The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: July 21st-28th, 2022
Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 264 (295, 351, 254, 315) *252
Sold: 142 (159, 156, 146, 181) *187
Sale To Listing Ratio: 54% (54%, 44%, 57%, 58%) *74%
Price Changes: 113 (97, 105, 92, 130) *74
Listings that went conditional/pending: 182 (176, 205, 161, 235) *228
Expired/Cancelled/Withdrawn: 63 (43, 46, 94, 58) *65
Total Active Halifax/Dartmouth Inventory: 1,303 (1,307, 1,284, 1,198, 1,167) +1,225
Absorption Rate in weeks: 9 (8, 8, 7, 6) *6
Single Family Home Stats
Active Single Family Home: 658 (664, 647, 604, 591) *495
Average Single Family Home List Price: $527,488 ($547k,$508k,$507k,$544k) *$457k
Average Single Family Home Selling Price: $531,345 ($556k,$522k,$532k,$572k) *$500k
Single Family Home Sale to List Ratio This Week: 101% (102%, 103%, 105%, 105%) *109%
Median Single Family Home List Price (6 mo): $459,900 ($460k,$453k,$450k,$450k) *$389k
Median Single Family Home Sold Price (6 mo):$540,000 ($541k,$545k,$546k,$545k)*$437k
Average Days on Market Single Family Home: 19 (15, 14, 12, 15) *10
Active Condos: 100 (113, 110, 103, 100) *105
Average Condo Listing Price: $443,625 ($403k, $384k, $355k, $362k) *$337k
Average Condo Selling Price: $454,987 ($399k, $400k, $365k, $372k) *$353k
Condo Sale to List Ratio This Week: 103% (99%, 104%, 103%, 103%) *105%
Median Condo List Price (6 mo): $379,900 ($387k, $385k, $386k, $390k) *$320k
Median Condo Sold Price (6 mo): $439,950 ($441k, $440k, $441k, $448k) *$349k
Average Days on Market Condos: 17 (19, 20, 9, 16) *21
Active Vacant Lots: 362 (349, 349, 317, 303) *475
You know what they say "what goes up, must come down", but I don't think anyone quite anticipated just how swiftly the balancing market would drop. In a short four week span, the absorption rate has increased by three weeks, which is after it has held fast at four and five weeks for the last six plus months. In fact, the absorption rate hasn't tipped over nine weeks since the beginning on the pandemic market, which is a true testament to the current state of affairs. Inventory didn't take a jump at all this week in any tracked products, other than vacant land parcels, which was a bit surprising. The Single Family Home sales to list ratio dropped another point this week, and is down four points from three weeks ago, which is another stat to keep an eye on to gauge buyers competitive tolerance. As that stat starts to plateau to one hundred, it is reflective of the overbid extinction for the big picture market. Sure, there will still be isolated "hotspots" that will still see multiple offers, but is seems that buyers appetite for bidding wars is fading fast. Uncertainty and the rapidly changing market has caused a bit of pause, but things will settle again, it's just a matter of time and at what values it will take for buyers confidence to return. Interesting and important times in our market, so stay tuned to stay on top of the quickly changing market. Thanks for stopping by!
The Weekly "Adogtable"
Hi everyone, I'm Buster, a one year old, 22 lb, male Cur mix. I came all the way from Louisiana a couple weeks ago in hopes of finding my furever family in the beautiful Maritimes.
I am currently living in Nova Scotia with my foster family which includes several other dogs, and I love them all! I’m a happy-go-lucky guy with lots of energy. Sometimes older dogs may not like how energetic I am, but I just want to play! I like everyone I meet including kids, cats and other dogs. I think I’d love a young family that is dedicated to exercise or hiking because sometimes I can be destructive if I don’t get all my energy out. Like I said, I’m still a young guy with puppy energy to spare. I love toys of all kinds and I’ll need some available for me to chew or else I may find something else to chew…like your shoes or screen door!
I am working on my house training and it is coming along but I will need a patient family to guide me through the process. In my foster home I have marked a time or two but a belly band will help with that and it may be due to having several dogs in the home.
I don’t like being home alone, as you can imagine since my previous humans never did come back. So I have some separation anxiety when separated from my humans. I will howl and bark until I decide to take a nap instead. So a family home more often than not is best and I'm probably not a good fit for apartment living.
Since I am very food motivated, I’ve learned some tricks like how to come when my name is called! This hasn’t been tested outside yet but you can see I’m a smart boy that is willing to learn new things. I also may take a stab at counter surfing when I first get there but a few no's and I'll learn pretty quickly that it's not allowed.
I’ve tried swimming and I really like it, I hope to do some more swimming and adventures with my forever family.
Will you be my forever home that will teach me to trust humans again? Do you think we’d be the perfect match? If so, please fill out an application so we can meet!
My adoption fee is a $500 donation to the rescue to help save more dogs like me. I am neutered, vaccinated, microchipped, come with a 6-week trial of pet insurance from PetSecure and 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 Animal Rescue Society, 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
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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