The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: July 7th-14th, 2022
Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 351 (254, 315, 356, 307) *311
Sold: 156 (146, 181, 192, 220) *208
Sale To Listing Ratio: 44% (57%, 58%, 54%, 72%) *67%
Price Changes: 105 (92, 130, 112, 122) *57
Listings that went conditional/pending: 205 (161, 235, 206, 227) *242
Expired/Cancelled/Withdrawn: 46 (94, 58, 56, 45) *49
Total Active Halifax/Dartmouth Inventory: 1,284 (1,198, 1,167, 1,178, 1,097) +1,211
Absorption Rate in weeks: 8 (7, 6, 6, 6) *6
Single Family Home Stats
Active Single Family Home: 647 (604, 591, 587, 522) *485
Average Single Family Home List Price: $507,760 ($507k,$544k,$549k,$529k) *$434k
Average Single Family Home Selling Price: $521,629 ($532k,$572k,$587k,$577k) *$474k
Single Family Home Sale to List Ratio This Week: 103% (105%, 105%, 107%,110%) *109%
Median Single Family Home List Price (6 mo): $452,450 ($450k,$450k,$450k,$450k) *$386k
Median Single Family Home Sold Price (6 mo):$545,000 ($546k,$545k,$545k,$545k)*$435k
Average Days on Market Single Family Home: 14 (12, 15, 13, 9) *12
Active Condos: 110 (103, 100, 101, 102) *107
Average Condo Listing Price: $384,209 ($355k, $362k, $368k, $587k) *$384k
Average Condo Selling Price: $399,490 ($365k, $372k, $384k, $603k) *$406k
Condo Sale to List Ratio This Week: 104% (103%, 103%, 105%, 103%) *105%
Median Condo List Price (6 mo): $384,900 ($386k, $390k, $390k, $390k) *$320k
Median Condo Sold Price (6 mo): $440,000 ($441k, $448k, $448k, $450k) *$350k
Average Days on Market Condos: 20 (9, 16, 10, 12) *25
Active Vacant Lots: 349 (317, 303, 297, 287) *467
The big stand out this week, and I'm sure you have all noticed, is the amount of price changes! Almost double from this time last year, and this is a trend that I do not expect to stop anytime soon. With less buyers to draw from with each passing day, Sellers expectations also continue to change with the tides, well... mostly. I imagine it's not easy being on the other side of the market, just missing the golden listing time by weeks really, so considering having to reduce in price is quickly a forgotten selling strategy.. With the recently announced mortgage rate hike further twisting the knife, it's no wonder the market has cooled so quickly with the amount of uncertainty Buyers face right now.
As a Buyer, not only do you have to sort through the selection of listings currently available, but there's a cautious reluctance that is needed for bidding on said listings. Then, you have the outside factors, like mortgage rate increases, new provincial levy's, national market cooling etc, and it's no wonder we are seeing the air let out of the market at such a rapid pace. The offer holdover window is starting to disappear from the market as well. Where Sellers used to hold offers for a short window to allow everyone to view the property, and to maximize interest, it has now reverted to pre-pandemic market of a simple 24-48 response time once the first offer is received, or none at all. There's simply not enough traffic to draw from mostly, so this should inject some energy back into certain listings, where it becomes "first come first serve" in a way. Either way, something is needed to inject some life back into the market, if not, it will continue to correct. The question is, how far will the correction go, and how long will it take.
We climbed quickly in a very short time, so a correction could be swift and significant. Time will tell, and the blog has you covered, so stay tuned to keep informed! Thanks for stopping by!
The Weekly "Adogtable"
I'm Harley! I am a 3 yr old beagle boy weighing in at approximately 35lbs. My previous family took me to a local vet to be euthanized because I have seizures. Although the vet tried to work with my family to convince them to treat my seizures, they did not want to pursue any of the options presented, so the vet reached out to my rescuers and they agreed to try to help me. I am now ready to start the search for my forever family.
Since being with my foster family, I have been treated with medications for my seizures, as well as an under active thyroid, and I am now stable and healthy. It will be very important for my future family to commit to continuing my treatment so that I can live his best life. I have no trouble taking my medications and take them easily in a pill pocket. I'm such a smart boy that I seem to know when it’s time for my medication/treat and will often go the cupboard to let you know 🙂 As long as I receive my meds on the proper schedule, I will be able to lead a perfectly normal life and be my lovable Beagle self. Currently, I receive medications 4 times a day - 6am, 2pm, 6pm and 10pm. My foster moms love me dearly and are willing to work with my future family to make minor adjustments to this schedule, if necessary, to accommodate your schedule. My foster moms also have previous experience with dogs who have seizures and can answer any questions my future family may have.
I am a happy, go lucky boy who wants nothing more than to be with my people. I am an expert cuddle bug and love my belly rubs. I am happy to go on any adventures you have in mind, although I am equally happy to nap with you on the sofa. I sleep in bed with my foster mom’s (preferably under the covers), and love to sleep in. I'm good in the car but need to work on staying in the passenger seat, as I would much prefer to be in your lap. At minimum, I like to put my head on your shoulder just to make sure that you know I'm with you.
I love to go on walks or hikes and do well on leash. I'm not reactive to other dogs and instead prefer to sniff my way through the trails or neighbourhood. Like all Beagles, I will follow my nose anywhere so it is recommended that I be an on leash walking/hiking buddy. My current foster home has a fenced yard and I love to explore it. I don’t try to escape nor do I bark much when outside. However, I will serenade you with the song of my people to let you know when I am bored or it is time for a meal or treats.
I get along well with my 6 foster canine siblings who range in size from 8lbs to 60lbs. Although my foster family doesn’t have cats, I never paid much attention to the resident cats at the vet clinic I visit so they think I would be ok with a cat sibling. I haven't been exposed to children in my foster home either but my foster moms think I would do well with them. I think children 8 and up only because they will need to understand my medical issue and not be frightened if I have a seizure. I am gentle when I play and don’t jump or nip. I am not kennelled in my foster home, as I get stressed. I do wear a basket muzzle anytime my mom’s are away from home or if I am unsupervised as I am a chewer and will eat things I shouldn’t (such as soft toys, couches, etc). I am very comfortable wearing the basket muzzle and do not put up any resistance to wearing it. My foster family has found that this is the best solution for me, when I am home alone.
They tell me that I am a wonderful dog, despite all I've been through, and I deserve a loving family of my very own. I am hoping there is a perfect family out there who will see past my medical needs and see me for the sweet boy I am. In return, you will receive unconditional love, lots of snuggles, some wonderful Beagle songs, many kisses and a best friend to accompany you on all your adventures. If you think you could be my forever family, please submit an application 🙂.
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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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