Halton Hills Housing Update - Ep.249

Welcome to this week's Halton Hills housing update. We have a little bit of good news this week, but it’s still not a great update overall. So, in Georgetown last week, we had 14 sales and half of them were over the million dollar mark. That’s a strong week for Georgetown so hopefully this indicates that buyers are coming back. It could be a random week, but it’s promising compared to what we’ve been seeing. We also had 17 new listings in Georgetown, which is a lot. Looking at our other markets, we didn’t have sales in Acton, the Glen, or the rural market. Acton did have 10 new listings which is an insanely high number for Acton. We had two new listings in the glen and five new listings in the rural market. When looking at properties that made adjustments, we had eight properties terminate, 13 re-list at a lower price, and one that raised their price after a failed offer night. 

Looking at active inventory, all of Halton Hills is up from 219 to 230 active listings. We are almost at our all time high, which was 232, so I suspect that we will hit that next week. When we saw 232 listings last year, I was sure we’d never need that again, and now we are and it’s only April. It’s crazy! So, in Georgetown this week, we are down from 134 to 132 active listings. We had 14 sales, 17 new listings, and a few properties exit the market, so that helped bring inventory down. We had 99 listings on March 18th so in less than a month our inventory has gone from double digits to almost our all time high which is 140. It’s not great news. So, looking at our price points, under $800,000 is up from 13 to 15 listings, $800,000 to a million is down slightly from 29 to 28 listings, one to 1.5 million is down from 56 to 55 listings, and 1.5 million plus is down from 35 to 34 listings. We are starting to see more lower priced properties hitting the market, but we still have a lot above a million dollars.

In Acton this week we are up from 25 to 32 active listings. This is insanely high inventory for Acton and we aren’t seeing many sales there. It’s definitely a buyers market and there are some great properties available right now but people just aren’t pulling the trigger. Glen Williams is up from 11 to 13 active listings, which is crazy high for the Glen. Finally, the rural market is up from 49 to 53 active listings and we haven’t seen many sales here despite all of the new listings. 

One thing I took a look at this week was where our inventory is sitting in terms of pricing. So, we have 230 active listings and of the 230, 70% of them are over a million dollars. Only 69 of the 230 are less than a million, and so it’s difficult right now for anyone selling a home over a million dollars because of the sheer volume of listings. Of the 161 properties over a million dollars, about half of them are sitting between one and 1.5 million and the other half is over 1.5 million. There is just a ton of inventory over a million dollars, and for our outer markets that don’t move as quickly as Georgetown, it’s rough. I’d say that 14 sales this week is really positive. It’s a strong number and higher than our average. It could be a random week or it could be the start of buyers returning to the market. Open houses have been busy so hopefully it’s a positive sign. We also need to see more homes exiting the market and that will help keep inventory at bay. We’re experiencing a really weird year and we’ll have to see what happens after the election. Have a great week!