The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: February 18th-25th, 2021
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 259 (229, 252, 214, 219) *234
Sold: 201 (187, 178, 171, 163) *180
Sale To Listing Ratio: 78% (82%, 71%, 80%, 74%) *77%
Price Changes: 62 (44, 70, 67, 109) *59
Listings that went conditional/pending: 237 (212, 240, 201, 218) *194
Expired/Cancelled/Withdrawn: 31 (30, 34, 54, 38) *45
Total Active Halifax/Dartmouth Inventory: 891 (912, 938, 972, 1,025) +2,135
Absorption Rate in weeks: 5 (5, 6, 7, X) *15
Single Family Home Stats
Active Single Family Home: 306 (318, 335, 373, 398) *1,105
Average Single Family Home List Price: $468,875 ($464k,$430k,$443k,$493k) *$342k
Average Single Family Home Selling Price: $490,972 ($484k,$445k,$454k,$501k) *$337k
Single Family Home Sale to List Ratio This Week: 105% (104%, 103%, 103%, 101%) *98%
Median Single Family Home List Price (6 mo): $359,900 ($360k,$360k, $350k,$350k)*$315k
Median Single Family Home Sold Price (6 mo):$371,000 ($370k,$369k,$365k,$365k)*$310k
Average Days on Market Single Family Home: 40 (33, 38, 39, 39) *62
Active Condos: 104 (100, 101, 101, 103) *128
Average Condo Listing Price: $371,968 ($394k, $367k, $298k, $312k) *$300k
Average Condo Selling Price: $389,715 ($405k, $374k, $299k, $311k) *$289k
Condo Sale to List Ratio This Week: 105% (103%, 102%, 101%, 99%) 96%
Median Condo List Price (6 mo): $275,450 ($275k, $270k, $270k, $269k) *$250k
Median Condo Sold Price (6 mo): $278,500 ($279k, $275k, $272k, $272k) *$240k
Average Days on Market Condos: 79 (79, 19, 50, 109)*30
Active Vacant Lots: 378 (393, 399, 394, 410) *754
Let's talk about the elephant in the room, the listing and selling price change. In 12 short months, we have made a record jump in value here in Halifax, with single family homes listing and selling over $100k from this time last year, and so too are condos matched. We have reviewed the inventory and watched its ever decreasing rank, but the values may prove to be even more significant. Prices are on the continuous rise, so if you're planning on waiting for the price curve to flatten, you may be waiting awhile.
I get asked a lot about my thoughts on sustainment of such a market, and "are we in a bubble with an impending burst?". Perhaps that is the case, since most markets tend to have an ebb and flow, but I personally can't see the ebb anytime soon. The factors that brought us here and continue to feed the market do not seem to be weakening, if anything, they seem to be strengthening. "Halifax will never be Toronto and Vancouver markets", another question I seem to field as well, but why not? Why is Halifax any less susceptible to big market trends? Maybe the rest of Canada and the world is finally cluing in to how great it is to be in Atlantic Canada, how great the people are here, the sites, the sounds, the lifestyle, the ocean. Not a big jump to consider that Halifax has been a hidden gem for a very long time, and very enticing for a lot of reasons to make a move to.
Keep in mind that we were already in a smouldering Sellers market before the pandemic, it just poured gasoline on the flames. Good news is that more options were out this week across the city. No doubt they won't last the weekend, but the hope is with a few more weeks of these new products coming to market, the initial extremely motivated buyer group will be addressed, bringing the state of offers back to reasonable. Have to wait and see, and I invite you to keep track of our dynamic market by tuning into the blog to stay on top of things, Thanks for stopping by, and stay safe out there!
The Weekly Adogtable!
my name is Marshall Matt, aka Marshy, aka Marshmallow. I’m a 10 mo old, 35lb red heeler mix that came up from San Antonio Texas with my 3 siblings.
My siblings and I were really nervous and scared when we first came to Nova Scotia as we really didn’t understand this whole living inside a home with humans and other pets. But now that I’ve had time to adjust, I really love it here, especially with my new fur foster sister!
I’m good with other dogs, particularly females, but I may be a little nervous at first. I can get a little possessive over my bones around my foster brother, but I’m easily corrected when I’m told “ah” or “no”. I’ve never met cats or kids, but I would probably do better in a younger kid-free household as people generally make me nervous.
I’m really smart and easily trainable once I’m comfortable in my new surroundings. I do best if I have a safe zone such as a crate or dog bed in a corner that I am able to reset in. I’m quickly learning my name and have mastered sit and down. I continue to work on my manners and have learned that I need to sit before my foster moms will give me a treat. My foster moms have also begun to teach me other commands such as up, off, stay, leave it, okay, and come but I still find those ones tricky at times. My release word is “okay” right now, but I am sure I will adjust to whatever my new family likes to use. My foster moms sometimes say I’m too smart for my own good and that I am one of the best boys. I love treats and kibble, and once I begin to feel more comfortable (which may take a few days) I can be convinced to do most things when these are the reward.
In typical Heeler fashion, I’m really playful and have lots of energy… classic puppy. As I mentioned before I’m a quick learner and really like puzzle games, playing tug of war (though I often let my foster moms win so they feel good about themselves), fetch and chasing toys. Fetch is still a little foreign to me, as I can’t figure out why they throw something away if they want me to bring it back so bad… but I’m starting to get the hang of it. Once I’m more comfortable on a leash I’m quite confident that I will love going for walks, runs, hiking and the dog park - I may even be really good at agility and/or swimming (I definitely have the webbed feet for this). Although at this stage in my rescue, I’m likely to be a flight risk as I am still timid of people and new experiences, and my new family should be extra cautious when taking me outside and keep me double leashed. I’m still learning this whole leash concept and going outside to do my business, but I am pee pad trained (though I am still working on mastering my aim).
I am still quite perplexed by humans. I’m slowly understanding that being touched, or as they say “pet” is not so scary but will need my new family to be patient with me as I continue to study their kind. When being exposed to new things that intimidate me, I’m really good at going to my aforementioned safety zone, and then coming out when I’m more comfortable (which is taking me less and less time to do).
I’m really good being left on my own, especially if I have a chew toy like my kong with me. I also love the crate that I came in and am happy to sleep and hang out in it.
I think I would be best suited with an individual or couple that is a low key household, as people still make me nervous (By low key I mean not a lot of noise or inside activity, and people who have a lot of time to dedicate to my training.. not low key in the sense of adventure and activity as I will need a LOT of this). It will take me some time to trust a situation and feel comfortable, but I will come around. I would definitely thrive having another dog in my forever home, preferably female, I could play with and who could teach me confidence and how to be a good family pet. I’m really smart and will need a lot of stimulation, exercise, and obedience training.
My knowledge of the world and my surroundings is limited right now, so I need someone with a lot of patience and love to teach me about the great adventures this world has to offer (my foster moms say I will be a great hiking dog one day). I’m a really great pup with a lot of potential and just need to find the right home to show me how to trust people and new situations.
Do I sound like your new family member?
My adoption fee is a $450 donation to help save more dogs like me. I am neutered, vaccinated, microchipped, and I have all my doggy papers to come home to you! You can apply for me at http://form.jotform.com/60895241776264
This "cuddly companion" is available through Save a Life Canada 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