Halton Hills Housing Update - Ep.221

Welcome to this week's Halton Hills housing update! My apologies for the delay on this post. It was actually a positive week for sellers and I hope this trend continues. So, in Georgetown, there were 12 sales which is pretty standard but the even better news is that for the first time in a long time, we had less new listings than sales! We only had 11 new listings this week and I know that seems minor but we’ve had months of getting hit with high new inventory and our market has just skyrocketed out of control so this is a sign that things could be slowing down, which is what we need. Looking in Acton this week, there were two sales and two new listings. Glen Williams and Limehouse had no sales and no new listings. The rural market had no sales and three new listings. The market is still pretty slow in terms of buyers but it was great to see sales higher than new listings. When looking at properties that terminated and re-listed, there were nine properties that exited the market which is also great news! It helped bring our inventory down a bit. There were also eight properties that re-listed at a lower price, so we are still seeing price adjustments and I honestly think we will see more and more of them as our market is pretty dead right now. 

Looking at active inventory, we are down this week from 218 active listings to 213. That doesn’t seem like a huge drop but it is a move in the right direction and we haven’t had less than 213 listings since the start of June. It’s been two and a half months of really high inventory. I will say though that I don’t think we are going to see this number continue to drop. There are a lot of homes coming soon and the virtual tour companies are busy but it would be nice if this did become a trend. 

In Georgetown this week we are down from 122 to 120 active listings. Under $800,000 is down from 12 to 10 active listings. That is pretty high and we have seen a slowdown in sales under a million dollars. So, $800,000 to a million is up from 26 to 29 active listings and things are not really moving here right now. It’s weird but nothing is really flying off the market which is normally what we see in this price point. One to 1.5 million is down from 58 to 52 which is a big drop this week. This price is actually moving more than the lower price points right now. Finally, 1.5 million plus is down slightly from 30 to 29 listings. This price point really isn’t moving much and we’re only seeing the odd sale. I think we will start to see a lot of price reductions in this price point as we head into the fall. 

Acton this week went from 34 down to 32 active listings and that is still extremely high for Acton. Glen Williams went down from seven to six, which is a normal level for the Glen. Limehouse stayed the same at eight, which is EXTREMELY high and the rural market stayed the same at 47, which is also insanely high. Since the start of the summer, we have only seen five sales in the rural market and there is a ton available there. It’s just bad news for sellers. 

So, this update has been a pretty positive one. I’m happy with the number of sales vs new listings this week, as well as the terminations we had. I really think that anyone who doesn’t need to sell should be taking their home off the market and re-listing it later when inventory is more balanced. It’s 100% a buyers market right now and just not a great time to be selling. I’m hoping these trends continue but only time will tell! I’ll be better once we are under the 200 mark in Halton Hills. So, have a great week! I will be back next Tuesday.