The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, bu Jeremiah Wallace of ViewPoint Realty: August 25th - September 1st, 2022
Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 194 (208, 256, 229, 203) *227
Sold: 129 (109, 153, 147, 138) *183
Sale To Listing Ratio: 67% (52%, 67%, 64%, 68%) *80%
Price Changes: 113 (97, 105, 99, 88) *61
Listings that went conditional/pending: 141 (152, 168, 171, 147) *216
Expired/Cancelled/Withdrawn: 101 (53, 64, 39, 81) *49
Total Active Halifax/Dartmouth Inventory: 1,298 (1,327, 1,314, 1,304, 1,290) +1,188
Absorption Rate in weeks: 10 (9, 9, 9, 9) *7
Single Family Home Stats
Active Single Family Home: 662 (677, 662, 645, 638) *482
Average Single Family Home List Price: $483,268 ($501k,$505k,$487k,$521k) *$429k
Average Single Family Home Selling Price: $488,698 ($500k,$503k,$505k,$521k) *$469k
Single Family Home Sale to List Ratio This Week: 101% (99%, 99%, 102%, 100%) *109%
Median Single Family Home List Price (6 mo): $459,450($460k,$460k,$460k,$460k) *$380k
Median Single Family Home Sold Price (6 mo):$525,000 ($525k,$531k,$535k,$540k)*$436k
Average Days on Market Single Family Home: 18 (16, 16, 16, 20) *12
Active Condos: 91 (97, 101, 100, 105) *87
Average Condo Listing Price: $355,206 ($395k, $394k, $359k, $359k) *$338k
Average Condo Selling Price: $359,387 ($395k, $392k, $360k, $360k) *$353k
Condo Sale to List Ratio This Week: 101% (99.9%, 99%, 100%, 103%) *104%
Median Condo List Price (6 mo): $384,500 ($390k, $387k, $380k, $380k) *$319k
Median Condo Sold Price (6 mo): $425,000 ($430k, $438k, $438k, $440k) *$345k
Average Days on Market Condos: 22 (26, 17, 24, 24) *13
Active Vacant Lots: 384 (384, 383, 380, 371) *472
One of those slow and subtle weeks this week, as we put August in the rear view! Expect market activity to drop off in a big way this long weekend, as the big push to squeeze the last few days out of Summer, and before the return to school! Historically, the September long weekend signals the kickoff to the slower seasons of the year, which at this point will just be a continuation of the sleepy Summer we have had. Usually, buyer activity will fall off at this point, as well as listings that managed to chase the market for the Spring/Summer seasons, reflected by the expired/cancelled/withdrawn stat.. The end of August did see a slight uptick in activity right at the end, so the question is if the correction will continue, or will things start to pick up with a bit more confidence as the market plateaus. A lot of folks think the worst is yet to come, and the correction will continue well into 2023, possible further.
So far, the correction has hit quickly in most areas, but some locations and product types are holding out, keeping the numbers from truly revealing the current conditions. We added another week to the absorption rate this week, which has hit double digits for the first time in almost two years. Values have held fast this week for the most part, with incremental decreases that tend to chip away at them over time. The overbid factor continues to dry up, with the average prices continuing to sell around listing price. Also keep in mind that the sales to list ratios for these tracked products are their current listing price, and it does not take into consideration their original listed price. With the amount of price corrections that have and continue to occur, I would bet this number would be much lower than the current list stat, but the current list is a better indicator for market trend.
Slower days are on the horizon, and as we edge closer to the end of the year, we start to put the incredible Halifax pandemic market of 2020-22 in the history books. Who knows, this could all be a temporary falloff until the market confidence is re-established, but the prediction is that we are on the way back to a classic, slow gain, Halifax market. Have to stay tuned to the Halifax Real Estate Blog to stay informed and stay on top of things! Thanks for stopping by!
The Weekly "Adogtable"
Hi everyone! Im Nick, a goofy energetic 10-month old terrier mix weighing around 40lbs. I came from Louisiana, where I was found as a stray, a couple weeks ago and I'm now ready to start the search for my forever family.
I have been experiencing all sorts of new things while I’ve been in Canada. I am mostly house trained but I do need to be let out often to make sure I don’t have any accidents. I have been left at home with my foster fur brother for up to 2 hours without issue.
I’ve met lots of adults and dogs and I love them all. I haven't met any children or cats. I think I would do best in a house with no kids or older ones as I love to play with my mouth when I get excited, and without cats as I like to chase things that are smaller than me. I will definitely need some work on my mouthing as I'm pretty big and strong already.
My foster brother and I love to roughhouse, so I would love to have a fur sibling who is as energetic and loves to play rough and tough like me. I might be okay as an only dog as long as I had lots of stimulation and exercise. I love to play with toys and chew on bones and will generally only play with my things but sometimes I steal shoes and socks if no one is watching! Since I am such a busy guy and bark when I hear strange noises or get excited, I don’t think I would do so well in an apartment.
Even after coming all the way from Louisiana I am great in the car and love to adventure with my peeps! I stand for a bath, but I am still unsure about walking on a leash so my new parents would have to work on me with that.
I love to snuggle and cozy up next to you at night. I can be head strong so I think someone who has experience with dogs and would be willing to work with me would be best. I LOVE food, and am a very smart boy, my foster mom thinks I would be great at agility or another type of dog sport - whatever that means.
I am a puppy who loves life and I have sooo much love to give, I just need a few kinks worked out to become the best big boy that I can be. If you’re an adventurous, busy person searching for a loyal, silly companion - look no further, I just might be your guy !
My adoption fee is a $550 donation to the rescue to help save more dogs like me. I am neutered, vaccinated, 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 him and other adoptable's looking for their furever home, and ways to help or donate can be found by clicking HERE
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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