The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: July 29th - August 5th, 2021
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 205 (252, 311, 215, 260) *332
Sold: 178 (187, 208, 175, 201) *231
Sale To Listing Ratio: 87% (74%, 67%, 81%, 77%) *70%
Price Changes: 41 (74, 57, 54, 50) *80
Listings that went conditional/pending: 182 (228, 242, 170, 251) *249
Expired/Cancelled/Withdrawn: 64 (65, 49, 74, 103) *123
Total Active Halifax/Dartmouth Inventory: 1,224 (1,225, 1,211, 1,153, 1,109) +1,860
Absorption Rate in weeks: 7 (6, 6, 6, 5) *8
Single Family Home Stats
Active Single Family Home: 500 (495, 485, 448, 418) *934
Average Single Family Home List Price: $421,074 ($457k,$434k,$417k,$461k) *$387k
Average Single Family Home Selling Price: $452,354 ($500k,$474k,$463k,$515k) *$388k
Single Family Home Sale to List Ratio This Week: 108% (109%,109%,111%,112%) *101%
Median Single Family Home List Price (6 mo): $380,450 ($389k,$386k,$385k,$386k)*$330k
Median Single Family Home Sold Price (6 mo):$436,262 ($437k,$435k,$435k,$435k)*$335k
Average Days on Market Single Family Home: 11 (10, 12, 21, 12) *41
Active Condos: 95 (105, 107, 107, 99, 90) *155
Average Condo Listing Price: $372,084 ($337k, $384k, $329k, $297k) *$326k
Average Condo Selling Price: $391,551 ($353k, $406k, $360k, $326k) *$327k
Condo Sale to List Ratio This Week: 105% (105%, 105%, 110%, 110%) *100%
Median Condo List Price (6 mo): $320,000 ($320k, $320k, $320k, $320k) *$275k
Median Condo Sold Price (6 mo): $350,000 ($349k, $350k, $350k, $350k) *$273k
Average Days on Market Condos: 17 (21, 25, 16, 13) *31
Active Vacant Lots: 470 (475, 467, 448, 443) *591
Just like the Summer so far this month, the market too has cooled quite a bit. Well, perhaps not cooled, just a bit more balanced. Activity has definitely tapered off at the moment, and it seems both buyer and seller have taken a little break for now. Hard to tell exactly what is happening in some areas, but the market does have a confused feel to it in some places. Depending on the location, multiple offers (although less of them) are still happening, but some homes who attempted to price to the "new" market values find themselves a little neglected. One of the main questions from the start of this was "when will it hit the ceiling?".
Of course, that is almost an impossible prediction, but watching the listing trends and list/sale prices are a great way to stay ahead of the curve. The market value in HRM increased exponentially in a very short time, and many are saying that these prices are here to stay, but I'm a bit more skeptical. If this pandemic market cools off and resets to annual trend, then a balance should occur. This means that the small number (comparably) of homes that sold during this tumultuous time have set peaks, some of which that are quite lofty. When they go to re-sell in an average market, they will find themselves up against properties that have a ton of equity in them if not acquired during this time. To me, this indicates a drop is on the way when the market does finally cool. Ultimately, the longer the market carries on the less this will be an impacting factor, but if we are in the midst of the change, resale could be a potential issue in the short term. All current signs, like the first significant SFH 6 month average list price drop, are pointing in this direction, especially when you compare the stats from last year (except prices and DOM), but the pandemic market has been anything but predictable so there is a good chance I could be eating my words in a few weeks. Time will tell! Stay tuned to find out, and to keep up to date on the Halifax real estate market! Thanks for stopping by, and stay safe out there!
The Weekly "Adogtable"
Meet Cooper! Cooper is cautious of people at first and will rush up to them to investigate. Cooper is dog social, but as a hunting breed is excitable and will give chase to small animals, so not recommended in a home with smaller animals. Cooper is crate trained (although he severely guards his crate so is not recommended to be crated). He is house trained and walks well on leash. This pup can be playful, and cuddly, and loves going for hikes, walks and swims.
Behavior problems: Mouthing, Jumping, Humping, some reactivity (to children), he will try to steal food if he gets the chance, and resource guarding. Looking for a breed-experienced home with no children and experience with resource guarding.
This "cuddly companion" is available through Good Bones Dog Rescue, 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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Newest Blog post HERE
Jeremiah Wallace, CD
Jeremiah has been involved with many aspects of the Real Estate industry for over twelve years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah