The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: February 24th - March 3rd, 2022
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 195 (221, 208, 170, 135) *236
Sold: 138 (124, 131, 110, 119) *198
Sale To Listing Ratio: 71% (56%, 63%, 65%, 87%) *78%
Price Changes: 12 (13, 14, 23, 15) *58
Listings that went conditional/pending: 179 (158, 137, 138, 121) *207
Expired/Cancelled/Withdrawn: 34 (26, 28, 32, 41) *46
Total Active Halifax/Dartmouth Inventory: 556 (560, 555, 518, 520) +859
Absorption Rate in weeks: 4 (5, 5, 5, 5) *5
Single Family Home Stats
Active Single Family Home: 171 (177, 174, 156, 157) *291
Average Single Family Home List Price: $557,645 ($507k,$507k,$530k,$494k) *$481k
Average Single Family Home Selling Price: $662,034 ($596k,$597k,$622k,$582k) *$507k
Single Family Home Sale to List Ratio This Week: 119% (118%,118%, 117%, 118%) *105%
Median Single Family Home List Price (6 mo): $412,900($400k,$400k,$400k,$400k) *$369k
Median Single Family Home Sold Price (6 mo):$471,000 ($470k,$455k,$450k,$450k)*$375k
Average Days on Market Single Family Home: 12 (18, 21, 22, 21) *38
Active Condos: 47 (35, 39, 29, 25) *107
Average Condo Listing Price: $419,266 ($396k, $452k, $353k,$480k) *$421k
Average Condo Selling Price: $504,238 ($456k, $529k, $450k, $531k) *$428k
Condo Sale to List Ratio This Week: 120% (115%, 117%, 127%, 111%) *105%
Median Condo List Price (6 mo): $359,900 ($350k, $350k, $350k, $349k) *$284k
Median Condo Sold Price (6 mo): $380,000 ($374k, $371k, $360k, $361k) *$290k
Average Days on Market Condos: 9 (34, 6, 6, 11) *118
Active Vacant Lots: 226 (239, 233, 223, 241) *364
This week is a "one step forward, two steps back" kind of one, but also another record breaker! With improvements in some of the key statistics that buyers are extremely interested in over the past couple of weeks (like the inventory levels), the hope was that the trend would continue for the remaining market year. This week was a bit of a setback in that regard, with inventory slightly reducing overall, but the bigger story here is the surging values/selling prices. All weekly average listing prices pumped up quite a bit, but the selling prices jumped up to some extreme heights over the last couple of weeks. Heading into March we are now catching up statistically to the late year inventory void of 2021, leaving buyers behind, and allowing the buyer pool to teem again. This vacancy has caused higher than usual price inflation in a lot of the communities around the HRM, making the buying process not only a challenge but frustrating one to many buyers out there. As we start seeing the overbidding results come into view, the stats in the last couple weeks shine a spotlight on how quickly things have increased in a short six month timeframe. In the last two weeks, single family six month median listing prices jumped almost $13,000 after holding steady at $400k for the last few months. The overbid amounts have boosted the SFH median selling prices $16,000 as well, but I fear that this is not the end of these increases. The condo reports for the 6 month median stats looks quite the same, with major increase in both listing and selling values over the last couple of weeks. Fingers crossed we can get back to the inventory improving market this week, so stay tuned to the blog to find out if that's the case! Thanks for stopping by!
*RECORD BREAKER: Absorption rate hit an all time low of 4 weeks this week
The Weekly "Adogtable"
My name is Granny and I am 4 year old, female, 75 lb, Bulldog Boxer mix. After my puppies were all sold, the "breeder" decided they would let me go as well so I made my way into the rescue and haven't looked back!
I am a strong girl who is a bit larger than I look in photos. I am also very kind, gentle, and haven’t shown any signs of aggression while with my foster family. I am filled with love and want to please people. Treats and praise are good motivational tools for me.
I am happiest when everyone is home with me and am good when I am left home alone so you don't have to worry about coming home to a mess. I don’t need a lot of exercise, however one or two 15 min walks a day helps me relax at home. Once or twice a day I get a burst of energy where I like to play, other than that I like to relax and sleep on my bed!
I think I’d be happiest either in a home in the country or in a home in a neighbourhood if my adoptive family takes time to help socialize me with other dogs and people. I walk well on a leash although at times I will pull a bit hard, with a quick correction I remember to stop pulling. When on a walk I sometimes bark at people or dogs that we walk past, not an aggressive bark, more of a - ‘I see you there’, bark. I am not a fan of the rain, snow, or cold weather…I need a little encouragement to go outside during these days and won’t stay out very long.
My favourite toys are a ball and a toy on a rope that I can throw around and chase. My favourite treats are cheese and soft dog treats. I am not a fan of hard treats. I would do well in a home with other dogs or on my own. I am currently the only dog in the home but I was temporarily with several dogs, big and small, and had no issues.
I am housebroken and am good with kids although I’m not always aware of my size or strength and may knock little children over accidentally. I would be happy in a family home or in a home with one person. When someone comes to the door I usually stay laying on my bed or come to the door quietly and greet the visitor. I am good in the car for drives even though it is not my favourite place to be. I have not met any cats so I'm not sure what to think of them.
I am definitely ready to meet my new family and get settled in my forever home. It won’t take much for you to fall in love with me.
Do you think we'd be a good match?
This "cuddly companion" is available through the Save a Life Canada Animal Rescue, 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
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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