The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: April 15th - 22nd, 2021
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 378 (450, 420, 402, 318) *150
Sold: 296 (316, 239, 295, 216) *98
Sale To Listing Ratio: 78% (70%, 60%, 73%, 68%) *65%
Price Changes: 60 (60, 41, 53, 39) *70
Listings that went conditional/pending: 358 (363, 260, 363, 277) *112
Expired/Cancelled/Withdrawn: 44 (50, 57, 63, 35) *58
Total Active Halifax/Dartmouth Inventory: 1,031 (1,025, 988, 911, 916) +2,134
Absorption Rate in weeks: 4 (4, 4, 4, 4.5) *19
Single Family Home Stats
Active Single Family Home: 407 (437, 418, 347, 338) *1,141
Average Single Family Home List Price: $413,037 ($434k,$410k,$450k,$485k) *$351k
Average Single Family Home Selling Price: $462,857 ($496K,$463k,$500k,$520k) *$350k
Single Family Home Sale to List Ratio This Week: 112% (114%,113%,111%,108%) *99%
Median Single Family Home List Price (6 mo): $379,900 ($380k,$380k,$380k,$375k)*$320k
Median Single Family Home Sold Price (6 mo):$402,500 ($400k,$396k,$396k,$387k)*$320k
Average Days on Market Single Family Home: 20 (11, 11, 26, 26) *47
Active Condos: 106 (99, 90, 90, 103) *141
Average Condo Listing Price: $328,962 ($340k, $432k, $432k, $363k) *$329k
Average Condo Selling Price: $355,128 ($366k, $453k, $453k, $380k) *$315k
Condo Sale to List Ratio This Week: 108% (108%, 105%, 105%, 105%) 96%
Median Condo List Price (6 mo): $309,800 ($309k, $300k, $300k, $290k) *$260k
Median Condo Sold Price (6 mo): $324,900 ($321k, $316k, $310k, $299k) *$255k
Average Days on Market Condos: 11 (66, 30, 30, 126, 57) *84
Active Vacant Lots: 397 (369, 361, 358, 358) *715
Slight dip in the new additions this week, but I'm thinking this will be a bit lower next week given the new restrictions announced this week for the Halifax area. Already having the conversation with folks about how the return of the tightened rules will impact our market, and although I think it will decrease both buying and selling activity slightly, I don't think it will cause any major changes. If anything, the natural market trend is taking hold and providing a few more options to wary buyers week to week, tipping the scales back in the buyers direction. This tightening of restrictions will certainly add to it, but things have been edging in this direction over the last few weeks. I remember talking with folks when this thing first started last year and the initial reaction was that the entire industry was going to hit an extremely prolonged hiatus, when in reality, exactly opposite of that prediction happened. Will there be less buyers? sure. Will there be fewer listings? oh yeah! But they tend to balance themselves and have no doubt of buyer tenacity at the moment.
Another vein of discussion circled around out of town buyers who seem to be influencing the drastic price inflation, since they are coming from big markets and know what it takes to win these bidding wars. Extreme offer amounts, cash offers, waving inspections and other conditions, mostly things that local buyers just can't get on board with, and rightly so. The idea is that these restrictions will choke out these remote and overbidding folks from "out west", giving the hope that local buyers will have a better chance at locking something down. Make no mistake, "local" buyers have all but adapted to some of these big city techniques, so do not expect these overbids and bidding wars to disappear, but hardline conditions like inspections etc will remain. "But buyers can't visit!". True, but many out of town buyers were not making the trip to house shop since this thing started, so it's business as usual for this group, leaning on their Realtors for live FaceTime walkthrough's, videos, virtual tours, and pictures to purchase property site unseen. Now this is the group that will likely be impacted the most with these restrictions, because there is an unknown when the restrictions will be lifted, so buying site unseen with an unknown closing date can be tricky. Still, where there's a will there's a way...
This is going to be a year for the books, so stay tuned to the blog to stay on top of the rapidly changing market, stay safe out there, and thanks for stopping by!
The Weekly "Adogtable"
I'm Tucker. I am a 4 yr old, 60lb pitbull mix. I was surrendered to Salcars because my parents didn't have enough time to give me the life that they think I deserved. I've spent the last few weeks in a foster home working on my doggy manners and getting some medical stuff done.
I am a very sweet boy and I love to cuddle. I am very calm in the house and enjoy just relaxing on the couch. I love to go for walks and get really excited when you ask me if I want to go. I was always left to free roam in my previous home so I'm still working on my leash manners. I pull a lot on leash, everything is just so exciting. I do much better with my gentle leader, unless there is a person or dog I want to meet then I bark and pull to run towards them, which can be very intimidating for them but I just want to say hello. For this reason, I need controlled introductions with other animals as my foster mom says that I come on a little strong and I'm hard to control due to my size. I get along great with my foster fur siblings, both canine and feline.
I am fully housetrained, I have good recall as long as there's no people or animals around that I need to go say hello to, I love car rides, I love food so this could be a great help with my training, I like eating snow and I can give paw and sit pretty. I'll jump right in the tub for you for bath time, no problem. I let my foster mom do whatever she wants to me with no issues; clean my ears, touch me everywhere, flip me around to see my belly... anything at all.
I am definitely a sleep in bed with you kind of fella. I may start out sleeping elsewhere but don't worry, you'll wake up with me next to you so you can cuddle me. I am very respectful when others are eating, even the kitties. I don't bother them or their food. I won't touch your food either if you leave it. I'm very gentle taking treats too.
My foster parents say that I am the goodest boy but I do bark a lot and loudly. Luckily my foster parents live a ways back from the road so I don't see too much that passes by. I bark whenever I am excited so I guess that doesn't exactly make me apartment friendly. I don't like being crated and I will bark nonstop until you let me out but I'm a good boy and don't need one. My former family said that I would chew up things when they weren't home but I haven't chewed anything up in my foster home except, of course, my toys. I do get a lot more exercise here than in my previous home so that helps. I love my humans alot and would definitely love them to be home with me more often than not. Please note that if you do have to leave me for awhile, that you'll return to a whole lot of howling. I just missed you so much, I can't control myself. I have met a 3 year old and a 9 year old, I was very good but very excited like I get with everyone.
When I first came into care, I was very red and raw. The nice vet said I have allergies, that are currently being treated with a diet trial and medicated shampoo, and I'm much better.
My foster mom says I'm just a big goof ball who needs help with some of my manners but the love I'll give you in return will be so worth it.
Are you my forever family?! 💙
My adoption fee is a $400 donation to the rescue to help save more dogs like me. I am neutered, vaccinated, microchipped, 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 Canada 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 twelve years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah