The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: December 9th-16th, 2021
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 117 (163,118, 147, 151) *200
Sold: 112 (141, 143, 159, 129) *168
Sale To Listing Ratio: 96% (87%, 121%, 108%, 85%) *84%
Price Changes: 26 (26, 38, 42, 34) *43
Listings that went conditional/pending: 123 (141, 169, 168, 136) *189
Expired/Cancelled/Withdrawn: 35 (48, 57, 24, 36) *54
Total Active Halifax/Dartmouth Inventory: 706 (762, 778, 877, 909) +1,306
Absorption Rate in weeks: 5 (5, 5, 6, 6) *7
Single Family Home Stats
Active Single Family Home: 192 (226, 239, 282, 297) *553
Average Single Family Home List Price: $494,167 ($443k,$475k,$469k,$450k) *$421k
Average Single Family Home Selling Price: $529,133 ($483k,$522k,$508k,$496k) *$418k
Single Family Home Sale to List Ratio This Week: 107% (109%,110%,108%,110%) *99%
Median Single Family Home List Price (6 mo): $394,000 ($390k,$390k,$390k,$390k) *$350k
Median Single Family Home Sold Price (6 mo):$436,000 ($436k,$437k,$437k,$437k)*$358k
Average Days on Market Single Family Home: 22 (18, 19, 22, 15) *51
Active Condos: 44 (54, 49, 61, 60) *117
Average Condo Listing Price: $385,630 ($384k,$346k, $382k, $351k) *$313k
Average Condo Selling Price: $408,840 ($413k,$370k, $405k, $377k) *$316k
Condo Sale to List Ratio This Week: 106% (107%, 107%, 106%, 107%) *101%
Median Condo List Price (6 mo): $325,000 ($325k, $325k, $325k, $325k) *$270k
Median Condo Sold Price (6 mo): $342,500 ($341k, $340k, $341k, $341k) *$270k
Average Days on Market Condos: 73 (16, 13, 33, 8) *34
Active Vacant Lots: 353 (364, 372, 404, 416) *510
Hopefully Santa will be bringing more listings to the market for next year, if not, we could be in for another high tension market year. At this time last year the cupboards were almost bare, but this year is that much worse, with hardly any options out there at the moment. Both condo and single family homes dropped over half of their inventory volumes from last year, even vacant lots got in the mix too, shedding sizeable chunk of weight from the usually bloated stat. Not surprising that overall activity is lacking right now, new listings are way down, and even sales/pending sales are down, but I'm thinking the lack of options out there is what's keeping those numbers from being considerably higher. Speaking of higher, just look at the incredible value jump from last year! The six month family home selling price increased a whopping 20% this year, and condos an surprising 24%! Halifax, in usual markets, tends to report an annual gain of 3-5%, which is why the above changes are unusual for our "steady Eddie" market. For the first time in a few months, the average single family home listing price jumped a decent amount and now sits $44k more than last year, while condo listing prices jumped even more significantly by increasing 55k. Supply (or lack thereof) and demand continues to drive the market, and with all eyes shifting to 2022 the question of how the market will perform next year is at the forefront. The Halifax Real Estate blog has you covered though, so be sure to check in on the weekly and stay informed! Thanks for stopping by, and stay safe out there!
I just wanted to wish all my clients (past, present and future), friends, family and readers of the blog a very Merry Christmas and Happy New Year! The weekly market rant will return in 2022, with the 2021 market year summary! Be sure to stop by, you will not want to miss it!
The Weekly "Adogtable"
Pepper is an affectionate little man who is happy to be scooped up in your arms and spend all his time with you.
He is very food motivated which is helpful for any future training and is eager to please.
An additional transport fee of $150 will apply on top of the adoption fee. This fee will be used towards the mandatory heartworm re-test to be performed 6 months from the original test date.
Interested in adopting? Pleas e review our new adoption process here: https://www.novascotiaspca.ca/adoptionprocess/
This "cuddly companion" is available through the Nova Scotia SPCA, 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