The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: April 8th-15th, 2021
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 450 (420, 402, 318, 277) *139
Sold: 316 (239, 295, 216, 185) *104
Sale To Listing Ratio: 70% (60%, 73%, 68%, 67%) *75%
Price Changes: 60 (41, 53, 39, 26) *42
Listings that went conditional/pending: 363 (260, 363, 277, 258) *110
Expired/Cancelled/Withdrawn: 50 (57, 63, 35, 27) *68
Total Active Halifax/Dartmouth Inventory: 1,025 (988, 911, 916, 872) +2,155
Absorption Rate in weeks: 4 (4, 4, 4.5, 4.5) *17
Single Family Home Stats
Active Single Family Home: 437 (418, 347, 338, 304) *1,155
Average Single Family Home List Price: $434,314 ($410k,$450k,$485k,$447k) *$352k
Average Single Family Home Selling Price: $495,597 ($463k,$500k,$520k,$477k) *$345k
Single Family Home Sale to List Ratio This Week: 114% (113%,111%,108%,107%) *98%
Median Single Family Home List Price (6 mo): $379,900 ($380k,$380k,$375k,$370k)*$320k
Median Single Family Home Sold Price (6 mo):$400,000 ($396k,$396k,$387k,$381k)*$318k
Average Days on Market Single Family Home: 11 (11, 26, 26, 40) *37
Active Condos: 99 (90, 90, 103, 106) *141
Average Condo Listing Price: $339,662 ($432k, $432k, $363k, $405k) *$235k
Average Condo Selling Price: $366,113 ($453k, $453k, $380k, $426k) *$230k
Condo Sale to List Ratio This Week: 108% (105%, 105%, 105%, 105%) 98%
Median Condo List Price (6 mo): $309,000 ($300k, $300k, $290k, $283k) *$255k
Median Condo Sold Price (6 mo): $321,000 ($316k, $310k, $299k, $280k) *$253k
Average Days on Market Condos: 66 (30, 30, 126, 57) *8
Active Vacant Lots: 369 (361, 358, 358, 353) *730
Hard to imagine that just a short 12 months ago the average sale price was still reporting lower than the listing price. It's also hard to fathom the intensity and competitive nature of the current market and how extremely competitive the market environment has become. I want to say that things are slowing, and some would say that they just might be, but I think there are more options for buyers to have a look at and offer on so the attention is divided. It's the Spring market and there usually is a lot of options around this time of year (usually). It doesn't help that all of the weekly listings are holding offers until Sunday, forcing the group of buyers to go after the one in the bunch that they liked the most and if it doesn't work out, rinse and repeat. There are a few more back to market listings I have noticed this week, even some price reductions, which are all indicators that this Sellers market is invincible! There may few fewer offers on listing, just because there are a few options that divide the group, but the offer amounts are still aggressive and well over the top in most cases. Anything with recreation attached to it, water access or views, or park like settings are going for a premium and by far the properties that are seeing the most extreme overbidding by volume.
At this time last year things were still very uncertain, but one thing that was certain is that that the usual inventory surge of the Spring had basically came to a halt, which was devastating in an already persistent sellers market. With the lack of listings coming to market, the buyer mass grew, and it grew quickly. Finally, sellers started to return to market late last year, but by that time it was already too late and the current market conditions had taken hold. Seems this Spring has encouraged more sellers to come to market, including "by chance I get this amount" sellers, and the "un-sellable's" dynamic, which are all things to keep an eye out for! 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!
HELP IS DESPERATELY NEEDED!
This weeks "Adogtable" has been put on hold to hopefully help to shine a light on the recent dog surrender that occurred this week (77 in total) to the Nova Scotia SPCA. The story can be found HERE, but more importantly, the link to donate and really make a difference can be found HERE. Anything helps, and the shelter could really use your support!
LET ME HELP YOU OUT!
Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? I can provide you with a complimentary comparative market analysis or you can Contact me to advise you on your best plan of action for your real estate transaction and get the most advanced real estate system working for you. Feel free to contact me with questions or comments. Follow me on Twitter to keep up to the minute with all things Halifax real estate @HalifaxRealEst and friend me on Facebook and Google+ :) Please note that these opinions and comments are solely mine and mine alone. Don't forget to bookmark my page, and visit often!
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Looking for a little extra help finding that "needle in a haystack"? The innovators at my brokerage, ViewPoint Realty, have introduced another forward-thinking information tool for your property search needs. Its called "neighbourhoods" and it will break down some stats and give you a more focused tool on the area(s) you are looking for. We also offer mortgage and insurance solutions too! Check it out at viewpoint.ca and get more info now! Just another way Viewpoint Realty is advancing the property buying and selling process.
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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