The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: July 1st-8th, 2021
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 215 (260, 349, 355, 368) *349
Sold: 175 (201, 209, 223, 206) *234
Sale To Listing Ratio: 81% (77%, 60%, 63%, 56%) *67%
Price Changes: 54 (50, 62, 57, 38) *122
Listings that went conditional/pending: 170 (251, 258, 269, 259) *312
Expired/Cancelled/Withdrawn: 74 (103, 41, 44, 50) *60
Total Active Halifax/Dartmouth Inventory: 1,153 (1,109, 1,184, 1,102, 1,054) +1,908
Absorption Rate in weeks: 6 (5, 6, 5, 5)*8
Single Family Home Stats
Active Single Family Home: 448 (418, 468, 435, 391) *1,007
Average Single Family Home List Price: $417,005 ($461k,$409k,$420k,$448k) *$397k
Average Single Family Home Selling Price: $463,145 ($515k,$465k,$482k,$505k) *$397k
Single Family Home Sale to List Ratio This Week: 111% (112%,114%,115%,113%) *99%
Median Single Family Home List Price (6 mo): $385,250 ($386k,$385,$385k,$386k)*$330k
Median Single Family Home Sold Price (6 mo):$435,000 ($435k,$433k,$430k,$429k)*$330k
Average Days on Market Single Family Home: 21 (12 ,9, 16, 12) *40
Active Condos: 107 (99, 90, 90, 83) *160
Average Condo Listing Price: $328,778 ($297k, $390k, $349k, $324k) *$290k
Average Condo Selling Price: $360,135 ($326k, $424k, $372k, $357k) *$288k
Condo Sale to List Ratio This Week: 110% (110%, 109%, 107%, 110%) *99%
Median Condo List Price (6 mo): $319,950 ($320k, $320k, $319k, $323k) *$275k
Median Condo Sold Price (6 mo): $349,900 ($350k, $350k, $345k, $349k) *$273k
Average Days on Market Condos: 16 (13, 9, 13, 7) *50
Active Vacant Lots: 448 (443, 463, 442, 447) *592
Bit of lazy Summer activty this week, all market numbers seem to be dragging in relatively normal fashion, which is anything but normal in this market. New listings were minimal, sales sub 200 (surprisingly low), a dismal amount of listings that received and accepted offers (also sub 200 for the first time in awhile), and six month median prices that pretty much froze this week, makes one wonder if the tide has finally started to turn or that annual trend is finally starting to get back on track. As mentioned in the last few "post lockdown" reports, the market just didn't feel the same, and the prediction of the continued push of the sellers market just hasn't happened since the return. If anything, each week shows more and more signs that we may have reached the peak, but again, the season is notoriously slow most years, so it's hard to say which is the greater influence. So what does that mean if the turn of the market has happened? Well, we are already starting to see signs that adjustments are being made to sale prices, when listings don't actually receive any offers over the offer however window, something that has not happened very often since the pandemic market took hold. People are starting to see some listings sell for asking price, or even under in some rare cases, but the fact is that these situations are starting to increase and become noticed by industry members, buyers and sellers alike. Still lots of life left in the market yet, especially for some products and certain areas, but there is no denying that it's not the same market as it was a couple months ago. Keep a close eye on the developing market as things happen by tuning into the blog! Thanks for stopping by, and stay safe out there!
The Weekly "Adogtable"
Niko loves people (and kids - according to owner). Niko has chronic ear infections and is allergic to chicken. Niko loves attention and cuddles, loves to sleep on pillows and blankets, friendly with everyone that comes into the house and in public. Niko howls and bounces on his front paws when he wants attention lol and loves to sun bathe. Niko requires obedience training as he jumps, pulls on leash, and plays keep away if off-leash. Niko likes pretty much any food or treat he can get his mouth on. Niko is house trained and crate trained, has been around dogs, cats, chickens and geese! No fears or bite history noted.
This "cuddly companion" is available through Good Bones Dog 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
LET ME HELP YOU OUT!
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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