Halton Hills Housing Update Ep. 130
Tuesday Aug 09th, 2022
I feel like I have a positive update this week, especially with where inventory went, so let's dive right in. In Georgetown this week, we had nine sales, which is pretty even with what we've been seeing on a weekly basis the last few weeks. We did have nine new listings, so even listings to sales, but what we saw this week was a lot of properties coming off of the market for whatever reason. They're kind of abandoning ship here on this market. Inventories actually down this week despite our numbers being even, so that is awesome news. Acton this week had three sales and four new listings. There was no sales in Glen Williams or Limehouse. The rural market also had no sales, but they did have two new listings. Now the real story of this week is the active inventory. Last week, all of Halton Hills was at 179 active listings. This week, we are down to 172 active listings. We have seen a significant drop the last few weeks, and we are way down from the 192, 193 we were seeing in July, so those are overall really good numbers. And like I said, what we're seeing is a lot of sellers, it's not even that our sales are high. We're seeing a lot of sellers coming off of the market completely. They're, I guess, not having the results they're looking for or they're simply just not getting offers and they're abandoning the market. Inventory is continuing to come down, which is exactly what I was hoping would happen in the summer.
Looking at Georgetown - last week, we had 116 active listings. This week, we are down to 110 in active listings. That is the lowest number we have seen in a very long time in Georgetown. And again, this is good news for the sellers. This is all coming back to supply and demand. We have a ton of supply right now and buyer demand is, it might be at an all time low, I don't know, people are super hesitant, their approvals have gone backwards, and there's just not a ton of buyer movement right now. As inventory drops, though the buyers that do exist are gonna be more willing to participate in the market with what's there versus like waiting to see. Looking at our price points, under 800,000 is down from 15 to 14 active listings this week, majority of those are condo apartments and condo townhomes still. Not a ton of the resale freeholds coming in under the eight quite yet. 800 to a million is down from 28 to 26 active listings. The interesting thing in this price point, of those 26, 18 of them are detached homes. There was a time in February where I said to a client, I don't know if you're ever going to be able to get a Delrex bungalow under $1 million again. I really didn't know, the market was going in such a scary place, and we had been competing and bidding and just nothing was coming to fruition, and it felt like prices were going crazy. There were a lot of people that spent 1.1 to $1.3 million on Delrex area bungalows, and now we have like over a dozen of them of available. Some of them are under 900,000. We have come back so far, especially on that kind of product. It was interesting to see how many detached homes under a million were actually available. That's just 800 to a million, and there's a couple under 800. It's like over 20 detached listings available under $1 million in Georgetown. That was literally the doom and gloom time. I never thought I'd see the day again, but here we are. Looking at a million to 1.5 million, that price point is down to 45 active listings. It has been a long time since that price point has been at 45 active listings. We were at 47 last week. We have been continually coming down week over week. Good news for the people in that pocket, that hopefully supply is going to start to dwindle in that pocket. 1.5 million plus is down from 26 to 25 active listings this week. Again, lots of great stuff available, but people's approvals have come backwards, so their budgets have had to come backwards and prices are just coming down.
Now looking at Acton, it remains the same this week at 20 active listings. Glen Williams is down to nine active listings. Limehouse is down to three and the rural market is up to 30 this week. Overall, I think that this is a positive update. We have seen inventory coming down the last few weeks, which is something that normally happens in the summer, but we were not feeling it in July. It's a mix between less listings coming up and listings that are currently on the market opting to come off the market is helping to create maybe a little bit of a cushion for sellers right now. Buyers right now are very hesitant. We're seeing very few showings. We're seeing very few buyers willing to actually put an offer on a property. Something to consider as a buyer though, is in September, we are probably definitely getting another interest rate increase. They're suspecting it could be another two or three before the end of the year. If I was a buyer that knows they want to transact by the end of the year, I'd really be considering looking right now, just knowing how the sellers are reacting to the market. We are gonna see what happens. I'm anticipating that we will hopefully see inventory continuing to drop throughout this month. If you're a seller, don't wait for the fall market. It is not gonna get better for you this year. There's just been a lot of conversations happening this week between sellers and buyers, and when's the right time to move and where interest rates are gonna go. People are just in a really confused state. I think for buyers, if the prices get better, your interest rates are getting worse. And for the sellers, I just don't think your price is gonna get better this year. So I'll be back next Tuesday to see what happens this week. Have a great week, everyone.