The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, By Jeremiah Wallace of ViewPoint Realty : Jan 20th-27th, 2022
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 130 (155, 161, 117) *219
Sold: 105 (97, 68, 112) *163
Sale To Listing Ratio: 81% (63%, 96%, 96%) *74%
Price Changes: 19 (24, 27, 26) *109
Listings that went conditional/pending: 135 (136, 112, 123) *218
Expired/Cancelled/Withdrawn: 29 (40, 15, 35) *38
Total Active Halifax/Dartmouth Inventory: 534 (576, 594, 706) +1,025
Absorption Rate in weeks: X (X, X, 5) *X
Single Family Home Stats
Active Single Family Home: 140 (159, 171, 192) *398
Average Single Family Home List Price: $596,308 ($543k, $518k, $494k) *$493k
Average Single Family Home Selling Price: $645,160 ($603k, %544k, $529k) *$501k
Single Family Home Sale to List Ratio This Week: 108% (111%, 105%, 107%) *101%
Median Single Family Home List Price (6 mo): $399,900 ($399k, $400k, $394k) *$350k
Median Single Family Home Sold Price (6 mo):$441,950 ($440k, $440k, $436k)*$365k
Average Days on Market Single Family Home: 23 (26, 13, 22) *39
Active Condos: 28 (37, 36, 44) *103
Average Condo Listing Price: $463,752 ($485k, $557k, $387k) *$312k
Average Condo Selling Price: $505,723 ($511k, $556k, $409k)) *$311k
Condo Sale to List Ratio This Week: 109% (105%, 99.7%, 106%) *99%
Median Condo List Price (6 mo): $349,900 ($340k, $340k, $325k) *$269k
Median Condo Sold Price (6 mo): $360,800 ($360k, $352k, $343k) *$272k
Average Days on Market Condos: 35 (59, 30, 73) *109
Active Vacant Lots: 262 (274, 279, 353) *410
You can feel it in the air! Despite the inventory taking more hits this week, the general feeling was one of optimism as a few more options made it to market over the past few days. Of course, as fast as they come they are getting snapped up, but the good news is that we are starting to see a slow injection of new products hitting the market. Fewer sales this week means a bit more fluctuation in the weekly averages, especially when the luxury homes are selling well and really bumping those figures up. Out of the 59 Single Family homes that sold this week, 8 of them did so over the million dollar mark. That's a high percentage of mil+ homes compared to the overall sales count. While the inventory remains at these critical lows the expectation is that there will be a few surprises week to week, but the hope is that this initial frenzy will cool as more and more inventory hits the market. By the mid Spring market this initial frenzy will hopefully wain, leaving a reasonable market in its wake, or at least one that gives buyers a few more opportunities to get in. The lateral local move is still extremely challenging, which has caused a dam of listings that could have been, "if only there was somewhere to go". Without the ability for current owners to move up or down in the market, we are missing a core vein of listings, relying mostly on sellers who are exiting the market to relocate out of the city or move to the rental market. Even the ability to purchase new and plan a move that way has become a challenge as most builders scramble to finish the pile of contracts they currently have on deck. Some builders have even taken a step back and shut down taking another commitment until they finish what they have agreed to. Lack of available lots for builders has become another complication, and although more are being planned, the projections for seeing new construction relief may come in 2023. Still, some positive signs of market life out there, so stay tuned to the blog to stay on top of it! Thanks for stopping by!
The Weekly "Adogtable"
Meet Rebel! This senior boy is looking for a quiet retirement to spend his leisure days in. Rebel is currently in a foster home as the shelter setting was too stressful for him. Although it took a few days for Rebel to adjust his foster home has this to say about him:
"Rebel is gentle and smart. He is not a huge cuddler but does seek out affection often and is eager to greet you at the door. He is very well mannered when it comes to leash walking and you will often find him curled up on a bed wherever you are. He loves to play with his toys and will even still get the zoomies from time to time."
Rebel has Osteoarthitis in his hips and requires pain medication long term, this qualifies him as part of our palliative care program. Our palliative care program will supply all medications needed for him and wellness exams so he can live a comfortable life with his new family. Rebel does require a special diet.
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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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