The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: February 4th-11th, 2021
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 252 (214, 219, 178, 189) *262
Sold: 178 (171, 163, 133, 98) *130
Sale To Listing Ratio: 71% (80%, 74%, 75%, 52%) *50%
Price Changes: 70 (67, 109, 67, 51) *77
Listings that went conditional/pending: 240 (201, 218, 152, 181) *188
Expired/Cancelled/Withdrawn: 34 (54, 38, 35, 67) *58
Total Active Halifax/Dartmouth Inventory: 938 (972, 1,025, 1,052, 1,075) +2,156
Absorption Rate in weeks: 6 (7, X, X, X) *19
Single Family Home Stats
Active Single Family Home: 335 (373, 398, 437, 441) *1,105
Average Single Family Home List Price: $429,949 ($443k,$493k,$435k,$469k) *$333k
Average Single Family Home Selling Price: $445,152 ($454k,$501k $439k,$465k) *$326k
Single Family Home Sale to List Ratio This Week: 103% (103%, 101%, 101%, 99%) *98%
Median Single Family Home List Price (6 mo): $359,900 ($350k,$350k,$350k,$350k)*$315k
Median Single Family Home Sold Price (6 mo):$368,500 ($365k,$365k,$360k,$360k)*$309k
Average Days on Market Single Family Home: 38 (39, 39, 40, 59) *57
Active Condos: 101 (101, 103, 98, 98) *141
Average Condo Listing Price: $366,929 ($298k, $312k, $386k, $328k) *$275k
Average Condo Selling Price: $374,033 ($299k, $311k, $390k, $325k) *$271k
Condo Sale to List Ratio This Week: 102% (101%, 99%, 101%, 99%) 98%
Median Condo List Price (6 mo): $269,900 ($270k, $269k, $265k, $262k) *$250k
Median Condo Sold Price (6 mo): $274,500 ($272k, $272k, $270k, $270k) *$243k
Average Days on Market Condos: 19 (50, 109, 41, 119)*78
Active Vacant Lots: 399 (394, 410, 411, 430) *760
"More inventory" the buyers shouted, but more inventory did not seem to be in the cards this week. In fact, it carried on with this new reduction trend, and another 30+ properties dropped from the overall collection. Things are definitely not looking good for the Spring market should this trend continue, since it's the busiest time of year for buying and selling in our market. Like I mentioned last week, we should be seeing an inventory increase week to week at the moment, but it's actually opposite and we need more listings before things get worse. Single family homes continue to take the brunt of reduction, and every new listing is getting swarmed with extreme showing numbers, making it really hard for buyers to gauge where they should place their offers. Obviously, the trend right now is over asking, but as this market carries on, the question become just how high do I have to go to secure bid, and will it be too much should the market turn, It's a terrible balance for would be buyers to consider... the need for a home vs making the wrong financial decision. There was a false sense of improvement this week however. There seemed to be a few more options come to market this week, and the hope was that at certain price points, the attention would be divided between these listings giving buyers a better chance at one of the listings that were newly listed. You see, the golden weekend usually holds offers to Sunday, sometimes Monday, and if that's the case, you can only bid on one. So if 3 options come up for 30 buyers over that type of weekend, the thought is that it would divide the group, giving buyers a better chance. This only works if they don't all opt for the same one however. Interesting times, and it is the critical time of year to gauge what 2021 will bring. So far, it's pretty desolate out there, but things are bound to change. Stay tuned to the blog to find out what happens next! Thanks for stopping by, and stay safe out there!
The Weekly Adogtable!
Hello all, my name is Millie. I'm a 2 year old, 26 lbs Boston terrier/ Australian shepherd /kelpie mix, which explains my exotic look. I was surrendered, with my brother Bo, to a kill shelter in Louisiana a few weeks ago because our parents got divorced. Now I'm ready to start searching in hopes of finding my forever home.
I am a true southern belle and love wearing a sweater on walks or during visits to the dog park, but I can handle the Nova Scotia weather for a quick backyard bathroom break (I am fully house trained).
I walk well on a leash and enjoy taking in my surroundings and the new smells. I am beginning to realize that I like the small dog section of dog park best. It's nice to be making both dog and people friends but I prefer to do it on my own terms. I have met some children at the park and I'm interested in meeting them and letting them pat me as long as they don't move too quickly. I haven't had any interaction with cats since I arrived in Nova Scotia.
I like to play fetch up and down the hall with the ball that my foster mom found that's just my size. I'm beginning to branch out to a couple of rope toys too that are great for playing with you or just by myself by throwing them into the air and catching them. I always get a laugh from my foster nanny when I play like this. I like to play with my toys but I don't destroy them.
When riding in the car, being a lady, I prefer the "lay down until we get there" approach.
I do have lupus but you wouldn't know any different, I don't let that get in the way of my day to day. I'm currently taking 2 oral pills once a day to manage my lupus, they cost around $25 for almost 2 months worth - put the pill in a pill pocket and I'll gobble it up like it was filet mignon.
I have been learning to do stairs and am doing really well once I become familiar with them. I don't jump up on the furniture but if you want to pick me up I'd be more than happy to cuddle up beside you for some TLC.
I'm used to being fed my dry kibble twice a day with the bulk of my food at breakfast and left down all day and the remainder topped off at supper. Sometimes I decide I want to finish my feed as a snack before bedtime.
My foster mom works full time but my foster nanny is usually home. I have been left alone for a few hours at a time and was happy to snuggle in my bed until my people got home. I will warn you that even if someone is home, I will greet anyone who comes home with a full body wiggle.
I may need some time to warm up to new faces but once I do I will quickly body wiggle my way into your heart!!
My adoption fee is a $400 donation to help save more dogs like me. I am spayed, vaccinated and microchipped, and I 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 Canada Animal Rescue Society, 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 twelve years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah