The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty (August 13th - 20th, 2020)
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 334 (399, 332, 295, 321) *286
Sold: 250 (268, 231, 221, 258) *209
Sale To Listing Ratio: 75% (67%, 70%, 75%, 80%) *73%
Price Changes: 116 (123, 80, 98, 131)*168
Listings that went conditional/pending: 274 (294, 249, 271, 291) *198
Expired/Cancelled/Withdrawn: 56 (123, 123, 22, 59) *89
Total Active Halifax/Dartmouth Inventory: 1,830 (1,875, 1,860, 1,888, 1,908) +3,216
Absorption Rate in weeks: 8 (8, 8, 8, 8) *17
Single Family Home Stats
Active Single Family Home: 916 (952, 934, 961, 991) *1,816
Average Single Family Home List Price: $402,005 ($376k,$387k,$362k,$364k) *$332k
Average Single Family Home Selling Price: $407,713 ($381k,$388k,$366k,$369k) *$324k
Single Family Home Sale to List Ratio This Week: 101% (101%,101%,101%,102%) *98%
Median Single Family Home List Price (6 mo): $334,900 ($333k,$330k,$330k,$330k)*$305k
Median Single Family Home Sold Price (6 mo):$338,000($337k,$335k,$334k,$333)*$302k
Average Days on Market Single Family Home: 41 (43, 41, 46, 38) *58
Active Condos: 164 (161, 155, 151, 156, 157) *196
Average Condo Listing Price: $248,520 ($300k, $326k, $232k, $269k, $312k) *$287k
Average Condo Selling Price: $257,412 ($304k, $327k, $233k, $270k, $309k) *$278k
Condo Sale to List Ratio This Week: 104% (101%, 100%, 100%, 100%, 99%) 97%
Median Condo List Price (6 mo): $269,900 ($275k, $275k, $273k, $273k) *$250k
Median Condo Sold Price (6 mo): $270,000 ($273k, $273k, $270k, $270k) *$240k
Average Days on Market Condos: 17 (22, 31, 24, 80)*60
Active Vacant Lots: 585 (588, 591, 607, 596) *937
Well, that was short lived. After weeks of steady inventory decline, last week finally reported an uptick in the available predicts, only to see it drop again one short week later. Looks like single family homes are the main culprit though, which of course is the most available option in HRM right now (I do use the term "available" loosely, since we all know that is not really the case right now). The sales to list ratio's are finally starting to reflect our market environment at the moment, although, it doesn't really give a complete picture of just how bad it is out there at the moment. I witnessed a listing in Dartmouth sell $100k+ over the asking this week, which was pretty shocking. I have seen listings go over that amount in Halifax, but that's the first time I have ever seen a property in Dartmouth go over $100k. Just a short year ago it was almost unheard of to see listings sell at asking, never mind over asking. Now the question is not IF it will sell at asking price, but how much over the asking price it will sell for. Frequently, the core is seeing the likes of 20-40k over asking respectively, but that average has been climbing rapidly as the Summer wears on, and seeing a couple properties sell $100k over the asking makes you wonder if we have seen the worst of it yet. It's a short trip to the top, but sometimes the fall is even shorter. Keep a weathered eye on the market by tuning into the blog frequently! Thanks for stopping by, and stay safe out there!
The Weekly Adogtable!
Hello, I’m Cooper! I’m a handsome, 9 year old Lhasa Apso boy. I’m sweet, gentle and very laid back. I weigh around 20lbs. I've been in the rescue for a few months now trying to get my health figured out but I'm finally ready to find my forever!
I really enjoy going for walks (and sniffing every tree along the way!). I also LOVE going for drives and I’m very well behaved in the car. I’m housebroken so good news for you!
I play with toys occasionally but mostly I’m not too interested in them. I know the commands ‘sit’ and ‘stay’. I like to sleep on beds or on the floor beside a bed. I usually sleep all night and I’m not really an early riser.
I’m not destructive at all. I love being in the company of people. I’ve been fine when I’m left alone but feel a little bit anxious when people first leave. I would thrive in a house where I get lots of attention. I love human contact and affection but will let you know when I’ve had enough. I don’t like to be picked up but once I know you very well, I may let you do it. I'm a little scared sometimes when meeting new people and am not always on my best behaviour but once I get comfortable, I'm a delight.
While I’ve been with my foster family, I've encountered other dogs and did fine but my foster family thinks I would do best in a home without any high energy pets or kids. I’ve been wonderful with older kids though.
I have some vision and hearing difficulties but it doesn’t stop me from being a happy boy! I’m allergic to meat so I eat vegetarian dog food. I LOVE a little bit of rice and cheese mixed in with it sometimes (or as a treat). I am food motivated but have great table manners. I was a bit itchy when I first came to my foster family but they got me some allergy medicine and that helped a lot!
I’ve had some symptoms that my vet thinks are related to mild seizures. I have daily medicine for that and it has helped so much. I also get daily eye drops and weekly ear drops to help me feel good. All my medications do add up(approx $200 per month) so I hope my forever family can continue to support me in my needs.
I don’t like getting groomed so we’ve had to make some special arrangements to get that done so I can look and feel my very best!
Are you my forever home?
My adoption fee is a donation to help save more dogs like me. I am neutered and microchipped, and I have all my doggy papers to come home to you! You can apply for me at https://www.salcars.ca/adopt.
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
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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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