Halton Hills Housing Update - Ep.236

Welcome to this week's Halton Hills housing update. I’ve got November’s numbers as well as a really positive weekly update. So, looking at November, last year in 2023 the average price was $1,073,000. We are down just slightly this year to $1,039,000, which is just over 3%. Considering where our numbers have been this year, this is really great news! Having our average price remain over a million dollars shows that we have some stability. I do think that our prices are going to increase next year with the interest rates going down but this is good news for now. In terms of units sold, we are actually up 45%, with 45 sales last November and 65 sales this November. That is a huge increase and shows us that our market is still moving. One other interesting thing to note is that we had eight sales over 1.5 million dollars this month, and of the eight, five of them were actually over two million! This definitely helped keep our average price up, despite having the majority of sales under a million dollars. I’m hoping that we continue to see the trend of higher ticket homes selling as we get into the new year. 

So looking at Georgetown this week, there were  10 sales which is a strong week for the end of November! I’m honestly kind of surprised that we had that many. Acton had four sales, Glen Williams had one, Limehouse had none and the rural market had two. It’s positive news to see this many sales and buyer activity seems to be stronger than past years. We are also seeing quite a few homes exiting the market. With that being said, I cannot tell you exactly how many terminations we had this week because the back end system is still messed up and homes that terminated weeks ago are showing as terminated this week, so the numbers aren’t accurate. I was told this would be fixed during the first week of December, so hopefully next week I can give you these statistics. 

Looking at active inventory, we are down to 170 listings in Halton Hills. This is such a huge change from a few months ago and it's really going in the direction that I thought it would be going in at this time of year. So that’s 170 listings down from 180 last week. We're also starting to see new listings slow down and sellers exiting the market, along with sales so it’s a very positive week overall. Georgetown is down to 99 active listings this week and to finally be under 100 listings feels like a huge win! We’ve been really saturated for a long time and this gives me hope that 2025 will be busy. So, looking at our price points, under $800,000 is down from 14 to 12 active listings and this price point is really moving. We are seeing a ton of sales here. Eight hundred thousand to a million is up from 16 to 18, and again we are seeing a ton of sales happening here. One to 1.5 million saw a huge drop this week from 49 to 40 listings, a lot of which were terminations. Anyone who doesn’t need to sell will likely start to terminate in the next few weeks to be able to enjoy the holidays. Finally 1.5 million plus is down from 31 to 29 which is still very high but we are seeing some sales. I think this pocket will be busier next year with the mortgage rules changing to allow for a smaller down payment up to 1.5 million dollars. I really do think that 2025 will be a busy year market wise! 

Acton is down this week from 19 to 17 active listings which is still a bit high but closer to where we want to be. We are also not in the 30s anymore which is good news. Glen Williams is down from 10 to 8 active listings. Now, Limehouse and the rural market are the areas most impacted by the back end system being merged. It’s almost as if the Limehouse listings have been lost and it’s really hard for me to accurately say how many we have. So, I’m just going to report what the system says as opposed to going through Realtor.ca and cross referencing and I’m hoping that once the system is fixed I can be 100% accurate. So, Limehouse is down to two listings from five and the rural market is down from 48 to 44. 

We saw a ton of terminations and exits this week and you can see that in our numbers. It’s really exciting to see the market moving this way and this weeks update was super positive. Our November numbers were strong and it’s great that our average price was above a million dollars. I do think we have a window where prices are still soft and I think it’s a good time to be buying a home. With interest rates going down I do think it’s inevitable that prices will go up next year so if there is anything that might work for your family, start looking now! I’ll be back next Tuesday, have a great week!