Welcome to this week's Halton Hills housing update. The market is still moving through November which is great news for Sellers. In Georgetown this week, we had seven sales which isn’t as high as an average week but it’s still good for this time of year. I’d also argue that seven is higher than we’ve seen in past years towards the end of November. Our new listings are still completely messed up so I won’t be reporting on those. The back end systems are combining and it’s just a disaster right now. There are still new listings coming up but definitely less than we’ve seen in previous weeks. We are also continuing to see properties exiting the market which is good news. In Acton this week there were three sales, which is an okay week for Acton. There were no sales in Glen Williams or Limehouse but two in the rural market which is good for them! So, looking at properties that adjusted their pricing or terminated, we had two properties relist at a lower price and seven exit the market. This isn’t as many as previous weeks and we want to see this number rise, but it’s better than nothing! We really want inventory to go down through December so that we can enter the new year in a much better position.
Looking at active inventory, we remained the same this week at 184 active listings in all of Halton Hills. This is much better than the 220 to 230 we saw for months and months. Georgetown is down slightly this week from 103 to 102 active listings. We really want to get under the 100 mark, but honestly until we are closer to 70, it’s still not a favourable market for sellers. So, looking at our price points, under $800,000 is up from 13 to 14, which is quite a lot. This is just a reminder that prices will inevitably go up in the new year with the interest rate decreases so you have an amazing opportunity to get a great price right now. As soon as the Stuart Maclaren properties go back over $800,000, we’re toast in terms of our price points. Eight hundred thousand to a million remained the same at 16. One to 1.5 million is down slightly from 50 to 49, which is still really high. This is another reminder that the mortgage rules are changing and in December you will be able to get an insured mortgage between one and 1.5 million which will totally open the buying pool. You currently need to have 20% down to buy anything over a million and that will no longer be the case. I think this will also help the market move next year. Finally, 1.5 million plus remained the same this week at 31, which is still extremely high. If our lower price points start to get really active, 1.5 million plus may start moving again which would be great for sellers.
Acton is down from 21 to 19 active listings. Glen Williams is up to 10, which is a lot for the Glen. Limehouse and the rural market are the markets most impacted by the system merger. They aren’t being categorized properly, and some aren’t being categorized at all. There’s also non Halton Hills listings appearing in the search so I’ve done my best to sort through them but it’s been tricky. As it stands, we have five listings in Limehouse and 48 in the rural market. This is a lot for the rural market but again, the majority of these properties are over 1.5 million dollars.
Overall, I think this was a good week. Buyers have an awesome window right now where they can get a good price and it seems like they are taking advantage of it. This almost feels like the spring of 2020 when covid hit and there were properties you could get for amazing prices, and then within a year the price just went up like crazy! So now is a good time for deals to be had! We’ll see what happens next year with pricing but I think it’s inevitable with lower interest rates that we will get higher prices. It’s just how it works. Next week I will have November’s numbers and I think they’ll be strong! So, I’ll be back next Tuesday, have a great week!
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