Halton Hills Housing Update - Ep.225

Hi everyone! Welcome to this week’s Halton Hills housing update. The market is heading in the direction I thought it would be. So, looking in Georgetown, there were 10 sales, which is a pretty strong week, but we did have 18 new listings which is totally bad news.Listings have not slowed down and it’s not good for Sellers. In Acton, there were two sales and five new listings, so another big week for Acton. Glen Williams had no sales and one new listing. Limehouse had no sales and no new listings. The rural market had no sales and five new listings, so we have some pretty crazy numbers in all of our markets. We had almost 30 new listings in all of Halton Hills and only 12 sales. These numbers are not good and I really don’t think it’s going to slow down anytime soon. Looking at the properties that terminated and changed their price, there were 12 properties that reduce their price this week. There was also seven properties that came off of the market and haven’t re-entered. Seven is a good number of terminations but with the number of new listings we are seeing, we need this number to be a lot higher! One property also re-listed at the same price to freshen up their listing. 

So, looking at active inventory, all of Halton Hills is up from 208 to 219 active listings. We saw a massive jump this week and I predict that we are going to continue to see that for the coming weeks. This time last year was very similar and it wasn’t until November that we started to feel some relief in the market. So, hopefully that happens again this year. Looking at Georgetown’s inventory, we are up from 126 to 132 active listings. We are getting very close to our high of 140. It is creeping up, and I suspect that we might actually hit it this fall. We might even break that record which is not good for Sellers. Looking at our price points, under $800,000 is sitting very high at 15 active listings. Normally those listings are flying off the shelf, and that is just not the case right now. Eight hundred thousand to a million is up from 27 to 31 active listings. This is typically our price point that always has sales but that is just not the case right now. One to 1.5 million is sitting exceptionally high with 57 listings, up from 56. There are just so many properties available between one and $1.5 million and if that is your budget, take your pick! Finally, 1.5 million plus is up slightly from 28 to 29 active listings. That is still really high and although we haven’t seen a ton of new listings coming up there, there’s also not a ton selling either. 

Acton this week is up from 22 to 24 active listings. Glen Williams is up from seven to eight. Limehouse remained the same at seven and the rural market is up again to 48 active listings from 46. The rural market has so much inventory as well and like I've talked about in the rural market, most of them are higher price point properties so that’s why they aren’t moving as much. There are some deals to be had if you have a bigger budget though! 

So overall, our first week of September was positive in the sense that we saw sales pick back up in Georgetown. That's hopefully an indicator that the market is going to start moving again and hopefully sales can pick up across the board. The bad news is that the new listings are not slowing down so we’re going to have to see what happens through September. I think it’ll be similar to the past two years with lots of inventory, lower prices, and homes starting to come off of the market. We have lots of Sellers who need to sell and that situation causes prices to really come down. So, I’ll be back next Tuesday, have a great week!