Halton Hills Housing Update - Ep.245

Welcome to this week’s Halton Hills housing update! I have February numbers as well as numbers from this past week. So, in February of 2024, the market was fairly strong with lower inventory and high sales. We had 65 units sell and an average price of $1,092,000. This February, we only had 37 units sell, which is down 43% year over year. This wasn’t because of a lack of inventory either, I think buyers put the breaks on a little bit for various reasons. So we did have low sales this month but luckily our average price didn’t really suffer. We did have the majority of sales over a million dollars for most weeks, so I’m not totally surprised. Our average price this month was $1,075,000 which is only down 1.5% from January. If we continue to see low sales and high new inventory however, our price will start to be impacted. 

In Georgetown last week, we had eight sales which is not enough to keep up with our new inventory. We also had 15 new listings this week which is very high for February. A lot of the properties listing right now are ones that came off of the market at the end of 2024 so hopefully that slows down soon. Acton had one sale and two new listings. Glen Williams had no sales and one new listing and there were no sales or new listings  in the rural market. Out of the nine sales we had this week, five of them were over the million dollar mark. This has been a trend almost all year and I don’t totally understand why. In terms of the 18 new listings though, 11 of them were under a million dollars. What’s happening in the market is just very odd. We typically see the majority of homes sell under a million and it’s not very hot in our lower price points right now. We also had 13 properties that lowered their price this week and four that came off of the market completely. There were also three properties that relisted at the same. 

Looking at our active inventory, all of Halton Hills is up to 162 listings this week. We are creeping very close to the 200 mark every week and we need to see buyers active. The market is not great for sellers and we are not following typical trends right now. In Georgetown, we hit the 100 mark this week. We were at 94 last week and this kind of makes me sad because we didn’t really have a very hot period where inventory was low and selling well. I also think inventory is going to continue to climb here so we will have to see what happens. So, looking at our price points, under $800,000 is up from 10 to 13 active listings. Eight hundred thousand to a million is down from 22 to 21. One to 1.5 million is up from 34 to 35 listings and 1.5 million plus went from 28 to 31 active listings. Inventory is climbing and it’s not good news for sellers because buyers, even with interest rates where they are compared to last year, are not super active. I think there’s an uneasiness among Canadians right now so we’ll see how March pans out, especially with the changes that are happening. Acton is up from 10 to 12 listings this week. Glen Williams is up to six and the rural market stayed the same at 44. 

Overall, I would say that February's numbers are in line with what I expected and I’m happy that prices aren’t dropping quite yet. With these inventory levels though, it’s just a matter of time until they do. Hopefully the economy will level out soon and we can get back to normal but for now the market doesn’t feel super great. I think the majority of realtors feel this way. Our listings aren’t very busy and it’s a weird time without buyers being aggressive. So, I will be back next week, have a great week!