We’re into October already and the Halton Hills real estate market is still moving.
Last week we had 11 homes sell firm and another 6 sell conditionally. That’s 17 homes finding buyers, which is pretty consistent with what we’ve been seeing over the last few weeks.
What I find interesting right now is inventory.
We had 34 new listings last week, but total inventory actually dropped slightly from 268 to 263 homes for sale in Halton Hills.
There’s still quite a bit coming off the market too. The report shows 21 terminations and 12 expired listings, so once again, looking only at the number of new listings doesn't give you the whole picture. HH weekly report Oct 2
What Happened in Halton Hills Last Week?
• 34 new listings
• 11 homes sold
• 6 sold conditionally
• 21 homes came off the market
• 12 listings expired
• 5 price changes
• Average sold price: $1,002,091
• Median sold price: $930,500
• Homes sold at 97% of asking price
• Median days on market: 15
• Total inventory: 263 homes HH weekly report Oct 2 HH weekly report Oct 2
What About Home Prices?
This is a good example of why I don't like looking at one week's average price and trying to make a big statement about where the market is going.
Last week's average was much higher because we had some higher priced homes sell.
This week, the 11 firm sales ranged from $820,000 to $1.4 million, with an average of $1,002,091 and a median of $930,500. HH weekly report Oct 2
Different homes sold this week. Different price range. Different average.
That's why I look at the bigger picture rather than one number.
If You’re Buying
There are still new homes coming onto the market every week, but total inventory isn't continuing to climb like it was earlier this year.
If you find a home you like, look at how it's priced and how long it's been on the market.
Those two things can tell you a lot about whether buyers are responding to the price and where there may be room to negotiate.
If You’re Selling
Homes are selling, but buyers are deciding what they see as fair market value.
The 11 homes that sold last week averaged 97% of their asking price. HH weekly report Oct 2
This is why I've been talking so much about pricing. Putting a higher number on your house doesn't make it worth more. The market ultimately decides what buyers are willing to pay.
And if you’re hoping to make a move before the end of the year, we're into October now.
A 60 to 90 day closing puts us right around Christmas or into the New Year, so now is the time to get your plans figured out.
I'll be back next week.
If you have a question, send me an email.
Michelle Bell
Sell with Bell
416-432-2009
Serving Georgetown, Acton, Glen Williams, Halton Hills, Oakville and the west GTA.
