Halton Hills Housing Update - Ep.244

Welcome to this week’s Halton Hills housing update! I missed last week, so I’ll be talking about both weeks today, although they were similar in terms of trends. So, looking at Georgetown, this week we had 12 sales and the week before we had five. It’s good to see 12 because that’s a more normal number for Georgetown and I’m hoping we continue to see high sales. The bad news is that we had 17 new listings, which is a lot for February. I’m hoping this is just an off week because February is normally a time with low inventory, bidding wars and price increases but that’s not really the case right now. I’m Acton this week we had one sale and three new listings. Last week we had three sales and one new listing so there was movement but inventory is still sitting low in Acton. Glen Williams had no sales and no new listings over the past two weeks and the rural market had no sales and one new listing both weeks. We aren’t seeing a ton of new inventory in the rural market but there are also virtually no sales either. One thing to note is that of the 13 sales we had in Halton shills this week, seven of them sold over a million dollars. We are seeing a weird number of million plus sales and it may be because you can get an insured mortgage over a million dollars now, but I’m not quite sure. Last year it was very difficult to sell anything over a million dollars. When looking at properties that terminated or changed their prices, we only had three properties this week that reduced their price. This is lower than it has been but with all the new inventory we are seeing, it’ll be interesting to see whether or not this number increases. 

Looking at active inventory, two weeks ago when I did my last update we had 141 listings. Last week we had 146 and this week we have 152. We are seeing a gradual climb week to week. Georgetown went from 86 to 92 to 94, so another gradual climb. Week to week though, this number will get bigger and will impact our market. We really need to see more sales happening. So, looking at our price points, under $800,000 is down slightly from 11 to 10 active listings. There were some condo townhomes that sold over the past two weeks which helps explain why inventory is going down here. Eight hundred thousand to a million remained the same at 22 this week and this is the price point where the majority of new listings fall, but it’s also the price point with the most sales right now. One to 1.5 million is up from 32 to 34 and this price point is always a struggle for us. We are a far cry from the 60 listings we had last year but movement in this pocket would be nice. Finally, 1.5 million plus is up from 27 to 28 listings. There is a ton of inventory available here but I really do think that these properties are overpriced. A lot of them have been listing for a long time and in my opinion, they’re trying to fetch way more than the market is currently giving. I don’t think we’re going to see a lot of movement here anytime soon. The majority of sales and between one and 1.3 million right now. 

In Acton this week, we’re up from 7 to 10 listings. That’s not a ton for Acton but it’s not very busy there right now. Glen Williams remained the same at four and the rural market is up slightly from 43 to 44 active listings. There are a ton of properties available in the rural market right now but they are in our higher price points so it’s not surprising that we aren’t seeing much movement. 

Overall, I think it’s good that we saw sales pick up this week but I am concerned with the high number of new listings. This is a time of year where we normally have an inventory shortage, bidding wars, and price increases as we approach March and that’s just not really happening. I do think our average price will be up this month because we have had quite a few sales over a million dollars but I don’t think prices are skyrocketing by any means. I think this year is unique in that we have more sellers who need to sell and it’s preventing our market from getting super busy because buyers have options. I’ll have February numbers for you next week and I’m curious to see what happens in March because it’s typically very busy. So, I’ll be back on Tuesday, have a great week!