The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: July 28th - August 4th, 2022
Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 203 (264, 295, 351, 254) *252
Sold: 138 (142, 159, 156, 146) *187
Sale To Listing Ratio: 68% (54%, 54%, 44%, 57%) *74%
Price Changes: 88 (113, 97, 105, 92) *74
Listings that went conditional/pending: 147 (182, 176, 205, 161) *228
Expired/Cancelled/Withdrawn: 81 (63, 43, 46, 94) *65
Total Active Halifax/Dartmouth Inventory: 1,290 (1,303, 1,307, 1,284, 1,198) +1,225
Absorption Rate in weeks: 9 (9, 8, 8, 7) *6
Single Family Home Stats
Active Single Family Home: 638 (658, 664, 647, 604) *495
Average Single Family Home List Price: $520,530 ($528k,$547k,$508k,$507k) *$457k
Average Single Family Home Selling Price: $521,447 ($531k,$556k,$522k,$532k) *$500k
Single Family Home Sale to List Ratio This Week: 100% (101%, 102%, 103%, 105%) *109%
Median Single Family Home List Price (6 mo): $459,900 ($460k,$460k,$453k,$450k) *$389k
Median Single Family Home Sold Price (6 mo):$535,000 ($540k,$541k,$545k,$546k)*$437k
Average Days on Market Single Family Home: 20 (19, 15, 14, 12) *10
Active Condos: 105 (100, 113, 110, 103) *105
Average Condo Listing Price: $359,392 ($444k, $403k, $384k, $355k) *$337k
Average Condo Selling Price: $359,878 ($455k, $399k, $400k, $365k) *$353k
Condo Sale to List Ratio This Week: 100% (103%, 99%, 104%, 103%) *105%
Median Condo List Price (6 mo): $379,900 ($380k, $387k, $385k, $386k) *$320k
Median Condo Sold Price (6 mo): $437,450 ($440k, $441k, $440k, $441k) *$349k
Average Days on Market Condos: 24 (17, 19, 20, 9) *21
Active Vacant Lots: 371 (362, 349, 349, 317) *475
This weeks report looks like one of subtleties, you really have to look close to find the important indicators. The first, more obvious one, is the weekly listing to selling prices. Both tracked products have really plateaued in a very short time, after two years of a steady 7-9 point overbid on average sale prices, both products report a dead even 100%, indicating most sales are now finishing up around asking price. The six month averages are starting to show the overall market change as well, with the median six month single family home selling prices dropping $5,000 this week, and a whopping $10,000 in the last month. Condo's have reported a bit more stingy, but they are also seeing their overbid amounts reduce overall as well.
Not a big dump of new inventory this week, which makes you wonder if selling confidence is weakening in light of our newly forming market. Buyers confidence on the other hand does seem to be increasing, but there is still hesitation given the uncertain times we find ourselves in. Seems to be an opposite, current market trend sort of buyer mantra: 'even if a deal can be found today, would that deal be even better a few weeks/months from now?". Whereas 6 months ago, the feeling of having to get into the market or miss it entirely was a very real situation. Waiting back then meant you could have missed the purchase bracket window, perhaps having to concede or bend a little with properties that may not have been a match prior to the search. Where now the question is how far the values will drop, and how long will that take to add those items back to the search? Buyers seem patient to to get that answer, circling the market like sharks until it's time to strike.
The Summer months do tend to be a bit lazy for the real estate market, in our usual market anyways, so it will be interesting to see how much things change by the time we hit the fall (pun?). Stay tuned to the blog to stay on top of this rapidly changing market, and stay informed! Thanks for stopping by!
The Weekly "Adogtable"
Hi everyone, I'm Missy, a 7 year old, 11 lb, female Chihuahua mix. I came all the way from Louisiana a couple weeks ago in hopes of finding my furever family in the beautiful Maritimes.
On average, it takes 100 shares and 100 likes for a dog to find a home! Please share my story so my forever family will find me!
I am house trained! That’s right, it only took me one day to figure out my foster mom wants me to do my business outside. I’m one smart gal. I like to rest all day when my foster mom is at work. I don’t mind spending the day alone to get my beauty sleep in. I won’t even get into any of your things. When you get home, I’ll be more than happy to get some love and cuddles in.
Even though I don’t mind staying home, I like to come with you to places too! I love being in the car and do really well on trips. I like cats and other dogs my size too. I guess you can say the only thing I haven’t really loved in my new Canada adventure is baths! I’m just tiny and don’t like being cold, I guess!
I do like walks but not too long please, just enough to get my business done and then I’ll put on the brakes to let you know I want to go home. I think I’d be a great companion for a senior or a family with older kids.
I love food and treats and they say I’m even a good girl at the vet. When I first arrived, my eyes didn't look so good so I was taken to the vet immediately and it was determined that I had conjunctivitis. The nice vet gave me some meds for this and I'm happy to report it's all cleared up but may be something to keep an eye out for in the future. I also had to have some teeth removed but that doesn’t slow me down at all. I’m still a happy, gentle pup and I am ready for my furever home. Do you think we are meant to be? If so, please send in an application so we can meet!
My adoption fee is a $450 donation to the rescue to help save more dogs like me. I am spayed, 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 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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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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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