The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: February 10th-17th, 2022
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 208 (170, 135, 130, 155) *229
Sold: 131 (110, 119, 105, 97) *187
Sale To Listing Ratio: 63% (65%, 87%, 81%, 63%) *82%
Price Changes: 14 (23, 15, 19, 24) *44
Listings that went conditional/pending: 137 (138, 121, 135, 136) *212
Expired/Cancelled/Withdrawn: 28 (32, 41, 29, 40) *30
Total Active Halifax/Dartmouth Inventory: 555 (518, 520, 534, 576) +912
Absorption Rate in weeks: 5 (5, 5, X, X) *5
Single Family Home Stats
Active Single Family Home: 174 (156, 157, 140, 159) *318
Average Single Family Home List Price: $507,182 ($530k,$494k,$596k,$543k) *$464k
Average Single Family Home Selling Price: $596,627 ($622k,$582k,$645k,$603k) *$484k
Single Family Home Sale to List Ratio This Week: 118% (117%, 118%,108%, 111%) *104%
Median Single Family Home List Price (6 mo): $399,900($400k,$400k,$400k,$399k) *$360k
Median Single Family Home Sold Price (6 mo):$455,000 ($450k,$450k,$442k,$440k)*$370k
Average Days on Market Single Family Home: 21 (22, 21, 23, 26) *33
Active Condos: 39 (29, 25, 28, 37) *100
Average Condo Listing Price: $451,809 ($353k,$480k, $464k, $485k) *$394k
Average Condo Selling Price: $528,872 ($450k, $531k, $506k, $511k) *$405k
Condo Sale to List Ratio This Week: 117% (127%, 111%, 109%, 105%) *103%
Median Condo List Price (6 mo): $349,999 ($350k, $349k, $350k, $340k) *$275k
Median Condo Sold Price (6 mo): $371,000 ($360k, $361k, $361k, $360k) *$279k
Average Days on Market Condos: 6 (6, 11, 35, 59) *79
Active Vacant Lots: 233 (223, 241, 262, 274) *393
Slowly getting some lift off! Gains in all tracked products this week, and the largest weekly increase so far this year. Still not enough to do a lot of damage to the demand, but it's a start, and a welcomed sight for weary buyers. As the Spring market approaches, so too does the peak of the inventory year. This gives buyers an opportunity to have the attention of new listings divided amongst the overall active buyer group, lessening the competition by simply having a few more options to choose from. Listings are usually active for a week or so, then offers are presented on a Sunday or Monday. If that is the trending formula and a few new listings are on the same path, then this will divide the group of interested buyers since only one can be bid on at a time. Now, this doesn't happen all of the time, it just seems to be the trend.
Values continue their march in the northern direction this week, specifically the overbid amounts. During the late fall last year, those numbers seemed to stabilize for a few months but the listing void left by the beginning of Winter left a vacancy that is slowly starting to fill back in... ever so slowly. The real stress test is coming though, since Spring is not only the busiest time for sellers to list, it is also the one of busiest time for active buyers who are relocating or making a lateral move. Hopefully the pressure continues to lift, giving buyers a fighting chance out there, cause at the moment it's pretty discouraging for a lot of price points and areas. Stay tuned to the blog and stay up to date with this ever changing market, and thanks for stopping by!
The Weekly "Adogtable"
Ellie is a shy little lady, she is very nervous of new people, with that we're asking people interested in adopting her to plan to come for multiple visits to meet her. Once warmed up Ellie is very sweet girl who loves to cuddle, she loves having a nice warm lap to curl up onto.
Ellie is a very smart girl and still has some learning to do where she is so young. She does know sit, paw and lay down. She is pee pad trained but we're working with her now to get her use to using the bathroom outside. Ellie likes car rides and is also kennel trained.
The best home suited for Ellie is a home with adults only. She would enjoy a lifestyle that isn't too busy, so she can get her cuddle time on the regular with her new family and also so she isn't getting overwhelmed. Ellie would benefit from another friendly confident animal in the household. She can be loud when left alone, as most chihuahua's can be, so an apartment wouldn't be a suitable place for her.
Ellie will be limited to how many interactions with possible adopters per day to allow her time to decompress between meetings. Please understand that she may not be available for meeting if you come to the shelter, but we can arrange for a future date/time.
Interested in adopting? Please 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 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