So 12 sales were under a million dollars but seven over a million is still a good amount and shows that a variety of products are moving right now. The other thing to note is that we had nine properties terminate their listings and come back at a lower price, nine properties that terminated and didn’t come back on to the market and one that re-listed at the same price. Those nine terminations helped keep our inventory down this week despite our new listings being higher than our sales in almost all of our markets.

Looking at active inventory, all of Halton Hills is down slightly from 220 to 218 active listings. That is still an incredibly high number (although not the highest), especially for this time of year. Georgetown is down this week from 128 to 122 active listings this week, which is still very high. Under $800,000 remained the same at 12 active listings and $800,000 to a million went from 30 to 26 active listings. That is not surprising given that we had quite a few sales in this pocket this week. We also saw some detached homes in the Delrex area get in the low $800,000s and some semis and town homes in Georgetown South got in the mid 800s. Prices have definitely come down and because there is so much inventory available, it seems like people are successfully negotiating lower prices. Because we are still seeing many sales over a million dollars, our average price will also be high, which is a false representation of what is actually going on. There was a point when we were seeing virtually no sales over a million dollars and that’s why our average price dropped. So again, I do feel like prices are coming down even though the July average price did not make it seem like it is. So, back to our price points, one to 1.5 million is up from 54 to 58. This price point just has so much inventory and it never seems to get a break. Finally, 1.5 million plus is down slightly from 32 to 30. Not a lot of properties move over 1.5 million, especially over two million, so there is a lot available but those sellers can expect to have their homes on the market for a while. 

Now, looking at our other markets, Acton is down slightly to 34, Glen Williams remained the same at seven, Limehouse remained the same at eight and the rural market took a jump up to 47. There are a lot of properties available in the rural market this week.

Overall, I think this week was a positive one given the number of sales and terminations we saw. Inventory is still very high but it’s good to see houses selling in all of our price points. It seems like the market could be picking up and maybe that is due to interest rates  - I’m not sure. We really need to see new listings slow down and currently listed homes come off of the market in order to actually see the market pick up. Hopefully we continue to see a ton of buyer activity in August so that we can have a good Fall market, but I’ll be watching it closely.

I’ll be back next Tuesday, have a great week.