The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of VIewPoint Realty: August 5th - 12th, 2021
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 203 (205, 252, 311, 215) *399
Sold: 177 (178, 187, 208, 175) *268
Sale To Listing Ratio: 87% (87%, 74%, 67%, 81%) *67%
Price Changes: 52 (41, 74, 57, 54) *123
Listings that went conditional/pending: 221 (182, 228, 242, 170) *294
Expired/Cancelled/Withdrawn: 42 (64, 65, 49, 74) *123
Total Active Halifax/Dartmouth Inventory: 1,202 (1,224, 1,225, 1,211, 1,153) +1,875
Absorption Rate in weeks: 6 (7, 6, 6, 6) *8
Single Family Home Stats
Active Single Family Home: 487 (500, 495, 485, 448) *952
Average Single Family Home List Price: $419,108 ($421k,$457k,$434k,$417k) *$376k
Average Single Family Home Selling Price: $444,846 ($452,$500k,$474k,$463k) *$381k
Single Family Home Sale to List Ratio This Week: 106% (108%,109%,109%,111%) *101%
Median Single Family Home List Price (6 mo): $378,900 ($380k,$389k,$386k,$385k)*$333k
Median Single Family Home Sold Price (6 mo):$435,400 ($436k,$437k,$435k,$435k)*$337k
Average Days on Market Single Family Home: 12 (11, 10, 12, 21) *43
Active Condos: 94 (95, 105, 107, 107, 99) *161
Average Condo Listing Price: $300,273 ($372k, $337k, $384k, $329k) *$300k
Average Condo Selling Price: $318,205 ($392k, $353k, $406k, $360k) *$304k
Condo Sale to List Ratio This Week: 106% (105%, 105%, 105%, 110%) *101%
Median Condo List Price (6 mo): $319,900 ($320k, $320k, $320k, $320k) *$275k
Median Condo Sold Price (6 mo): $349,700 ($350k, $349k, $350k, $350k) *$273k
Average Days on Market Condos: 28 (17, 21, 25, 16) *22
Active Vacant Lots: 467 (470, 475, 467, 448) *588
Activity remains steady in some areas, products and price points, but there are signs the machine is starting to slow. Although marginal, we are starting to see reductions in some key areas, like six month median listing and selling prices (finally) in both tracked products, and sales to list ratio for single family homes. The six month single family home list price has been sliding now for over a month, so just like the time it took to indicate the strengthening market, it will also take longer to confirm the weakening of it. The big news is that we do have that pool of data now heading in the opposite direction, which may mean we have seen the top of the market value, for now. Other stats are coasting right along, with marginal new listing numbers, decent sold numbers, and good showing of buyer activity this week. Perhaps it's the Summer, or maybe slowly but surely we are working though the demand, but the lessening activity is definitely being felt by anyone on the market currently. It's a very strange time, and although the amount of buyers out there are fewer, the potency of their offer's are still strong. As indicated a few weeks back, properties are starting to make it through the offer holdover week with increasing pace, and price reductions are becoming more common. Watch for this trend to continue. So a sleepy week on the market, the anticipation is that we will see somewhat of a return to regular market trend this year, which means September should see a pick up in activity for a time, then drop off until the lowest activity time of the year, which is the end of the December. Definitely a good time to stay tuned to the blog to stay on top of the market, so be sure to stop by and keep track! Thanks for stopping by, and stay safe out there!
The Weekly "Adogtable"
Meet Gypsy! Gypsy is a very skittish and fearful girl who drops to the ground and shakes, no aggression noted whatsoever. She likes dogs but is submissive to them. She is scared of new people but she likes kids! She currently pulls on leash, is house trained and crate trained. Her family will need to go slow with her to help her gain trust in the world around her. She is super sweet with her people and is slowly beginning to wag her tail.
This "cuddly companion" is available through Good Bones Dog Rescue, 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