The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: August 18th-25th, 2022
Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 208 (256, 229, 203, 264) *227
Sold: 109 (153, 147, 138, 142) *183
Sale To Listing Ratio:52% (67%, 64%, 68%, 54%) *80%
Price Changes: 97 (105, 99, 88, 113) *61
Listings that went conditional/pending: 152 (168, 171, 147, 182) *216
Expired/Cancelled/Withdrawn: 53 (64, 39, 81, 63) *49
Total Active Halifax/Dartmouth Inventory: 1,327 (1,314, 1,304, 1,290, 1,303) +1,188
Absorption Rate in weeks: 9 (9, 9, 9, 9) *7
Single Family Home Stats
Active Single Family Home: 677 (662, 645, 638, 658) *482
Average Single Family Home List Price: $501,003 ($505k,$487k,$521k,$528k) *$429k
Average Single Family Home Selling Price: $500,354 ($503k,$505k,$521k,$531k) *$469k
Single Family Home Sale to List Ratio This Week: 99% (99%, 102%, 100%, 101%) *109%
Median Single Family Home List Price (6 mo): $459,000($460k,$460k,$460k,$460k) *$380k
Median Single Family Home Sold Price (6 mo):$525,000 ($531k,$535k,$540k,$541k)*$436k
Average Days on Market Single Family Home: 16 (16, 16, 20, 19) *12
Active Condos: 97 (101, 100, 105, 100) *87
Average Condo Listing Price: $395,092 ($394k, $359k, $359k, $444k) *$338k
Average Condo Selling Price: $395,085 ($392k, $360k, $360k, $455k) *$353k
Condo Sale to List Ratio This Week: 99.9% (99%, 100%, 103%, 99%) *104%
Median Condo List Price (6 mo): $389,900 ($387k, $380k, $380k, $387k) *$319k
Median Condo Sold Price (6 mo): $430,000 ($438k, $438k, $440k, $441k) *$345k
Average Days on Market Condos: 26 (17, 24, 24, 17) *13
Active Vacant Lots: 384 (383, 380, 371, 362) *472
Unlike the weather at the moment, the market continues to cool I'm most areas of the Halifax Regional Municipality. Perhaps it has been this string of nice weather that has distracted buyer and sellers alike from their market endeavours, or maybe it's "back to school" season. Either way you slice it, things have calmed down quite a bit as we approach the end of the Summer.
The scales continue to tip in favour of buyers again this week, with most key market factors reporting quite differently than we have seen in the last two years. New weekly listing additions had a minimal showing, and the amount of sales reported lower than has been reported in almost two years. Inventory overall continues to grow, which is not common for this time of year, and has increased the gap a good distance from last year at this point. Values overall continue to slide down the sale each week it seems, and the overbid (sales to list ratio) amounts have dropped off significantly and is starting to show change in the six month median values. The most significant change is the single family home selling prices, which are now selling around asking price on average, and has seen a $30,000 drop in a short four weeks.
The question is, have we seen the bottom, or will the market continue to correct into the new year? Many have predicted that this correction will last, perhaps just as long or longer than the the short pandemic markets of 2022-22 (Spring). Stay tuned to find out, and stay informed! Thanks for stopping by!
The Weekly "Adogtable"
My name is Pepper. I am a 10-WEEK-old male, weighing in at 3 lbs. My mom was a rescue brought to Nova Scotia from Texas a few months ago. I was born June 11th, 2022, before anyone knew my mom was pregnant. I’m now old enough to start the search for my furever home!!
My mom is listed as a 12lb. Chihuahua mix and my dad is unknown so how big or how small I'll be full grown is a mystery.
I am a very outgoing fella. I’m full of energy, curiosity, love seeking, kisses and lots of cuddles. I like to play with toys and love to play with my brother. I am pretty confident, unlike my brother and not much intimidates me. Although I may be a little timid at first in a new home as basically all I've known for the last 2 1/2 months is my mom, my brother and my human foster mom. I think I will make a great dog park dog because I don't mind new adventures at all and I am a thrill seeking little guy.
I’m new at doggy life so I have a lot to learn. I am learning to use a pee pad for my relief. I enjoy my kibbles at meal time; I will gobble them up and then have a bit of play time before going for a nap.
I do ok in a car. I haven't gotten car sick like my brother does but I can't say that it's one of my favorite things to do. I get better as the drive goes along and I start to feel safe.
I am still a puppy so I have alot to learn; leash manners, not to chew things I shouldn’t, more socialization, overcoming separation anxiety, recall, housetraining, enjoying new things like car rides, etc. I am a very outgoing little boy wanting to learn all there is to know about being a good dog.
In short I am a puppy who requires lots of time and patience to be the best big boy that I can be. It also means that I will be a 10-20 year commitment for my future forever family.
If you have the time, patience, are adventurous and are committed, then I could be the handsome dude for you!!
My adoption fee is a $550 donation to the rescue to help save more dogs like me. I am microchipped and have had my first set of shots but set 2 and 3 at 12 and 16 weeks will be the responsibility of my adopter. I am much too young to be neutered so this will be my adopter's responsibility also once I'm old enough. I have been dewormed and I do 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
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