The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: April 29th - May 6th, 2021
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 261 (296, 378, 450, 420) *234
Sold: 269 (301, 296, 316, 239) *112
Sale To Listing Ratio: 103% (102%, 78%, 70%, 60%) *48%
Price Changes: 42 (59, 60, 60, 41) *55
Listings that went conditional/pending: 264 (346, 358, 363, 260) *164
Expired/Cancelled/Withdrawn: 79 (48, 44, 50, 57) *104
Total Active Halifax/Dartmouth Inventory: 917 (994, 1,031, 1,025, 988) +2,100
Absorption Rate in weeks: 3 (3, 4, 4, 4)*19
Single Family Home Stats
Active Single Family Home: 320 (364, 407, 437, 418) *1,113
Average Single Family Home List Price: $427,314 ($419k,$413k,$434k,$410k) *$359k
Average Single Family Home Selling Price: $480,099 ($477k,$463k,$496K,$463k) *$351k
Single Family Home Sale to List Ratio This Week: 112% (114%,112%,114%,113%) *98%
Median Single Family Home List Price (6 mo): $379,900 ($380k,$380k,$380k,$380k)*$320k
Median Single Family Home Sold Price (6 mo):$414,500 ($411k,$401k,$400k,$396k)*$319k
Average Days on Market Single Family Home: 12 (14, 20, 11, 11) *61
Active Condos: 90 (101, 106, 99, 90) *152
Average Condo Listing Price: $336,176 ($280k, $329k, $340k, $432k) *$350k
Average Condo Selling Price: $369,007 ($348k, $355k, $366k, $453k) *$339k
Condo Sale to List Ratio This Week: 110% (124%, 108%, 108%, 105%) 97%
Median Condo List Price (6 mo): $304,900 ($303k, $310k, $309k, $300k) *$267k
Median Condo Sold Price (6 mo): $325,000 ($325k, $325k, $321k, $316k) *$261k
Average Days on Market Condos: 27 (10, 11, 66, 30, 30) *40
Active Vacant Lots: 403 (412, 397, 369, 361) *717
Business as usual? Sure, there has been a little bit less activity than usual at this time of the year, but definitely not the amount that I was expecting to say the least. Despite being in a lockdown, a surprising 261 properties listed this week, and even more surprising was the amount of property that received and accepted offers. Higher amount of listings that pulled from the market this week, to be expected with the rising cases, but not as many as one would expect. Still, the overall inventory pile took a heavy hit this week, so no doubt these listings coming to market at this time will still be met with high traffic volumes based on lack of availability alone.
Property values continue to surge, but the average sales to list ratio has somewhat balanced. Usually, or at least every year prior to 2020, the sales to list ratio came in around 95%-97% each week. It was one of the more predictable statistics each report. Quickly, the sales to list ratio is just that, a percentage of the list price that a property would sell for. So on average, every year before 2020, property would sell 95-97% of the asking price. Fast forward to today and those averages are flexing between 110%-114% (10-14% over the listing price) for single family homes, and 105%-114% respectively, and this is despite the increase in the prices. So it seems to me, that even though the increase of listing and selling prices continues to march upwards each week, the sales to list ratio has hit an average pace. It seems that buyers have put a cap on what they are willing to overpay for a property, combined with listings coming to market at current market value to set these averages in place. Of course, there will always be the exception, the extremes that no one can predict, and every time I think I've seen the height, there is another to eclipse it. Question is when will this will head in the other direction.
Wild west out there right now, 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"
Greetings! I'm Hannah! I'm a 6yr old, boxer mix, 55lb affectionate sweetheart. I'm sooo grateful and happy to have been rescued from my street life in Mexico and brought to Canada to live with my foster mom and doggie step sister but now it's time for me to find my furever home.
I'm not sure if small dogs or cats are my thing. I haven't met any but they move so quickly and I find that a bit scary, but I'm social and playful with dogs my own size or larger. Sometimes I try to wrestle and play with my foster fur sister, (I've even been seen kissing her on the nose), but she'd rather fetch a ball, so if you have a playmate for me, or an older child who would get down on the floor for a little while and play with a goofy dog, that would be amazing!
I'm a very good eater, drinker, and sleeper! I'm calm when I eat, and foster mom has pet me and also taken my kibble away while I'm eating, just to make sure I'll share, which I do! I will sit for a treat, and I'm very gentle when I'm given one. I never try to steal food from my foster mom's plate, nor do I beg. I go outside to do my business as long as I'm reminded. Sometimes I forget I have to hold my bladder until foster mom gets home from work, because I've never had to wait for anyone before. I've improved in that area so much already, and I'm so smart and eager to please, I'm sure I'll be completely potty trained soon.
I don't wake up through the night at all unless I hear someone near our house. Then I may growl or bark a bit, but I'm only trying to protect. I sleep in bed with the others, but occasionally I'll find a cozy spot on the couch and fall asleep there instead. Also, I'm not an early riser, so if you like to sleep in, I can do that too! I do like to cuddle with stuffy toys, and I haven't chewed any of my new things, or anything in foster mom's house at all.
Foster mom gave me a bath and clipped my nails for me. I was such a good girl and sat back enjoying it. We called it Hannah's Spa Day! I love car rides and will be happy anywhere you want me to sit in your vehicle. I've even sat in a baby's car seat! I will politely wait for you to invite me in, and also tell me when to hop out. I'm just happy to be with my people.
Everyone I've met since I've arrived in NS says I'm adorable, polite, and very affectionate. Everyone also loves my big beautiful eyes and my ears! I enjoy the compliments, and reward them with kisses.
I really enjoy playing outside with you, but not for too, too long as I also enjoy my beauty rest.
I also love moderate walks. Long walks or runs aren't for me. I do extremely well on leash. I stay very close to foster mom except to sniff things or go potty.I'm pretty relaxed, and so happy just to be snuggled, hugged and kissed. It's going to be very difficult for my foster family to say good- bye to me, but they know there is someone perfect just waiting to meet me!
If you're looking for a sweet girl who deserves a loving home and lots of snuggles, my foster mom says 'Look No Further'. I'll be here, waiting to meet you so we can start our journey together, paw in hand.
Are you my forever family?! 💙
My adoption fee is a $350 donation to the rescue to help save more dogs like me. I am spayed, 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 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 twelve years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah