Halton Hills Housing Update - Ep.248

Welcome to this week's Halton Hills housing update! So I have March numbers today, along with what happened in Halton Hills this week. Unfortunately I do think this is one of the more negative updates I’ve had in a while, as things are just not good right now. So, last year in March of 2024, we had 61 sales and our average price was $1,136,000. That was a pretty good month. This year, we had 40 sales, which is down 34% from last year and our average price is $947,386, which is down 16% year over year. These statistics are not good. We did see a lot of our lower priced properties sell this month, so I’m not totally surprised, but these numbers are very low for March. Our average price in January and February of this year were both around $1,075,000 so we’re also down almost 12% compared to the first two months of the year. The market is in a very bad place and it doesn’t seem like it’ll improve anytime soon. 

So, in Georgetown last week we had eight sales which is really low for March. We also had 22 new listings which is A LOT, especially compared to sales. Acton, Glen Williams and the rural market all had no sales this week. Acton had two new listings, Glen Williams had three and the rural market had five, so it’s safe to say inventory is piling on in all areas of Halton Hills. Another thing to note is that we only had one property terminate this week, but nine relisted at a lower price, two at the same price, and one raised their price after a failed offer night. I really don’t think anyone should be using that strategy right now. It just doesn’t work. So, all of Halton hills is up from 184 listings two weeks ago to 219 listings this week. The last time we had this many listings was in September last year and we sat around 220 for most of the summer. The difference is that last year we had double digit sales most weeks, and right now our sales are not keeping up at all. We could be a week away from hitting our highest inventory ever, which was 232 last year. This is really bad news if you’re a seller. Prices are suffering. 

Georgetown this week is up from 104 listings two weeks ago to 134 this week. 140 is our peak in Georgetown and we are not far from that. Things are really shifting. So looking at our price points, under $800,000 is up from eight to 13 active listings. That’s not a massive jump. Eight hundred thousand to a million is up from 28 to 29, so again not much of a change. The biggest jump is one to 1.5 million and that went from 39 to 56 active listings. That price point is getting absolutely hammered and it’s not moving like it was in January. I believe our all time high here is 61 or 62 listings, so again, we aren’t far from it. Finally, 1.5 million plus is also up from 29 to 35 active listings. We aren’t seeing any sales in this pocket right now. So, when we look at the 134 listings, only 42 of them are under a million dollars. This is just an awful place for us to be in in April. In Acton this week, we went from 16 to 25 listings in two weeks. Acton was sitting pretty low back in January but they are back to feeling the pinch. Glen Williams is up from 9 to 11 active listings and the rural market is actually down from 55 to 49. I think this is because they finally worked out the boundary issues and removed the listings that didn’t apply. We didn’t have any sales and we had five new listings, so technically inventory should be up. 

I think it’s safe to say that this market update is absolutely terrible. This inventory increase has happened so quickly and there’s no indicators of it stopping. It’s also only April, which is typically our busier time of year. Buyers are just hesitant and I’m really hoping they’ll be more active once the election is over. Interest rates are finally in a good spot and there are a ton of properties to choose from. Some sellers are really desperate so as a buyer, now might be a great time to get a good house for a great price. I really hope May and June end up being like a delayed spring market and things start feeling normal again soon. 

I will be back next week. Have a great week!