The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: August 4th-11th, 2022
Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 229 (203, 264, 295, 351) *203
Sold: 147 (138, 142, 159, 156) *177
Sale To Listing Ratio: 64% (68%, 54%, 54%, 44%) *87%
Price Changes: 99 (88, 113, 97, 105) *52
Listings that went conditional/pending: 171 (147, 182, 176, 205) *221
Expired/Cancelled/Withdrawn: 39 (81, 63, 43, 46) *42
Total Active Halifax/Dartmouth Inventory: 1,304 (1,290, 1,303, 1,307, 1,284) +1,202
Absorption Rate in weeks: 9 (9, 9, 8, 8) *6
Single Family Home Stats
Active Single Family Home: 645 (638, 658, 664, 647) *487
Average Single Family Home List Price: $496,558 ($521k,$528k,$547k,$508k) *$419k
Average Single Family Home Selling Price: $504,728 ($521k,$531k,$556k,$522k) *$445k
Single Family Home Sale to List Ratio This Week: 102% (100%, 101%, 102%, 103%) *106%
Median Single Family Home List Price (6 mo): $460,000 ($460k,$460k,$460k,$453k) *$379k
Median Single Family Home Sold Price (6 mo):$530,500 ($535k,$540k,$541k,$545k)*$435k
Average Days on Market Single Family Home: 16 (20, 19, 15, 14) *12
Active Condos: 100 (105, 100, 113, 110) *94
Average Condo Listing Price: $359,392 ($359k, $444k, $403k, $384k) *$300k
Average Condo Selling Price: $359,878 ($360k, $455k, $399k, $400k) *$318k
Condo Sale to List Ratio This Week: 100% (100%, 103%, 99%, 104%) *106%
Median Condo List Price (6 mo): $389,000 ($380k, $380k, $387k, $385k) *$320k
Median Condo Sold Price (6 mo): $437,450 ($438k, $440k, $441k, $440k) *$350k
Average Days on Market Condos: 24 (24, 17, 19, 20) *28
Active Vacant Lots: 380 (371, 362, 349, 349) *467
Average listing price for single family homes came in under $500,000 for the first time in several months this week, as values continue their slide from the top. The overbid values also took another tumble this week, with condo selling prices holding fast at 100% again, but the bigger news is the single family home average selling prices taking a significant blow. The six month median stats haven't had a chance to catch up yet, but we are starting to see the overbid on sale prices in both categories reducing week to week..
It's been a wild ride during this pandemic market, going from one extreme to the other in such a short time. At first, buyers couldn't believe what was happening and had a hard time adjusting to the new environment (especially residents of HRM), and now, in such a short time, sellers find themselves on the same side of that coin. With big markets across the country feeling the sting of increased interest and lacking buyer interest, it trickles down to our market, especially since out of town buyers played a key role in the explosive markets of 2020 and 2021. With that pool of buyers all but gone, we are starting to settle back into the "steady Eddie" market that Halifax is known for. Stay tuned to see if it's just a bump in the road or the continuation of the market turn!
Thanks for stopping by!
The Weekly "Adogtable"
Hi everyone, I'm Missy, a 7 year old, 11 lb, female Chihuahua mix. I came all the way from Louisiana a couple weeks ago in hopes of finding my furever family in the beautiful Maritimes.
I am house trained! That’s right, it only took me one day to figure out my foster mom wants me to do my business outside. I’m one smart gal. I like to rest all day when my foster mom is at work. I don’t mind spending the day alone to get my beauty sleep in. I won’t even get into any of your things. When you get home, I’ll be more than happy to get some love and cuddles in.
Even though I don’t mind staying home, I like to come with you to places too! I love being in the car and do really well on trips. I like cats and other dogs my size too. I guess you can say the only thing I haven’t really loved in my new Canada adventure is baths! I’m just tiny and don’t like being cold, I guess!
I do like walks but not too long please, just enough to get my business done and then I’ll put on the brakes to let you know I want to go home. I think I’d be a great companion for a senior or a family with older kids.
I love food and treats and they say I’m even a good girl at the vet. When I first arrived, my eyes didn't look so good so I was taken to the vet immediately and it was determined that I had conjunctivitis. The nice vet gave me some meds for this and I'm happy to report it's all cleared up but may be something to keep an eye out for in the future. I also had to have some teeth removed but that doesn’t slow me down at all. I’m still a happy, gentle pup and I am ready for my furever home. Do you think we are meant to be? If so, please send in an application so we can meet!
My adoption fee is a $450 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 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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Newest Blog post HERE
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