The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: April 27th - May 4th, 2023
Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 290 (300, 258, 217, 260) *411
Sold: 153 (149, 138, 109, 128) *211
Sale To Listing Ratio: 53% (50%, 54%, 50%, 49%) *51%
Price Changes: 82 (83, 61, 53, 58)*63
Listings that went conditional/pending: 177 (176, 196, 128, 154) *266
Expired/Cancelled/Withdrawn: 43 (43, 37, 69, 69) *61
Total Active Halifax/Dartmouth Inventory: 1,271 (1,273, 1,202, 1,216, 1,180) *793
Absorption Rate in weeks: 10 (10, 10, 13, 12) *4
Single Family Home Stats
Active Single Family Home: 637 (633, 580, 604, 584) *332
Average Single Family Home List Price: $648,804 ($626k,$644k,$582k,$500k) *$501k
Average Single Family Home Selling Price: $653,102 ($628k,$640k,$585k,$553k) *$571k
Single Family Home Sale to List Ratio This Week: 101% (101%, 99%, 101%, 101%) *114%
Median Single Family Home List Price (6 mo):$499,900 ($500k,$500k,$490k,$490k) *$445k
Median Single Family Home Sold Price(6 mo):$499,900 ($495k,$480k,485k, $484k)*$525k
Average Days on Market Single Family Home: 26 (29, 29, 28, 24) *14
Active Condos: 98 (101, 102, 99, 92) *69
Average Condo Listing Price: $540,425 ($436k, $455k, $492k, $425k) *$515k
Average Condo Selling Price: $441,772 ($454k, $453k, $487k, $427k) *$565k
Condo Sale to List Ratio This Week: 82% (125%, 99%, 99%, 101%) *110%
Median Condo List Price (6 mo): $399,900 ($400k, $400k, $400k, $400k) *$380k
Median Condo Sold Price (6 mo): $405,000 ($403k, $405k, $403k, $403k) *$430k
Average Days on Market Condos: 22 (10, 21, 21, 32) *23
Active Vacant Lots: 405 (401, 380, 369, 370) *244
With April in the books, May now has the baton and does not appear to be slowing down, if anything, momentum seems to be increasing. New listings continue to trickle onto the market, and are being met with renewed buyer vigour. Starter home, well, anything under $500k for that matter is red hot, seeing multiple offers and significant overbids in certain areas of the city again. Turn-key still remains the most desired property type, but location still seems to grant a little compromise in most cases. Strong sales week again this week, and values in both tracked products reported much higher than their six month counterparts. Spring market does tend to be bittersweet for buyers since there it is the time of year that offers the most selection (usually), but also drums up the most buyer activity as well. Competition can be fierce for property, especially since our inventory remains low, and pockets of desirable neighbourhoods do not offer a lot of options still. When they do come up, there seems to be a highly competitive bidding situation, especially at certain price points. With the offer holdover window now back for most property in or near the core of Halifax/Dartmouth, buyers are faced with the frustration of these situations known all too well by any would be buyers of the pandemic market. The question becomes, when will the market cool? Usually, the late Winter/early Spring is active, the most active of the entire year (normally). As early year inventory is gobbled up by buyers, there is usually a padding of listings on the back end of the Spring market, giving more options than the peak of the year. Right now, relocations, school seasons, work related moves etc are all big factors, bringing a highly competitive buyer to market. Once this group demands have been met, the general market feel is less competitive, and this tends to be at the end of Spring/Summer months.
Keep in mind, these are typical annual trend notes, if we are headed back that way. Since the pandemic, the market has yet to react "typically", but this year feels the most familiar since then. Only time will tell which way things will go, so stay tuned to the blog and stay informed! Thanks for stopping by!
The Weekly "Adogtable"
Hi everyone! My name is Gemma. I am almost 6 months old, 40 lbs and a growing husky mix pup, not yet spayed because of my young age. The nice folks at SALCARS took me in after my family here in Nova Scotia experienced some circumstances in which they couldn’t responsibly keep me any longer. I’ve been hanging out with my foster family for a few weeks, but now I’m ready to start the search for my forever home!
In case you’re wondering, yes, my eyes are two different colours. This can be quite common to my breed and just adds to my beauty, don’t you think? But don’t be mesmerized by my looks, there are some things you need to know about me to make sure we’re the perfect match. First, I’m a pretty energetic puppy. I’m happiest when I’m working, playing or running. Right now, I go on 2 leashed walks a day, 30-45 minutes each time, as well as supervised play time in a secure fenced yard with my canine foster siblings at various times throughout the day. Foster mum is pretty strict about no play or shenanigans in the house, and since my exercise needs are being met, I do settle down pretty well inside the house through the day and I sleep through the night.
Second, I’m strong willed and highly intelligent, some may say a tad stubborn. I will push the limits if allowed, so foster mum keeps saying something about me needing a consistent, kind, but firm handler/human leader, whatever that means. All I know is that like my ancestors before me, I love being a member of a pack and I’ll settle into whatever pack hierarchy you allow me to. Third, I’m very friendly, playful, curious and a tad mischievous. I have a perpetual puppy happy face from sun up to sun down. Every waking moment is an opportunity for fun and adventure and I just love to spend time with my family.
Let me tell you some more good stuff about me. I’m completely housetrained. Not one accident since I’ve been at my foster home, which is pretty good for a puppy if I do say so myself. I don’t seem to be a “howler” and I’m pretty quiet overall. I’m a great eater, enjoying 2 meals a day. I love all dogs; I’ve lived with all sizes of dogs in my young life and got along just fine with them all. I’m not reactive to other dogs when out on leashed walks in the neighbourhood. My preference would probably be for my forever home to have another dog for me to play with, hopefully one that could match my energy, but it’s not a necessity. Although I haven’t gone yet, foster mum thinks I would do just fine at a doggy daycare setting or at a dog park. I love all humans and am quite friendly.
Although there’s no children at my foster home, I’ve previously lived with kids and did well. Keep in mind that I do have the typical puppy exuberance and energy, so kids under 5 are probably a no or at least a strong caution, but other than that, I would suit any family that has the time and energy to spend with me.
I also previously lived with a cat and done well. Foster mum is pretty familiar with my breed and says I have atypical low prey drive for a husky, but to be on the safe side, if you have a kitty, it would be best if it was at least “dog savvy”.
Since I’m not even 6 months old yet, there are some things that I’m still working on to be a better canine citizen. Before I arrived at my foster home, I did not have any leash training whatsoever. While I didn’t like it for the first few days, I learned quickly that leashed walks are fun and now I run to the door in anticipation if foster mum even thinks about picking up the leash. Speaking of which, she uses something called a transitional slip lead with me and I actually walk quite nicely with it. My breed is known for pulling, but with the slip lead around my head and muzzle, we can all enjoy our neighbourhood walks. Of course, if you’d like to harness me up and let me pull you along for a jog/run, I’d probably love that too!
My foster home is also trying to do a little crate training with me. That’s going, ummm, meh. I don’t love it. Foster mum tells me that I have serious FOMO (fear of missing out) and I don’t like being left alone for long. Unfortunately, I can be destructive in the house if left alone, so crate training is a must. So far, I can handle a few hours at a time and as a bonus, I do get yummy peanut butter kongs for crate time so I am coming around slowly. My absolute preference is that someone is home with me all the time, but I’m slowly learning that it isn’t always possible and that I have to learn to settle on my own.
Well, thanks for letting me tell you all about myself. If you’re an active family, preferably with a secure fenced yard, looking for happy and loyal pup to add to your pack, I’m your girl!
My adoption fee is a $550 donation to the rescue to help save more dogs like me. I am not yet spayed as I'm too young, that will be the responsibility of my adopter's once I'm old enough but I am 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 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
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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