The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: January 27th - February 3rd, 2022
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 135 (130, 155, 161, 117) *214
Sold: 118 (105, 97, 68, 112) *171
Sale To Listing Ratio: 87% (81%, 63%, 96%, 96%) *80%
Price Changes: 15 (19, 24, 27, 26) *67
Listings that went conditional/pending: 121 (135, 136, 112, 123) *201
Expired/Cancelled/Withdrawn: 41 (29, 40, 15, 35) *54
Total Active Halifax/Dartmouth Inventory: 520 (534, 576, 594, 706) +972
Absorption Rate in weeks: 5 (X, X, X, 5) *7
Single Family Home Stats
Active Single Family Home: 157 (140, 159, 171, 192) *373
Average Single Family Home List Price: $494,005 ($596k,$543k,$518k,$494k) *$443k
Average Single Family Home Selling Price: $582,370 ($645k,$603k,$544k,$529k) *$454k
Single Family Home Sale to List Ratio This Week: 118% (108%, 111%, 105%, 107%) *103%
Median Single Family Home List Price (6 mo): $399,900 ($400k,$399k,$400k,$394k) *$350k
Median Single Family Home Sold Price (6 mo):$450,000 ($442k,$440k,$440k,$436k)*$365k
Average Days on Market Single Family Home: 21 (23, 26, 13, 22) *39
Active Condos: 25 (28, 37, 36, 44) *101
Average Condo Listing Price: $479,535 ($464k, $485k, $557k, $387k) *$298k
Average Condo Selling Price: $530,720 ($506k, $511k, $556k, $409k)) *$299k
Condo Sale to List Ratio This Week: 111% (109%, 105%, 99.7%, 106%) *101%
Median Condo List Price (6 mo): $349,000 ($350k, $340k, $340k, $325k) *$270k
Median Condo Sold Price (6 mo): $360,900 ($361k, $360k, $352k, $343k) *$272k
Average Days on Market Condos: 11 (35, 59, 30, 73) *50
Active Vacant Lots: 241 (262, 274, 279, 353) *394
Despite the overall inventory dropping this week, we have life in the Single Family Home count with a small but mighty addition to their count! Condo count dropped a touch this week, and the winner for most significant reduction was vacant land. I mentioned last week that the overall feeling right now was one of buyer optimism, as many shopping in different product categories and locations started to notice more options becoming available. Still, as quickly as they are coming to market, they are still ultra competitive, since the void of new listings over the end of 2021 created another collection of buyers that are supercharging the bidding, keeping this time of year highly competitive. The hope is that listings will continue to march to the market and eventually reduce the buyer count and provide a more level playing field for those still searching. Inventory peaks in the next couple of months, so opportunity is sure to present itself, as long as this current trend maintains. The Median value counts seem to have stabilized for the most part. They have been reporting around the same values for a few months now, with the exception of the overbid averages which seem to be crawling up ever so slightly month to month. Since overbid amounts are somewhat baked into the current market, the question is if the same over list offer percentage is being suggested for properties that are listed to current market. My guess is that it remains the same at this point, since watching the current sales seems to reflect just that. Could be the time of year though, and if the third quarter of 2021 was any indication, the days of these extreme competitions may be tapering off. Time will tell, so make sure you stay tuned to the blog to stay informed! Thanks for stoping by!
The Weekly "Adogtable"
Rex is a handsome young lad looking for a home that will give him structure and routine to help him become a respectable member of society! Rex came into the shelter at no fault to his own when his owner could no longer care for him. He came into the shelter with his brother Rocky and although they get along great together they are looking to spread their wings and learn to become confident dogs separately. Rex loves to play and has the energy that follows, a home that is going to keep him mentally and physically active is a must! Rex would benefit from training as he does lack some manners but he is sure to win you over with his lovable personality.
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.
Newest Blog post HERE
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