The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: February 16th-23rd, 2023
Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 153 (156, 155, 143, 143) *221
Sold: 83 (88, 96, 78, 64) *124
Sale To Listing Ratio: 54% (56%, 62%, 55%, 45%) *63%
Price Changes: 42 (46, 39, 50, 37) *14
Listings that went conditional/pending: 83 (117, 129, 118, 85) *137
Expired/Cancelled/Withdrawn: 14 (30, 52, 81, 46) *28
Total Active Halifax/Dartmouth Inventory: 1,042 (989, 974, 984, 1,015) *555
Absorption Rate in weeks: 12 (12, 13) *5
Single Family Home Stats
Active Single Family Home: 490 (461, 462, 462, 472) *174
Average Single Family Home List Price: $549,843 ($565k,$614k,$538k,$549k) *$507k
Average Single Family Home Selling Price: $552,177 ($565k,$609k,$522k,$537k) *$597k
Single Family Home Sale to List Ratio This Week: 101% (100%, 99%, 97%, 98%) *118%
Median Single Family Home List Price (6 mo):$470,000 ($470k.$465k,$463k,$468k) *$400k
Median Single Family Home Sold Price(6 mo):$467,500 ($465k,$465k,$460k,$465k)*$455k
Average Days on Market Single Family Home: 37 (37, 35, 31, 52) *21
Active Condos: 71 (64, 66, 67, 66) *39
Average Condo Listing Price: $451,823 ($488k, $536k, $523k, $387k) *$452k
Average Condo Selling Price: $448,069 ($487k, $531k, $515k, $390k) *$529k
Condo Sale to List Ratio This Week: 99% (99%, 99%, 98%, 101%) *117%
Median Condo List Price (6 mo): $399,450 ($400k, $396k, $399k, $395k) *$350k
Median Condo Sold Price (6 mo): $393,000 ($395k, $393k, $391k, $390k) *$371k
Average Days on Market Condos: 28 (19, 38, 55, 15) *6
Active Vacant Lots: 368 (358, 347, 335, 374) *233
So far, the early data from 2023 seems to point to a stabilization in prices, but we do have a lot of the year left to confirm. I have mentioned in earlier posts that data is a little skewed at the moment due to lack of inventory and remnant buyer activity, so we should see a breaking point in this surge during the halfway point of the Spring market. Still, we are double the overall inventory options from this year at this time, so that must be welcomed news for buyers coming to market. As prices continue to drop, some of the lower listed properties are seeing activity once experienced during the pandemic, but these seem to be properties that are falling back under the average selling prices of the neighbourhood. Local buyers continue to return to the market, even if reluctantly, to see if the market environment is a bit more accommodating compared to the last few years. The current market still seems a little uninviting, and challenging for certain areas and price points, but the hope is that there will be more and more options to choose from as we head into the Spring.
Average single family home listing prices are still much higher than last year at this time, but selling prices are much lower, +/-50k or so in each report. Condo values, however, are reporting listing prices on par with this time last year, remain higher in both listing and selling prices. The big takeaway from this week is simply noting the amount of single family homes that we have active on the market compared to last year (490 vs 174), which is significant. Rolling into 2022, the fear was that the inventory would continue to decline, which at the time was critically low. Fast forward to today, and we are certainly recovering, but we still have a ways to go. I have you covered though, so be sure to stay tuned to the blog and stay informed! Thanks for stopping by!
The Weekly "Adogtable"
Hello friends, my name is Morton and I am a very handsome southern gentleman. I am a 13 yr old rat terrier mix weighing just under 20 lbs. I came from Texas originally in 2020 and am looking for a new home because of a change in my family dynamics. I am now ready to start looking for my new retirement home.
I am currently fostered with a few other 4 legged canine retirees and we get along just fine. My foster brothers are a little dull, but I still have a little play in me. I could live with another dog around my age, but would be fine alone. I'm also fine with kitties. I am not really interested in toys, and I am not destructive. I spend most of the day with my foster mom, she takes me along most places and if she goes out, foster dad or brothers are usually around. I can’t say how I am alone, because I really never am. I think thats how I like it! Short stints would be no problem.
I am a delicate eater and a gentle treat taker. I have excellent manners. I am a very polite on walks as well. I love to say hello to people and pups while I walk.
I am very fit and a great weight. I have a terrific pace for walking. I don’t pull at all, but I still have a perk in my step. I really enjoy daily walks, especially in the snow. I can easily do several kilometres or more. I love to tear across my current back yard and leap up the steps to get inside. I can easily get on the coach or bed, which I hope to share with you.
I have such a lovely bedside manner. I love to spoon with my foster mom under the covers. I sleep so soundly all night. I am very quiet too, my foster mom can’t believe I haven’t barked once!! I did not really enjoy young and loud children in my previous home. In my foster home it is quite peaceful, the visitors who come are mostly adults, and the street is fairly quiet. I may be a tiny more timid with men, but absolutely love the four men that are regulars here. I like to crawl in their laps and bury my head in their arms. Its more about peaceful, calm introductions than having any problems with men. And if all that great stuff isn't enough, I am house trained too.
I have been to the vet and am a pretty healthy fella. I had zero issues at the vet. I am a little shy, but very trusting and friendly. I see and hear really well, the vet said he could see a little cataract, which is age related and normal. I do need some dental work done and I am booked for that, so my teeth will be pearly white!! If I find my retirement home before that, my new family will be responsible to get me to my appointment and back home again. Don't worry, my rescuers got the financial stuff covered!!
I am such a good dog, at least thats what I hear from everyone who meets me. My foster mom promises me with all her heart that whomever I leave with, will love me to the moon and back!! Maybe that’s you. Please look long and hard into your future, I am a such a sweet senior, and deserve the ultimate forever home.
My adoption fee is a donation to the rescue to help save more dogs like me. I am neutered, vaccinated, microchipped, and 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 him 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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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