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Welcome to this week’s Halton Hills Housing update! Overall, this week had a bit of movement, but there is still a lot of inventory piling on. Looking at our numbers, in Georgetown, we only had five sales, which is pretty low for Georgetown. Unlike other weeks though, we did have sales in our other markets. I’m hoping the five sales in Georgetown is just a blip because of the long weekend, but we shall see. We also had 18 new listings in Georgetown so new inventory is not slowing down. The majority of the new listings were also over a million dollars, so that price point isn’t getting much relief. Acton had three sales and six new listings this week, Glen Williams had no sales and one new listing and the rural market had three sales (which is quite high for the rural market), and one new listing. We haven’t been seeing sales in our outer markets so this is great news. Something to note though is that of the 26 new listings we had in Halton Hills this week, only nine of them were less than a million dollars. Also, four of the five sales in Georgetown last week were under a million dollars, so our higher price points are definitely struggling right now. In terms of properties that made adjustments, we had nine properties reduce their price, six come off of the market, and one re-list at the same price. We are seeing price reductions in all of our price points right now though, even under a million dollars.
Looking at active inventory, we have officially hit our all time high of 235 active listings. This is the most I’ve ever seen and I honestly don’t think it’s going to slow down. We could easily get to 250 listings if Buyers don’t increase their activity. So, Georgetown this week is up from 132 to 139 active listings. We have lots of listings here and our all time high is 140, so I think we will likely surpass that shortly. Looking at our price points, under $800,000 remained the same at 15, with 10 of those being condo apartments and condo townhomes. Eight hundred thousand to a million is up slightly from 28 to 29 which is a bit high. One to 1.5 million plus is really starting to hurt and that is up from 55 to 66 active listings. That is crazy! At the beginning of the year we basically had 66 listings in all of Georgetown and now just between one and 1.5 is that saturated. This price point really needs to come down in pricing because buyers are just not pulling the trigger. Our lower price points are moving though and we typically see sellers moving from the under a million price point into the over a million pocket, but that’s just not happening much right now. Finally, 1.5 million plus is down slightly to 29 active listings, but that is still a lot. The real saturation is between 1.25 and 1.5 million. Under 1.2 seems to still be moving but that’s about it.
Acton this week went from 32 to 33 active listings. This is a lot for Acton and just a month ago we only had 15 listings here. We’ve more than doubled the inventory in just one month. I do think some of the properties are listed a little bit high, so I think we will start to see prices drop a bit here. Glen Williams remained the same at 13 active listings this week and the rural market is down from 53 to 50 active listings. A lot of the properties in the Glen and rural market are higher price point properties, which is also why not much has been selling.
So, we did have some movement this week but inventory is just not slowing down. It feels like we are seeing 8-9 new listings each day and sales are just not keeping up. I’m hoping now that the election is over, buyer confidence will start to return but only time will tell. We really weren’t expecting this type of market again this year and I’m just hoping the traditional spring market was delayed and we can still see a busy May and June. It is a good time to be looking if you are a buyer though because there are definitely deals to be had! Interest rates are also in a better spot so take advantage if you are looking to buy. I’ll be back next week with April’s numbers. Have a great week!
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