Welcome to this week’s Halton Hills housing update! We had a bit of a weird week and I’m hoping it was just random and not a new trend. So, when we look at the numbers, we only had six sales in Georgetown which I think is a bit low. It’s not on trend with the normal amount we see and we do have inventory available. The more shocking number was the 23 new listings in Georgetown this week. This is completely unheard of for February. If we continue to see new listing numbers this high, we could be right back to where we were last year which I really hope isn’t the case. We need to see sales pick up. Typically, by this point in the year, we have a heated market with bidding wars and we just aren’t really seeing that. We also never have this many new listings hitting the market in February. We typically have low inventory going into March so seeing 23 listings this week really shocked me. Looking at our other markets, Acton had no sales and two new listings, Glen Williams had one sale and one new listing and the rural market had two sales and two new listings. Even though nine sales in all of Halton Hills is low, we did have six of them sell over a million and of those six, two sold over two million. So our higher price point is still moving surprisingly! I’m just shocked that our lower price point isn’t moving yet. We need to see sales under a million dollars to have a fueled market. I’m just not sure what’s going on but it’s not good news for Sellers. We also had 10 properties do a price reduction this week, which shows that Sellers are not getting the results they want. We had a few weeks with very few price reductions but this week that was not the case. We also had four properties come off of the market and one re-list at the same price. So, we’re seeing some really weird things happening right now with the most notable being the high number of new listings.
So, looking at our active inventory, we’re up from 127 to 141 in Halton Hills. This isn’t a huge number compared to last year but it’s a huge jump week to week. Georgetown is up from 74 to 86 active listings which is no longer a low number. We sat in the low 70s for a bit and that’s definitely more ideal. Looking at our price points, under $800,000 is up from 9 to 11 active listings. If you need a condo townhouse, there are a TON available. We normally see those move quickly but that’s just not the case right now. Eight hundred thousand to a million is up from 17 to 21 active listings and I can’t believe that so many homes are sitting in this price point right now. There are some really nice homes available under a million dollars. One to 1.5 million is up from 24 to 29 listings and this price point can get very saturated with inventory. The majority of properties entering the market are in this price point and although the majority of sales are also here right now, it’s just getting a bit high. Finally, 1.5 million plus is up from 24 to 25 listings. Acton is up slightly this week from seven to nine listings which is still a good number for Acton. Glen Williams remained the same at four and the rural market is up slightly from 41 to 42. There are lots of properties available here but the price point is often much higher than Georgetown so these properties take a bit longer to sell.
Overall, I don’t think this was a very positive update. For February, low sales and high new inventory is not the trend we are used to seeing and not the trend we want. If this continues, our market is going to be a total mess. It’s just weird to me because buyers are out and interest rates are going down but if we keep seeing a ton of new listings, pricing will go down. I’m hoping this was just an off week and that we start to see sales pick up. So, I’ll be back on Tuesday. Have a great week!
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