The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty; February 17th-24th, 2022
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 221 (208, 170, 135, 130) *259
Sold: 124 (131, 110, 119, 105) *201
Sale To Listing Ratio: 56% (63%, 65%, 87%, 81%) *78%
Price Changes: 13 (14, 23, 15, 19) *62
Listings that went conditional/pending: 158 (137, 138, 121, 135) *237
Expired/Cancelled/Withdrawn: 26 (28, 32, 41, 29) *31
Total Active Halifax/Dartmouth Inventory: 560 (555, 518, 520, 534) +891
Absorption Rate in weeks: 5 (5, 5, 5, X) *15
Single Family Home Stats
Active Single Family Home: 177 (174, 156, 157, 140) *306
Average Single Family Home List Price: $506,811 ($507k,$530k,$494k,$596k) *$469k
Average Single Family Home Selling Price: $596,089 ($597k,$622k,$582k,$645k) *$491k
Single Family Home Sale to List Ratio This Week: 118% (118%, 117%, 118%,108%) *105%
Median Single Family Home List Price (6 mo): $399,900($400k,$400k,$400k,$400k) *$360k
Median Single Family Home Sold Price (6 mo):$460,900 ($455k,$450k,$450k,$442k)*$371k
Average Days on Market Single Family Home: 18 (21, 22, 21, 23) *40
Active Condos: 35 (39, 29, 25, 28) *104
Average Condo Listing Price: $396,077 ($452k, $353k,$480k, $464k) *$372k
Average Condo Selling Price: $456,361 ($529k, $450k, $531k, $506k) *$390k
Condo Sale to List Ratio This Week: 115% (117%, 127%, 111%, 109%) *105%
Median Condo List Price (6 mo): $350,000 ($350k, $350k, $349k, $350k) *$276k
Median Condo Sold Price (6 mo): $374,000 ($371k, $360k, $361k, $361k) *$279k
Average Days on Market Condos: 34 (6, 6, 11, 35) *79
Active Vacant Lots: 239 (233, 223, 241, 262) *378
What's this? Two weeks in a row where the inventory has gained in strength? You better believe it! Now, it's not exactly the listing dump we could use, but anything at this point certainly helps. This week did see a good amount of products come to market this week, which was a welcomed sight to wary buyers hoping to land a property to call their own. So it's the little engine that could market right now, and the hope is that we will crest the peak in Spring to get us over the buying doldrums the Halifax market currently finds itself in. I have heard rumblings that interest rate hikes could be a contributing factor to the late Winter push, and combine that with the late 2021 listing vacant, it has been a recipe for this super heated market we currently find ourselves in. As more listings come to market, the more buyers attention will be divided, giving a better chance for buyers to lock something up, and perhaps cool the overbid prices a little as a side effect. Speaking of overbids, those amounts crept up again this week on the six month median for both tracked products, which will likely continue to push higher until the market catches up to the current state of things. The last few weeks have been incredibly challenging and competitive for buyers across the board, especially in the entry level price points and anything within 20 minutes to the city. Spring is on the way, and the hope is that these early signs of listing life continue well into the year. Stay tuned to find out what happens, and stay informed! Thanks for stopping by!
The Weekly "Adogtable"
Approx Age: 5 years
Male Neutered Shepherd/Husky mix (~42kgs)
5 years old (approximately)
Suitable for adults only
Suitable for experienced dog owners
This handsome guy Luka, is ready to find his forever home. Luka has a lot of energy and loves a good game of fetch! He can play for hours and still want to keep going. Luka is a very sweet boy who does enjoy attention once he gets to know you. He doesn't always realize his own size when he jumps up to say hello. This season is Luka's favorite as he loves the snow. He will gladly chase snowball after snowball regardless if he can catch them or not!
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