Previous weeks numbers in brackets)

*Previous Year's Stats​

Total Market
New/Back to Market Listings: 180 (177) *143
Sold:  85  (76) *64
Sale To Listing Ratio: 47% (43%) *45%
Price Changes: 35 (53) *37
Conditional Sale: 132 (106)  *85
Expired/Cancelled/Withdrawn: 42 (45) *46
Total Active Halifax/Dartmouth Inventory:  1,273 (1,272) *1,015


Single Family Home Stats
Active Single Family Home: 652 (652) *472
Average Single Family Home List Price:  $638,319 ($634k) *$549k
Average Single Family Home Selling Price:  $627,544  ($623k) *$537k
Single Family Home Sale to List Ratio This Week: 98%  (98%) *98%
Median Single Family Home List Price (6 mo):$499,900 ($500k) *$468k
​Median Single Family Home Sold Price(6 mo):$512,800 ($515k)*$465k
Average Days on Market Single Family Home: 45 (55) *52

Condo Stats
Active Condos:  106 (97) *66
Average Condo Listing Price:  $555,809 ($431k) *$387k
Average Condo Selling Price: $539,772 ($422k) *$389k
Condo Sale to List Ratio This Week: 97% (98%)  *101%
Median Condo List Price (6 mo): $433,875 ($425k) *$395k
Median Condo Sold Price (6 mo): $426,000 ($422k) *$390k
Average Days on Market Condos: 35 (49) *15

Active Vacant Lots: 373 (412) *374

Market Rant
Another solid week, as we kick off 2024 with a bang! New listings continue to pour to the market, and they are met with elevated Buyer interest. As mentioned last week, January tends to have this micro Sellers market blip thanks to low inventory levels and increased Buyer activity. This year is no different so far, and the numbers reflect that. Average selling prices remain unusually elevated again this week, with median prices being a bit more reflective of the true nature of the market. Quite the value increase from last year at this time, which is a little surprising given that Halifax was supposed to see a significant value correction in 2023. Speculation is that values will continue to level out until parity is met in all products, across all price points. This process, of course, will take some time, so we should see this as a continual effort throughout 2024. 

It was announced yesterday that mortgage rates will remain where they are for the time being, but the expectation is that we may see a reduction once inflation has hit a target percentage rate. When and if that does happen, expect a surge in buyer activity as homes become more affordable, not only in price, but in mortgage cost. Off to a good start, so stay tuned to the blog to stay on top of the changing market. Thanks for stopping by! 

VIEWPOINT REALTY

Are you familiar with ViewPoint Realty? How about the ViewPoint Realty interactive real estate map? It's a powerful tool for all your property research needs and when you are ready to buy or sell, its the competitive edge over your competition! Not to mention, it's now more rewarding then ever to become a ViewPoint client, just click HERE to find out more. More savings and more information, sign up today! Or, click HERE to go right to the map and get property shopping!

Looking for a little extra help finding that "needle in a haystack"? The innovators at my brokerage, ViewPoint Realty, have introduced another forward-thinking information tool for your property search needs. Its called "neighbourhoods" and it will break down some stats and give you a more focused tool on the area(s) you are looking for. We also offer mortgage and insurance solutions too! Check it out at viewpoint.ca and get more info now! Just another way Viewpoint Realty is advancing the property buying and selling process.


Newest Blog post HERE

Previous weeks numbers in brackets)

*Previous Year's Stats​

Total Market
New/Back to Market Listings: 177 () *129
Sold:  76  () *60
Sale To Listing Ratio: 43% () *47%
Price Changes: 53 () *42
Conditional Sale: 106 ()  *114
Expired/Cancelled/Withdrawn: 45 () *42
Total Active Halifax/Dartmouth Inventory:  1,272 (1,393) *1,016


Single Family Home Stats
Active Single Family Home: 652 () *462
Average Single Family Home List Price:  $634,070 () *$579k
Average Single Family Home Selling Price:  $623,403  () *$555
Single Family Home Sale to List Ratio This Week: 98%  () *96%
Median Single Family Home List Price (6 mo):$499,900 () *$460k
​Median Single Family Home Sold Price(6 mo):$515,000 ()*$460k
Average Days on Market Single Family Home: 55 () *44

Condo Stats
Active Condos:  97 () *67
Average Condo Listing Price:  $430,630 () *$555k
Average Condo Selling Price: $421,600 () *$451k
Condo Sale to List Ratio This Week: 98% ()  *81%
Median Condo List Price (6 mo): $424,900 () *$396k
Median Condo Sold Price (6 mo): $421,500 () *$390k
Average Days on Market Condos: 49 () *39

Active Vacant Lots: 412 () *274

Market Rant
Coming out of the gate swinging! Big push of new listings to market this week, met with a hardy group buyers, who seem ready to deal! This is the usual trend post holiday season however, with the exception of the amount of new listings in a week. Perhaps there is a buzz in the air regarding the market, and Sellers are not going to pass up their chance to miss out on premium listing prices. Speaking of values, it might not be the greatest news for Sellers this week, as there was a significant drop in both tracked products six month median listing and selling prices over the holiday break. The six month data is more reflective of the trending market, especially since there is way more data to pull from, and the weekly stats can get a little skewed with a few exceptional sales for instance. Overall however, the numbers are pointing to a continued value correction, which as mentioned in the 2023 annual summary below, the anticipation is that this will continue to adjust as the year presses on. We kick off the year with the highest amount of inventory since 2020, which is also expected to grow as the months wear on. The question at this point is just how much inventory will climb this year, and how will the climbing numbers directly impact listing/selling prices. With values correcting, and the first wave of three year mortgage renewals since the pandemic approaching, the pendulum may swing rather quickly if given the right conditions. Stay tuned to the blog to stay on top of our teetering market and stay informed! Thanks for stopping by! 

This "cuddly companion" is available through Good Bones Dog Rescue, a non profit rescue organization from Nova Scotia. More info about him and other adoptable's looking for their furever home, and ways to help or donate can be found by clicking HERE

​Looking to help?

With the devastation of the fires and floods, we are still far from a full recovery and many animals and people could use help! I want to provide links to various shelters and rescues that could use your support. Donations of pet supplies, food, money, basically anything can help!

Good Bones Dog Rescue
​Nova Scotia SPCA 
Bide Awhile Animal Shelter
Halifax Veterinary Hospital

If you have a suggestion to be added to the support list, do not hesitate to contact me!

LET ME HELP YOU OUT!
​
​Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? I can provide you with a complimentary comparative market analysis or you can Contact me to advise you on your best plan of action for your real estate transaction and get the most advanced real estate system working for you. Feel free to contact me with questions or comments. Follow me on Twitter to keep up to the minute with all things Halifax real estate @HalifaxRealEst and friend me on Facebook and Google+ :) Please note that these opinions and comments are solely mine and mine alone. Don't forget to bookmark my page, and visit often!

VIEWPOINT REALTY

Are you familiar with ViewPoint Realty? How about the ViewPoint Realty interactive real estate map? It's a powerful tool for all your property research needs and when you are ready to buy or sell, its the competitive edge over your competition! Not to mention, it's now more rewarding then ever to become a ViewPoint client, just click HERE to find out more. More savings and more information, sign up today! Or, click HERE to go right to the map and get property shopping!

Looking for a little extra help finding that "needle in a haystack"? The innovators at my brokerage, ViewPoint Realty, have introduced another forward-thinking information tool for your property search needs. Its called "neighbourhoods" and it will break down some stats and give you a more focused tool on the area(s) you are looking for. We also offer mortgage and insurance solutions too! Check it out at viewpoint.ca and get more info now! Just another way Viewpoint Realty is advancing the property buying and selling process.


Newest Blog post HERE

Ready for the 2024 market? Let's have a look back at how the 2023 market performed, and how it may influence the market this year! 

Inventory was the talk of the city by the end of 2021, as we witnessed record lows and a red hot sellers market that had no signs of slowing at that point. Critical lows left home buyers wondering what the market would look like if these trends carried on, but fortunately, they did not have to endure further obstacles. Inventory slowly stared its recovery in the Spring of 22, continuing all through 2023 and landing us with a product count higher than the end of the first year of the pandemic. As you can see from the above chart, even before the pandemic market, Halifax was already in a balanced market in most areas, and even a Sellers market in some areas of the city by the end of 2019. The spread between mid 2018 and 2023 is almost 3,000 units, which is a big chunk to shed in that short amount of time. I dare say that the amount of inventory that dropped during that 5 year span is the most drastic Halifax has even seen. 2023 ended up being an inventory recovery year, and the anticipation is that this will continue into 2024 barring any sort of event. 

Residential selling prices had a slow correction year, and despite starting at values below 2022, the ebb and flow of the transactions ended the year with selling prices being the highest Halifax has ever seen at the end of a year. Of course, overall peak selling prices happened in the Spring of 2022, but after some varying correction, 2023 did provide a bit more stabilized pricing overall. As the product surplus continues to grow, prices should continue to correct, so these values will be something to watch out for in 2024 with the expectation of a downward trend. 

Possibly the most impactful chart, sales slumped across HRM in 2023, reporting lower in almost every month since before 2018. Soaring interest rates and peak pricing cooled the market quickly, and while interest in buying was still there, many took a step back to watch the dust settle. This gave the inventory a chance to catch up and pad some of the numbers around the city, and listing/selling prices that had not been seen in a couple years (sub $450k) started to show up, inviting a group of buyers back to market that had been priced out. The projections are that this trend will continue as inventory increases and values reduce, but may see localized surges on news of interest rate reductions.  

So it's good news for buyers heading into 2024! Inventory is on the rise, prices are on the way down, and there appears to be less competition our there for now. Lifting the foreign Buyer ban, and a few mortgage rate drops may change this however, but the long term forecast is a return the the steady Eddie market that Halifax is used to. Anything is possible however, so be sure to stay on top of things by tuning into the blog! Thanks for stopping by! 

Looking to help?

With the devastation of the fires and floods, we are still far from a full recovery and many animals and people could use help! I want to provide links to various shelters and rescues that could use your support. Donations of pet supplies, food, money, basically anything can help!

Good Bones Dog Rescue
​Nova Scotia SPCA 
Bide Awhile Animal Shelter
Halifax Veterinary Hospital

If you have a suggestion to be added to the support list, do not hesitate to contact me!

LET ME HELP YOU OUT!
​
​Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? I can provide you with a complimentary comparative market analysis or you can Contact me to advise you on your best plan of action for your real estate transaction and get the most advanced real estate system working for you. Feel free to contact me with questions or comments. Follow me on Twitter to keep up to the minute with all things Halifax real estate @HalifaxRealEst and friend me on Facebook and Google+ :) Please note that these opinions and comments are solely mine and mine alone. Don't forget to bookmark my page, and visit often!