Previous weeks numbers in brackets) *Previous Year's Stats Total Market New/Back to Market Listings: 242 (175, 240, 281, 282) *351 Sold: 142 (121, 170, 182, 167) *156 Sale To Listing Ratio: 59% (69%, 71%, 65%, 59%) *44% Price Changes: 88 (63, 94, 96, 96)*105 Listings that went conditional/pending: 175 (119, 175, 199, 189) *205 Expired/Cancelled/Withdrawn: 48 (66, 34, 47, 44) *46 Total Active Halifax/Dartmouth Inventory: 1,401 (1,388, 1,389, 1,370, 1,361) *1,284 Absorption Rate in weeks: 9 (9, 8, 8, 8) *8 Single Family Home Stats Active Single Family Home: 683 (691, 673, 665, 674) *647 Average Single Family Home List Price: $639,439 ($568k,$598k,$564k,$598k) *$508k Average Single Family Home Selling Price: $641,585 ($570k,$604k,$580k,$609k) *$522k Single Family Home Sale to List Ratio This Week: 101% (101%, 101%, 103%, 102%) *103% Median Single Family Home List Price (6 mo):$529,900 ($530k,$530k,$525k,$525k) *$453k Median Single Family Home Sold Price(6 mo):$540,000 ($539k,$536k,$525k,$530k)*$545k Average Days on Market Single Family Home: 26 (20, 25, 17, 24) *14 Condo Stats Active Condos: 108 (103, 115, 115, 110) *110 Average Condo Listing Price: $538,410 ($348k, $534k, $492k, $561k) *$384k Average Condo Selling Price: $537,842 ($370k, $541k, $494k, $564k) *$400k Condo Sale to List Ratio This Week: 99% (106%, 101%, 101%, 101%) *104% Median Condo List Price (6 mo): $425,000 ($425k, $430k, $430k, $430k) *$385k Median Condo Sold Price (6 mo): $425,000 ($422k, $428k, $425k, $425k) *$440k Average Days on Market Condos: 47 (17, 19, 21, 30) *20 Active Vacant Lots: 434 (426, 424, 424, 424) *349 Market Rant The big news of the week, of course, is the Bank of Canada announcement that the lending rate increased to 5% - the highest it has been in 22 years. There was talks of a pause in the hikes once the initial drip campaign of hikes ended at 4.5%, but that "pause ended Wednesday to the disappointment of many. So what impact will this have on homeowners and buyers? The anticipation is that we may see a similar market as we did last year when the initial announcements and implementations took hold during the usually slow time of the year, causing a super cooling of the market. The thought was that the battle on inflation may have an end in sight, but everything started to ramp up again late last year after the market somewhat stabilized, likely encouraging the further rate hikes. That is the thought anyways. Unfortunately, with out an injection of inventory to curb the demand, especially in the first time home buyer price bracket, buyers will likely continue to adjust budgets to accommodate, or give up on the market all together. Sellers may find themselves up against it soon as well, with waining buyer interest and other products coming to market to create a more competitive environment. Could be borrowed time for the Sellers market, but we were surprised last year when things turned around again. I personally think these current actions and trends have bite this time however, which could make the 2024 market year have a much different look. Only time will tell, and I have you covered, so be sure to check in and stay informed! Thanks for stopping by! More on the interest rate hike HERE The Weekly "Adogtable" 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 Looking to help? With the devastation of the fires we are still far from a full recovery, and many animals and people could use help! I want to provide links to various shelters and rescues that could use your support. Donations of pet supplies, food, money, basically anything can help! Good Bones Dog Rescue Nova Scotia SPCA Bide Awhile Animal Shelter Halifax Veterinary Hospital The Municipality also recommends people give to the United Way Halifax’s Wildfire Recovery Appeal as a way to help support communities impacted by the fires. To help out, people can make a financial contribution on the United Way’s website. According to HRM, those funds will help people rebuild in the days to come with basic needs, groceries, connection and mental supports. If you have a suggestion to be added to the support list, do not hesitate to contact me! 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! VIEWPOINT REALTY
Are you familiar with ViewPoint Realty? How about the ViewPoint Realty interactive real estate map? It's a powerful tool for all your property research needs and when you are ready to buy or sell, its the competitive edge over your competition! Not to mention, it's now more rewarding then ever to become a ViewPoint client, just click HERE to find out more. More savings and more information, sign up today! Or, click HERE to go right to the map and get property shopping! 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 Comments are closed.
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Jeremiah Wallace, CDJeremiah 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.. ListingsPhoto's by Jeremiah
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