Halton Hills Housing Update - Ep.252

Welcome to this week's Halton Hills housing update! These updates are becoming absolutely absurd! I can’t believe where our numbers are at and we are so far past all of our previous record highs in terms of inventory. I thought last year’s numbers were high but that’s a joke compared to where we are now. I missed last week so I’ll be reporting two weeks today but the market feels busy with buyers and sellers. So, in Georgetown, we had double digit sales both weeks which is great! Two weeks ago we had 13 sales and last week we had 11. Our normal numbers are between 12 and 14 in Georgetown, but with this much inventory we really want to be seeing more than that. The bad news is that we had 23 new listings last week. Every day I log in and see eight new listings, nine new listings, etc, and it’s not slowing down! Acton had a week of two sales and then no sales last week, so not a lot of movement going on there. There were also four new listings there this week. Glen Williams had no sales and no new listings over the past two weeks and the rural market had one sale, then two, and five new listings this week. Properties are not selling in the rural market right now. We are seeing more price reductions, but still haven’t had many terminations, which we really need in order to get inventory down. Last week we had three properties terminate and not re-enter the market which is definitely not enough. The good news is that we have seen sales over a million dollars which is great because there was a period of time where not much was selling over a million. With as much inventory as we have in the one to 1.5 million price point you would think we’d have sales. Two weeks ago, only three of the 16 sales were under a million dollars and last week, six of the 13 were under a million, so the majority of homes selling right now are over a million. While this is good news, I just can’t believe how we got here. I have been doing these updates for so long and I know the trends so well and prior to this year our record was 232 listings and then it went back down, but now we are at 286 which is up from 254 two weeks ago and there’s no sign of it slowing down. Georgetown is the most saturated by far.

So, looking at our active inventory, as I said, we are up to 286 listings in all of Halton Hills from 254. Georgetown is up to 183 and previous to this, 140 was our highest number. What we’ve really seen an increase in is Delrex area homes. There are a ton of those available. So, looking at our price points, under $800,000 is up from 16 to 23. Eight hundred thousand to a million is up from 33 to 43, which is a ton of inventory for this price point. Getting into the 30s was enough of a surprise. The real situation is one to 1.5 million. We are up from 76 to 84 active listings in this price point and I believe our previous record was 62. This price point alone has more listings than all of Georgetown did in January. Properties are selling if they’re priced right, but if you’re trying to get a premium on your house right now, don’t even bother. There is way too much inventory for people to be doing that. Finally, 1.5 million plus remained the same at 33 this week and I think these sellers know that their price point doesn’t have a ton of buyers in it and that it’s not a great time to sell. It’s also not a price point where a lot of people are moving up to, like someone selling a house for a million dollars is maybe buying a 1.3-1.4, which reduces the buying pool here. 

In Acton this week, we are up from 28 to 32 active listings. This isn’t a crazy number but we haven’t seen many sales there lately. Glen Williams is down from 16 to 14 active listings due to two terminations and the rural market is up from 52 to 57 listings. The rural market is extremely saturated and we aren’t seeing much movement. The prices here are typically quite high so that’s not totally surprising.

So, we had a lot of numbers today and I’m still flabbergasted by just how much inventory we have on the market right now. I looked back to see where we were in January and our market was in a great place! We had 120 active listings in all of Halton Hills. We now have 286, which is more than double. Specifically in Georgetown, we are up 162%, going from 70 to 183 active listings. Acton was also at eight and now it’s up to 32. Glen Williams was at five and is now at 14 and the rural market was at 36 and is now at 57. Inventory has just piled on in all of our markets and the worst part is that I don’t think it’s going to slow down. I keep seeing coming soon posts and home owners are still reaching out about listing their homes. It’s absolutely bonkers! I really think prices are going to start to come down because it’s really the only way sellers are going to be able to compete in these conditions. The good news is that we are seeing sales (not enough but at least some are happening) but if your house is for sale and you don’t really need to sell, just take it off! So, we’ll continue to see what happens and I will be back on Tuesday. Have a great day!