Halton Hills Housing Update - Ep.224

Hi everyone! Welcome to this week's Halton Hills housing update. The first week of September was pretty anti-climatic. Georgetown only had eight sales which is up from the four we saw in the two previous weeks but it’s still pretty low. I would say that 11-13 is our “normal” range, so eight is not quite what we want to be seeing. It is the first week of September and people are busy with back to school and activities so I’m hoping next week will feel a little bit more “normal”. There were also 12 new listings this week so we aren’t seeing any kind of slow down in terms of new listings. So, it wasn’t a great week for the market. Acton had four sales this week, which is great, but they also had five new listings so inventory is up. Glen Williams had a busy week with one sale and two new listings and Limehouse had no sales and no new listings. The rural market followed it’s usual trend with no sales and two new listings. When looking at properties that made adjustments, there were 29 this week, which is quite a lot. Of the 29, there were two homes that re-listed to a higher price. They had tried the offer night strategy and it was unsuccessful. There were also 12 properties that reduced their price, 11 that came off of the market completely, and four that listed at the same price to freshen up the listing. The 11 properties that came off of the market kept our inventory at bay and without them we would be in the 220s. We really need to start seeing multiple weeks of sales and terminations outpacing new listings in order for our market to be balanced again. I don’t think that will start to happen until November or December though. 

So looking at active inventory, we are up only slightly from 206 to 208 active listings in all of Halton Hills. This is still crazy high and we really don’t want to have anywhere near 200 listings. So, Georgetown this week remained the same at 126 active listings. Things are somewhat stable right now but 126 is still high. Looking at our price points, under $800,000 is up from 14 to 15 active listings, which is a lot in this price point. There are a bunch of condo townhomes that are not really moving right now. Eight hundred thousand to a million is down from 31 to 27 active listings. This is typically our pocket that moves well and we need to see that happening again. One to 1.5 million is up from 53 to 56 active listings which is SO HIGH. Finally, 1.5 million plus remained the same this week at 28 and there is not much movement in this pocket which isn’t surprising. 

Looking at Acton, they are up slightly to 22 active listings. Glen Williams and Limehouse are both at seven listings, and the rural market is up from 45 to 46 listings. The rural market has barely moved all summer and we keep getting saturated with new inventory. There are some properties that have come off of the market, so that is helpful, but 46 is a lot. 

So, that’s the first week of September! I wasn’t expecting anything crazy this week since everyone is getting back into routine but I will say for my listings there has been a little bit more activity at open houses so hopefully this translates into more sales. The Bank of Canada did drop rates again last week and I am hopeful that the spring market will have more buyer activity. So, I will be back next Tuesday, have a great week!