Halton Hills Housing Update - Ep.273

Welcome to this week's Halton Hills housing update! I missed last week’s video so today I’ll be talking about the past two weeks. So, in Georgetown, we had nine sales each week, which is not a super high number but the market is moving and we have 11 properties that are conditionally sold. The market is definitely chugging along, but not at the usual rate for the spring. The good news though is that we are not being flooded by new inventory. Acton had two sales last week and one sale this week. Glen Williams had no sales either week and the rural market had no sales last week and one sale this week. So, when looking at our sales overall, our outer markets are very quiet. We only saw five sales between Acton, Glen Williams and the rural market over the course of the last two weeks and this has sort of been the trend for this year. It has been very quiet in those markets. Another thing to note is of the 23 sales we had over the past two weeks, only four of them were over a million dollars and the rest were under. There was a period of time when we only saw houses over a million selling, so it’ll be interesting to see what happens in the next few weeks. One final thing to note is that of the 23 sales, 19 were under a million dollars, and 14 of them were under $800,000. So more than half of the properties that sold this week were under $800,000. That is crazy to me because there was a point in time when it felt like you couldn’t even buy a house for under $800,000 in Halton Hills. This just shows where our market is right now and the hope is that the sellers of these properties will buy homes in higher price points, but we’ll see what happens! We are seeing prices soften a bit, especially townhomes and Delrex area bungalows.

Looking at our active inventory, nothing has changed in two weeks - which is crazy. Two weeks ago we had 156 active listings in all of Halton Hills, and this week we have 156 active listings. Georgetown had 95 listings last time I did an update, and again this week, we have 95 listings. Not seeing inventory spiral out of control is a great sign for our spring market because it shows that all of those listings that came off of the market in the fall are not re-entering. Obviously this could change, but for now it’s good. Looking at our price points, under $800,000 is down from 21 to 19 listings. Eight hundred thousand to a million is down from 28 to 26. It’s not surprising that these are down given the fact that most of our sales happened here. One to 1.5 million is up from 34 to 37 listings and 1.5 million plus is up from 12 to 13. So yes, technically those price points are up but they are nowhere near the levels we saw last year, especially in September. Acton is up from 14 to 17 listings, Glen Willliams remained the same at five and the rural market is down from 42 to 39. I think this could be a lot worse. We definitely aren’t seeing traditional spring sales, but as inventory stabilizes, our market has the opportunity to breathe and get balanced. Buyers are out but they are a little bit more hesitant. They’re being educated and playing hardball, and they understand we are in a buyer’s market. However, if inventory doesn’t skyrocket, it’ll be interesting to see how these numbers shift throughout April and May.

Overall, I think this was a positive update! It would be nice to report more sales, but inventory is stable and that’s what we want right now. I like where we’re at and I’m excited to see what the rest of the spring market has to offer! I’ll be back next week, have a great day!