The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: February 3rd-10th, 2022
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 170 (135, 130, 155, 161) *252
Sold: 110 (119, 105, 97, 68) *178
Sale To Listing Ratio: 65% (87%, 81%, 63%, 96%) *71%
Price Changes: 23 (15, 19, 24, 27) *70
Listings that went conditional/pending: 138 (121, 135, 136, 112) *240
Expired/Cancelled/Withdrawn: 32 (41, 29, 40, 15) *34
Total Active Halifax/Dartmouth Inventory: 518 (520, 534, 576, 594) +938
Absorption Rate in weeks: 5 (5, X, X, X) *6
Single Family Home Stats
Active Single Family Home: 156 (157, 140, 159, 171) *335
Average Single Family Home List Price: $529,508 ($494k,$596k,$543k,$518k) *$430k
Average Single Family Home Selling Price: $621,735 ($582k,$645k,$603k,$544k) *$445k
Single Family Home Sale to List Ratio This Week: 117% (118%,108%, 111%, 105%) *103%
Median Single Family Home List Price (6 mo): $399,900 ($400k,$400k,$399k,$400k) *$360k
Median Single Family Home Sold Price (6 mo):$450,000 ($450k,$442k,$440k,$440k)*$369k
Average Days on Market Single Family Home: 22 (21, 23, 26, 13) *38
Active Condos: 29 (25, 28, 37, 36) *101
Average Condo Listing Price: $352,925 ($480k, $464k, $485k, $557k) *$367k
Average Condo Selling Price: $449,500 ($531k, $506k, $511k, $556k)) *$374k
Condo Sale to List Ratio This Week: 127% (111%, 109%, 105%, 99.7%) *101%
Median Condo List Price (6 mo): $349,900 ($349k, $350k, $340k, $340k) *$270k
Median Condo Sold Price (6 mo): $360,100 ($361k, $361k, $360k, $352k) *$272k
Average Days on Market Condos: 6 (11, 35, 59, 30) *19
Active Vacant Lots: 223 (241, 262, 274, 279) *399
They they are! Finally, after a few dismal weeks of new listing additions, this week bounces back with a decent volume report, which couldn't have come at a more needed time. Stepping into the year with half of the inventory we had this time last year hasn't helped things, and with demand at an all time high, we find ourselves in a super heated sellers market yet again. Some pretty incredible value increases over the last few weeks, which most people are hoping we are simply in a unique time that is driving these prices to record heights. Starting to see things like zero condition offers, properties under showing siege, and double digit multiple offers, all of which are pouring gasoline on the already well lit market fire. Not only has property attainability become a huge concern for buyers, but so has affordability as well. With entry level homes that list in the $300k's that end up selling well into the $400k's it not only pushes buyers out of the market, but makes it that much more challenging for buyers to figure out just how to lock these properties up without pushing the limits of there budget for a property that may be well over the neighbourhood value threshold. That is an important factor for many buyers, since the next home might not be the last home, and life is always changing so sometimes it's hard to commit to a temporary residence. The biggest concern in that scenario, and for a lot of buyers, is buying over the top end just to see the market turn. FOMO is a real thing for buyers in a buyers market (what if I miss out on the property of my dreams next week? *after getting something under contract), but in this market its more like FONA (fear of nothing available). Spring is on the way, and so too is the inventory it brings (hopefully). Stay tuned to find out! Thanks for stopping by!
The Weekly "Adogtable"
Titan is in search of his forever home but he may need some help along the way - Titan has been assessed by our veterinarian as visually impaired! Don't let that fool you as Titan gets around very well, but we do want to ere on the side of caution if you have stairs in your home. Titan loves hanging around his people and engaging in play but sometimes he doesn't understand his own strength. He is a big lovable guy that is going to need a lot of patience understanding commands and cues in his new home. With being visually impaired he is going to need slow introductions and would thrive in a quiet home as loud noises can startled him.
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 him 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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Looking for a little extra help finding that "needle in a haystack"? The innovators at my brokerage, ViewPoint Realty, have introduced another forward-thinking information tool for your property search needs. Its called "neighbourhoods" and it will break down some stats and give you a more focused tool on the area(s) you are looking for. We also offer mortgage and insurance solutions too! Check it out at viewpoint.ca and get more info now! Just another way Viewpoint Realty is advancing the property buying and selling process.
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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