The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: June 9th-16th, 2022
Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 307 (365, 386, 375, 360) *355
Sold: 220 (197, 176, 203, 215) *223
Sale To Listing Ratio: 72% (54%, 46%, 54%, 60%) *63%
Price Changes: 122 (102, 81, 79, 95) *57
Listings that went conditional/pending: 227 (248, 262, 199, 259) *269
Expired/Cancelled/Withdrawn: 45 (44, 59, 34, 44) *44
Total Active Halifax/Dartmouth Inventory: 1,097 (1,077, 1,010, 1,008, 872) +1,102
Absorption Rate in weeks: 6 (6, 5, 5, 4) *5
Single Family Home Stats
Active Single Family Home: 522 (552, 483, 480, 380) *435
Average Single Family Home List Price: $529,069 ($548k,$503k,$512k,$530k) *$420k
Average Single Family Home Selling Price: $577,001 ($599k,$570k,$576k,$610k) *$482k
Single Family Home Sale to List Ratio This Week: 110% (110%, 113%, 113%, 115%) *115%
Median Single Family Home List Price (6 mo): $449,900 ($450k,$450k,$450k,$450k) *$385k
Median Single Family Home Sold Price (6 mo):$545,000 ($545k,$540k,$541k,$540k)*$430k
Average Days on Market Single Family Home: 10 (10, 9, 7, 8) *16
Active Condos: 102 (93, 91, 93, 78) *90
Average Condo Listing Price: $587,285 ($418k, $408k, $380k, $420k) *$349k
Average Condo Selling Price: $603,421 ($450k, $442k, $422k, $483k) *$372k
Condo Sale to List Ratio This Week: 103% (108%, 108%, 111%, 115%) *107%
Median Condo List Price (6 mo): $389,900 ($390k, $390k, $389k, $385k) *$319k
Median Condo Sold Price (6 mo): $450,000 ($446k, $448k, $445k, $445k) *$345k
Average Days on Market Condos: 12 (13, 7, 7, 7) *13
Active Vacant Lots: 287 (269, 255, 252, 248) *442
A fewer new listings this week, which was quite opposite from what I was expecting given the general feel of the market right now. Still early in the day however, and Wednesday's/Thursday's seem to be the popular days to list, so expect those numbers to bump up a bit as the day wears on. I also expect this number to balloon in the coming weeks as Sellers scramble to take advantage of the fading market. Sales had a good showing this week, which is a direct influence from the last couple of weeks solid pending sales performance. Median prices held their ground, and so too did the market absorption rate.
Once of the stats that continues to take off is the weekly price changes. I was curious a few weeks ago to see which direction they were going these days, and not surprisingly, changes in southern direction have started to come back! As the last few weeks have worn on, this is becoming more of a trend as well. The odd thing right now is we seem to be slipping into a reverse 2020 market, where no one really knew what bids would come in to propel the selling price to the top, where now it is uncertain of how to minimize the overbid amount. Nowadays, listing prices are mostly set with the overbid amounts in mind. The problem now with this tactic is as the market continues to soften, we are seeing more and more listings survive the offer hold over window, causing a reversal in the pricing strategy. If a listing does not achieve the overbid amount they were hoping for, the trend of kicking the price to that amount has become a new strategy. By doing this, we are already seeing listings selling at or under asking prices, or simply sitting on the market and price adjusting, and this will continue until most of the multiple offer competitions end. There will likely be many areas and products that hold out, but cooling in most areas has already taken hold, so it really is just a matter of time. The interesting times continue, so make sure to stay tuned to the blog to stay informed! Thanks for stopping by!
The Weekly "Adogtable"
Meet Marley! Purebred shepherd Age: fit 6 yrs old Neutered - Yes Vaccinated - Yes Cats - No Dogs - females, not males as much. Kids 12+ No resource guarding for toys No resourve guarding for food Protective of a high value bone . His story: Marley is a pure bred from a breeder of working dogs in France. He worked until the age of 4 with a handler in a security company. He was never trained for protection, he was used for drug detection and was fabulous at his job. The company closed and the handler moved out of the country abandoning him. f Marley doesn’t like other male dogs, but he gets along with puppies and respectful females.
He is sociable with people, but he has a lot of drive and needs someone with good leadership and guidance to bring out his full potential. He loves to work on obedience, can play ball or frisbe for hours and would still have a lot of potential to practice a dog sport (agility, odor detection, etc.) Marley has even been introduced to dock diving and loved it, as he loves the water (and fetching toys!) He is house trained, non destructive. He doesn't like the crate, but he can stay free in the house without any problem. He is able to stay alone, but needs active adopters people like him who will understand his need to work and be active
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
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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