Halton Hills Housing Update - Ep.213

Inventory has officially reached an all-time high and the crazy part is that it isn’t showing signs of slowing down! Where we end up with these inventory levels will be interesting. Last year when inventory was this high, we began seeing an exodus of homes completely leaving the market within a month and that helped to bring inventory back to “normal” levels. If that doesn’t happen this summer, our average price is really going to suffer.
Without a doubt we have already seen prices softening, but this could be just the beginning.
The saving grace right now is that sales are still happening unlike last Fall. In Georgetown, we were seeing 3-5 sales a week in October and we are currently seeing 11-12 sales consistently every week, so there’s still life in this market. However, with this many homes to choose from, it’s inevitable that prices are going to start to trend downward.
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