The Halifax Real Estate Blog Weekly Market Rant and Statistic Update, by Jeremiah Wallace of ViewPoint Realty: October 14th-21st, 2021
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 241 (178, 182, 223, 229) *313
Sold: 163 (154, 164, 186, 195) *225
Sale To Listing Ratio: 87% (87%, 90%, 83%, 85%) *72%
Price Changes: 39 (45, 43, 56, 55) *86
Listings that went conditional/pending: 215 (192, 196, 223, 201) *283
Expired/Cancelled/Withdrawn: 42 (50, 60, 48, 41) *59
Total Active Halifax/Dartmouth Inventory: 983 (1,003, 1,035, 1,099, 1,115) +1,632
Absorption Rate in weeks: 5 (6, 6, 6, 6) *7
Single Family Home Stats
Active Single Family Home: 347 (355, 401, 424, 433) *798
Average Single Family Home List Price: $454,809 ($408k,$484k,$424k,$531k) *$427k
Average Single Family Home Selling Price: $491,252 ($437k,$514k,$459k,$548k) *$431k
Single Family Home Sale to List Ratio This Week: 108% (107%,106%,108%,103%) *102%
Median Single Family Home List Price (6 mo): $380,000 ($380k,$380k,$380k,$380k) $340k
Median Single Family Home Sold Price (6 mo):$435,000 ($432k,$430k,$430k,$434k)*$350k
Average Days on Market Single Family Home: 18 (34, 15, 19, 22) *28
Active Condos: 68 (73, 67, 71, 78) *162
Average Condo Listing Price: $411,926 ($400k, $380k, $342k, $377k*$341k
Average Condo Selling Price: $434,805 ($422k, $394k, $370k, $391k) *$332k
Condo Sale to List Ratio This Week: 105% (105%, 104%, 108%, 104%) *97%
Median Condo List Price (6 mo): $319,900 ($319k, $319k, $320k, $320k) *$269k
Median Condo Sold Price (6 mo): $340,100 ($340k, $340k, $341k, $344k) *$269k
Average Days on Market Condos: 10 (55, 24, 9, 28) *60
Active Vacant Lots: 430 (439, 438, 474, 470) *525
It was bound to happen, and we have been headed to the basement for a couple years, but this week marks a new low in the already decimated inventory levels. A mere 983 products are currently listed active for sale at the moment, and that's in all categories/prices/areas etc. Rewind a few short years to 2019 where there was almost 3k available at this time, almost 4k in 2018, and take it back to 2015 where there was 5,668 properties for sale this week! We have come a very long way in such a short time. The gap was starting to close between last years inventory and this years, but October seems to have its own plans in this department, with renewed buyer interest looking to capitalize on the supposedly sleepy time of year. Could be a final push to get into something before the holiday season and the snow hits the ground, or it could just be a few products hitting the market have drawn buyers back to it. The newly dubbed "micro" sellers market as I named it a few weeks back carries on, and gains momentum, this is due to fewer products being available. Where more listings started to flow to market a few weeks ago, buyers attention was divided amongst the selection. Now, with the extremely lacking selection, buyers are laser focussed on the very few options as the trickle to market each week, keeping the extreme sellers market foothold in place. Going to be one for the record books, so stay tuned to the blog to see what the final tally will be for 2021! Thanks for stopping by, and stay safe out there!
The Weekly "Adogtable"
Taz is a busy puppy that is learning all the rules of the world as he experiences socialization with a great group of dogs in his foster home. Taz walks decent on a leash, is almost fully house trained, and knows most basic commands. Taz does have separation anxiety, and resource guards some things, so this will need to be worked on. Taz loves people, but would be recommended in a home with older children due to his resource guarding. Taz has never been around cats.
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
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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Newest Blog post HERE
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