Happy New Year! It was a year of ups and downs, and all arounds. Let's take a look at how the 2022 Market year turned out!
Going into 2022, all eyes trained on this ever so important statistic. By the end of 2021, inventory was decimated, reporting at historic lows causing concern across the board. The fear was not having anything more to sell, which would continue to drive prices even higher than they already were for the few that chose to come to market. Luckily, inventory made a comeback, ending up returning to the same levels as 2021 in May, and ending up finishing just shy of 2020's year end, which was not a bad recovery at all. The prediction is that this trend will continue, and we will see a healthier supply of inventory as 2023 presses on.
With more inventory to choose from, you would think that would translate into more sales, right? Well, the vacuum effect took hold once the peak was reached in April, resulting in a dismal second half to the sales year. New foreign and out of province buyer taxes, cooling markets, interest rate hikes to curb inflation etc, all contributed to the super cooling of the market here in Halifax, and in a short timeframe. With market uncertainty at the tip of everyones tongue and prices still on the rise, many buyers took a step back to wait for the dust to settle. That dust is still settling however, and since June we had the worst second half to the sales report in over five years. The prediction here is that we will see sales recover this year, especially since the market is stabilizing, giving buyers a bit more confidence to come back to the table.
So what happens when sales start to plummet, and inventory increases? As they say "what goes up, must come down". The last two years have been anything but predictable. Historic sales and value increases have been met with historic lows and value decreases. Most realize that the rate of value increase and demand could not be sustained here, but a year and a half into the pandemic market, there really wasn't any signs of the train slowing down. Prices and demand continued to peak right until April, and then everything changed. Buyer activity really started to fall off, listings weren't receiving the usual train of buyers through the doors, and multiple offers became less and less until they became a rarity. By the end of the year, prices had returned to what was being reported at the end of 2021 after a sharp rise and fall over the Spring and Summer. There is some speculation where the average home price will end up, but if I had to guess, I would anticipate average selling prices to level off around the $450,000 mark. which is still a huge jump from 2020, but a value gain that is appropriate for our city.
After a couple years of growing pains and record breaking reports, the Halifax real estate market seems to be flattening out. The prediction is that 2023 will be a stabilization year, with pockets of sellers market in certain areas and price points, but in general, a balanced market in most areas. 2022 was another exciting year for the books, and although 2023 is not predicted to be the high velocity market that has been reported in the last couple of years, it stands to be an important one. Stay on top of things by tuning into the blog, and stay informed! Thanks for stopping by!
The Weekly "Adogtable"
My name is Hope. I'm a lab mix girlie just 1 yr old and weigh approximately 50lbs. I came from Texas a couple weeks ago, where I was found as a stray, in search of a better life. I'm now ready to start that search.
My foster home has 4 other dogs, 3 about my size and one smaller (25lbs). I need to be watched around the smaller one, because I tend to forget my size and can play too rough for a dog that size. Another dog in my new home would be nice, but not required as long as I have an active family. I am also great with kids, there is a 9 year old I just love in my foster home. I've never met a cat, so I'm not sure how I would be around one of those. A big fenced in yard would be nice, I love running around the one here but not required.
Being raised in a shelter environment for most of my short life, doesn't exactly give you the basic skills you need to be the best doggie you can be. So, I do have some things to work on which we'll discuss next.
I love walking! I've been working on my walking skills, but I can definitely benefit from more leash training. When out walking I haven't barked at people or dogs, but I get very excited seeing other dogs.
Im still learning basic commands like sit and down, but they are still a work in progress because I'm a bit stubborn! I am working on my potty training, just watch for my cues and take me out often and I should master it in no time.
I'm in love with food, and it's a good motivation for me, but watch out for yours or anyone elses. I don't understand that it's not all for me and once I'm done mine, I have no issue trying to take my fur sibling's food which has caused a few issues so I'm fed separately now. I also want every toy I see, even if I have the exact same one, I want theirs. Again my fur siblings don't like this so we have little tiffs. I definitely need some work on my boundaries and sharing skills. Toys I can't destroy in seconds would be ideal.
The car and I have a complicated relationship. I am very nervous to get in it and need help getting in. I'm nervous when the car moves, but am getting a bit better.
I sometimes get caught chewing, so when the humans go out, I am in a crate. I haven’t been left alone for more than a few hours at a time and I'm getting much better at going in the crate. Treats help alot! Sleeping in your bed is where I want to be. I love to cuddle up and stay put until you get up or I wake you with kisses.
Some noises make me want to alert you with my bark, especially if a dog barks on TV so an apartment probably wouldn't be ideal for me.
I like to get my exercise, but I also love to curl up with you on the couch. I'm becoming an excellent lap dog, and love to give you kisses.
I am missing some basic puppy skills but I've been working hard on them. With consistency and patience, I'm sure I'll master everything quickly because I'm a very smart girl who loves treats and praise. Other than that, I am a sweet, loving, energetic and beautiful girl. If it sounds like I'm your girl, please let my rescuers know that!!
My adoption fee is a $500 donation to the rescue to help save more dogs like me. I am spayed, vaccinated, microchipped, and come with a 6-week trial of pet insurance from PetSecure and have all my doggy papers to come home to you! You can apply for me at https://form.jotform.com/60895241776264
This "cuddly companion" is available through Save a Life Animal Rescue Society, a non profit rescue organization from Nova Scotia. More info about her and other adoptable's looking for their furever home, and ways to help or donate can be found by clicking HERE
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!
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Jeremiah Wallace, CD
Jeremiah has been involved with many aspects of the Real Estate industry for over fourteen years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah