The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: April 28th - May 5th, 2022
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 411 (362, 248, 337, 386) *261
Sold: 211 (201, 170, 181, 199) *269
Sale To Listing Ratio: 51% (56%, 69%, 54%, 52%) *103%
Price Changes: 63 (48, 35, 54, 41) *42
Listings that went conditional/pending: 266 (270, 169, 266, 227) *264
Expired/Cancelled/Withdrawn: 61 (35, 38, 38, 55) *79
Total Active Halifax/Dartmouth Inventory: 793 (712, 675, 655, 675) +917
Absorption Rate in weeks: 4 (4) *3
Single Family Home Stats
Active Single Family Home: 332 (293, 269, 245, 265) *320
Average Single Family Home List Price: $501,104 ($540k,$481k,$504k,$502k) *$427k
Average Single Family Home Selling Price: $570,501 ($619k,$570k,$609k,$600k) *$480k
Single Family Home Sale to List Ratio This Week: 114% (115%, 119%, 121%, 120%) *112%
Median Single Family Home List Price (6 mo): $445,000 ($440k,$430k,$430k,$430k) *$380k
Median Single Family Home Sold Price (6 mo):$525,100 ($520k,$515k,$510k, $505k)*$415k
Average Days on Market Single Family Home: 14 (9, 9, 7, 7) *12
Active Condos: 69 (58, 53, 52, 60) *90
Average Condo Listing Price: $514,542 ($653k, $405k, $454k, $503k) *$336k
Average Condo Selling Price: $565,285 ($705k, $480k, $513k, $525k) *$370k
Condo Sale to List Ratio This Week: 110% (108%, 118%, 113%, 104%) *110%
Median Condo List Price (6 mo): $379,900 ($380k, $372k, $375k, $370k) *$305k
Median Condo Sold Price (6 mo): $430,000 ($425k, $422k, $421k, $420k) *$325k
Average Days on Market Condos: 23 (61, 5, 5, 29) *27
Active Vacant Lots: 244 (235, 234, 241, 242) *404
We have lift off! After a questionable late winter/early Spring inventory showing, we finally have a few good weeks of gain, with this week really bumping things up. Increases in all tracked products this week, but Single Family Homes definitely had the most significant increase thanks to a big dump of new listings. The increases over the past few weeks have closed the gap between last year and this year, and this week we are just over 100 properties away from matching the overall numbers from then. That is significant news to wary buyers out there waiting for their chance to get into the market. Could be a small window of opportunity, or things could continue to trend this way for the foreseeable future, but we will need more time to confirm. In any case, it is a welcomed change for buyers, to see more options out there and perhaps a bit less competition.
Values took a hit this week in the weekly reports, but the six month median prices still had gains. A few interesting notes this week was the increase of days on market, elevated price changes, and listings that exited the market entirely. There has been reports of various other markets starting to cool around the country, namely Calgary and Toronto which took a big hit in March (GTA), but has since dropped another 27% since then, down 41% in sales from this time last year. Can't really say I'm all that surprised, nor will I be when it happens here as well. It has been an incredible market here in the last two years, but what goes up must come down. Will we see Toronto sized numbers? I don't think so, but there is bound to be a correction or plateau in values at least. Halifax is still somewhat affordable compared to other, larger markets, so that should sustain activity here for a bit longer. Naturally, when/if inventory ever recovers, it will trigger the basic fundamental of supply and depend. As demand is met, expect the overbids to decrease, and eventually disappear all together. Again, this could be a hiccup in the market, but signs are pointing to a cooling. Only time will tell, so make sure to stay tuned to the blog to stay on top of things. Thanks for stopping by!
The Weekly "Adogtable"
Our names are Pixie (11 years old, female, 17lbs) and Weavel (7 years old, male, 14lbs) and we are a senior bonded chihuahua mix pair! We started our journey in Texas a few years ago, we thought we found our forever home but it turns out they weren't the ones 😔 we are now hoping this time will be the last!
Life can really suck you know. It hasn’t been kind to me, I’m Weavil and I am the perfect example of how resilient a dog can be. My journey started in a kill shelter in Texas, I was homed, and then came back into foster care several months ago. I am diabetic. My sugars have been stabilized by two tiny shots of insulin a day. Insulin needles are small and sharp, I barely notice them, foster mom even stabbed herself once, and she agreed, not so bad. Unfortunately the other side effect of my diabetes is my vision, my diabetic cataracts make it harder to see now. My foster mom tells me not to worry because my vision loss doesn’t make me any less loveable. I love my foster family very much and will whine and wiggle when one of them comes home. In fact I will crawl right up your body to get the hugs I deserve. I am a little leary of strangers, I might bark a bit, but not aggressively. I also love my sister Pixie, we are a bonded pair and hope to stay together forever, she is a sweet little Texas belle.
I have a very good appetite, and am very food motivated. This is a small issue in my foster home, they already have a full house, people and critters. I can get a little snappy at food time when everyone is going crazy, so my foster mom separates us, so everyone gets along. The same dogs that I see as competition in the food fiasco are the dogs I might be snuggling with later. I will let out a warning growl to them to know what’s coming, so it is easy to avert. My sister and I never fight, we will even share with each other. In this regard it would make it easier on us if we were the only dogs. The cat is a non issue for me, she doesn’t like dog food. Pixie or the other hand she is curious about the cat so we think it'll be easiest if there are no kitties in our forever home either.
We do just fine when left home alone as long as there is a cozy place to snuggle up in together. We would really love it if you let us sleep in your bed with you at night but we will sleep in our bed close by as well.
Our perfect home would be a quieter one, we haven't met many kids but think we would prefer an adult only home to enjoy some easy senior years! Easy access to an outdoor space would be ideal. It could be a deck or yard. Even with my vision loss I will get around and do my business outside if I have a safe place to explore. We are house trained if you keep us on a schedule and watch our cues. We will walk on a leash, but we don’t need to do marathons for sure. We don’t mind the car, or the vet. If you want company and someone to share your space with, love you and make you feel special, we are your perfect pets.
Do you think we'd be a good match?
Our adoption fee is a $300 donation to the rescue to help save more dogs like us. We are spayed and neutered, vaccinated, microchipped, come with a 6-week trial of pet insurance from PetSecure and have all our doggy papers to come home to you! You can apply for us at https://form.jotform.com/60895241776264
This "cuddly companion" is available through the Save a Life Canada Animal Rescue, a non profit rescue organization from Nova Scotia. More info about them 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