The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: June 2nd-9th, 2022
6(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 365 (386, 375, 360, 433) *368
Sold: 197 (176, 203, 215, 243) *206
Sale To Listing Ratio: 54% (46%, 54%, 60%, 56%) *56%
Price Changes: 102 (81, 79, 95, 86) *38
Listings that went conditional/pending: 248 (262, 199, 259, 258) *259
Expired/Cancelled/Withdrawn: 44 (59, 34, 44, 46) *50
Total Active Halifax/Dartmouth Inventory: 1,077 (1,010, 1,008, 872, 893) +1,054
Absorption Rate in weeks: 6 (5, 5, 4, 4) *5
Single Family Home Stats
Active Single Family Home: 552 (483, 480, 380, 422) *391
Average Single Family Home List Price: $547,974 (%503k,$512k,$530k,$566k) *$448k
Average Single Family Home Selling Price: $599,429 ($570k,$576k,$610k,$645k) *$504k
Single Family Home Sale to List Ratio This Week: 110% (113%, 113%, 115%, 114%) *113%
Median Single Family Home List Price (6 mo): $449,949 ($450k,$450k,$450k,$450k) *$386k
Median Single Family Home Sold Price (6 mo):$545,000 ($540k,$541k,$540k,$532k)*$429k
Average Days on Market Single Family Home: 10 (9, 7, 8, 12) *12
Active Condos: 93 (91, 93, 78, 72) *90
Average Condo Listing Price: $417,914 ($408k, $380k, $420k, $398k) *$324k
Average Condo Selling Price: $450,114 ($442k, $422k, $483k, $452k) *$357k
Condo Sale to List Ratio This Week: 108% (108%, 111%, 115%, 114%) *110%
Median Condo List Price (6 mo): $389,450 ($390k, $389k, $385k, $380k) *$323k
Median Condo Sold Price (6 mo): $446,000 ($448k, $445k, $445k, $435k) *$349k
Average Days on Market Condos: 13 (7, 7, 7, 7) *7
Active Vacant Lots: 269 (255, 252, 248, 242) *447
Cracks in the veneer continue to spread this week, with all signs pointing to continued market deflation. It's the subtle things, like the slow creep up of days on market before selling, increased price changes in the southern direction, and an absorption rate that continues to elevate (rather quickly at this point). Some of the other, larger data, items like the six month median values will take some time to catch up, but the weekly stats are as close to real time as we are going to get. Sometimes they are just anomalies, an off week, or a small pause, but string enough recent reports together and you can start to pick out the trends. At this point, all indications are pointing to a continued trot to a balanced market, in a rather abrupt fashion as well. Mind you, the market here did take off like a rocket in 2020, so things that go up so quickly are bound to plummet at some point. As previously reported, there continues to be certain price points, areas and product types (water access/views, cottage type, turn-key) that remain in demand and sought after, but even those are seeing less and less buyer activity week to week. At this point we are starting to see more and more properties survive the offer holdover window, and even some that are starting to sell at or very close to asking price. Could we see a return to a balanced market by the end of Summer? Only time will tell, so make sure you stay on top of things by tuning into the blog! Thanks for stopping by!
The Weekly "Adogtable"
Meet Jackson! Jackson was found in an empty home, he had been alone for many days with no food or water. He was scared and hungry. Breed: Saint Bernard/ possible husky x Age: 2 yrs old Neutered. Up to date on core vaccines and flea and tick protection. Weight: 95 pounds Cats: No he is too excited and would chase Dogs: Yes if sociable. Presently Jackson is fostered with two senior staffies one male and one a female diva. He is very polite, tolerant, and respectful. No resource guarding at all for people, food or toys. Children: Has met his foster 7 yr old grandson and loved him.
He loves to have a child throw a ball. Temperament: A slightly fearful dog with strangers for 20 seconds (barks at first contact, especially with men) but then he is very affectionate with everyone. Really loves his belly rubs and snuggles. He is a good guardian, meaning he sounds the alarm if someone is around your property, or at your door. He simply lets out a bark and then stops when asked. Jackson is playful and likes most toys. He especially loves balls. He has a medium energy level then is calm.
He is very well trained, is able to stay alone and be calm in the house, and has no bite history. Jackson is tall, so can be a counter surfer if you leave anything out. He learns super fast just with kibble from his own food instead of treats and he walks well on a leash. Jackson was x-rayed because with his breed we knew he could be predisposed to hip dysplasia and it was confirmed he has it. Presently he has zero symptoms or discomfort. He lives well with his condition running and playing like a normal 2 yr old dog. No osteoarthritis is present. Now that his condition is known we keep Jackson on the lean side and give him joint supplements.
His foster home has no steep entrance/ exit into the home. He does go up the stairs inside his foster home easily to join the other dogs at bedtime. Otherwise, he enjoys the spacious lower level with heated floors and easy walk access to the yard. There is no reason why Jackson cannot continue to live a carefree, healthy and active life. We do limit exercise to two 30-minute walks a day. He also has a huge fenced-in yard at his foster home to explore with his canine playmates. Jackson presently eats a hypoallergenic diet (Royal Canin) and is doing well on it. He also likes salmon-based food like SMACK! Jackson really is a dream dog to have in our care. He is so eager to please and loving.
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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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