The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: March 2nd-9th, 2023
Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 198 (163, 153, 156, 155) *214
Sold: 84 (91, 83, 88, 96) *152
Sale To Listing Ratio: 42% (56%, 54%, 56%, 62%) *71%
Price Changes: 55 (46, 42, 46, 39) *26
Listings that went conditional/pending: 107 (102, 83, 117, 129) *187
Expired/Cancelled/Withdrawn: 44 (51, 14, 30, 52) *24
Total Active Halifax/Dartmouth Inventory: 1,096 (1,056, 1,042, 989, 974) *540
Absorption Rate in weeks: 13 (12, 12, 12, 13) *4
Single Family Home Stats
Active Single Family Home: 525 (485, 490, 461, 462) *169
Average Single Family Home List Price: $541,027 ($522k,$550k,$565k,$614k) *$512k
Average Single Family Home Selling Price: $537,443 ($522k,$552k,$565k,$609k) *$617k
Single Family Home Sale to List Ratio This Week: 99% (99%, 101%, 100%, 99%) *121%
Median Single Family Home List Price (6 mo):$479,900 ($476k,$470k,$470k.$465k) *$419k
Median Single Family Home Sold Price(6 mo):$475,000 ($472k,$468k,$465k,$465k)*$475k
Average Days on Market Single Family Home: 31 (36, 37, 37, 35) *10
Active Condos: 78 (68, 71, 64, 66) *50
Average Condo Listing Price: $419,409 ($419k, $452k, $488k, $536k) *$437k
Average Condo Selling Price: $415,750 ($420k, $448k, $487k, $531k) *$516k
Condo Sale to List Ratio This Week: 99% (100%, 99%, 99%, 99%) *118%
Median Condo List Price (6 mo): $409,900 ($400k, $400k, $400k, $396k) *$360k
Median Condo Sold Price (6 mo): $405,000 ($400k, $393k, $395k, $393k) *$385k
Average Days on Market Condos: 23 (20, 28, 19, 38) *37
Active Vacant Lots: 365 (369, 368, 358, 347) *225
Just like that, it seems like prices are back on the rise! After a slow beginning to the Winter, the first quarter of the 2023 market is showing signs of a rebounding market, stabilization and the return of offers holds, multiple offers and other aspects of the pandemic market. Not really a welcome environment for buyers entering the market this year, as I'm sure the expectation is that prices are back to being negotiable, and there is more to choose from. Unfortunately, this does not seem to be the case this year so far, especially in the first time home buyer price point, and areas within 20 minutes to the core of the city. Now, the multiple offers that are happening seem to be settling around, or just over asking price, unlike the extreme six figure overbids that Halifax entertained in the last couple of years. Getting back to a tactic that was happening during the price fall of 2022, listings that sit on the market for a few weeks carry out a drastic price reduction to match the current values, which then attracts buyers with the market value price, ending up in a multiple offer situation. A lot of buyers I have spoken with have lost the appetite to compete, with all eyes on the Spring for more inventory, and options with less competition. Inventory is on the rise, and with some listings sticking around there is a base padding that we have created as a "spring" board for the second quarter market. Interesting times indeed, and I have you covered, so stay tuned to the blog and stay informed! Thanks for stopping by!
The Weekly "Adogtable"
Hey y’all, my name is Clay: a very cute 4 year old, 10 lb neutered male terrier mix. I came all the way from Texas to the Maritimes in search of my forever home. I'm now ready to start that search.
I am a very shy guy that definitely needs a doggie sibling or a few - big or small, I don’t discriminate. I love my foster dog siblings, right now, I’m curled up with my husky fur foster sister! I follow her every move and I have learned a lot about what to do from her. Cats? Not sure what they are, I haven’t seen one in a while but my foster mom says, “likely fine as I don’t even bother their birds.”
I’m proud to say I’ve got great recall. I know my name and come when called. Leash trained? No. I don’t like to get the leash on/off me; don’t like it when you pick up the leash. I have been on a couple walks with my foster family but that took a long time to get there. With time and patience I’ll get there with you. So a securely fenced in back yard is a must for me since that's where I'll need to do my business and have some play time until I trust you.
Until I get to know you well, I should definitely be considered a huge flight risk. Once I warm up, I’m not such a flight risk, I’ll be found glued to the dogs first and then people around me later. As for right now, I'm still a look, don't touch kinda fella. I need patience and for you to allow me to come around in my own time.
My activity level is medium. I’m quite athletic and love to run and chase and get lots of zoomies but then I’m happy to sleep and chill. I’m mostly housebroken, I do most of my business outside in the fenced backyard, but like many Texans I’m reluctant to go out on very cold or rainy days. How many days til Spring, lol?
I love treats and that’s the only reason I’ll approach people. I love to follow the dogs so if they’re going one way, my motivation is to follow. I’m good in the car if you can get me in it.
I do not experience separation anxiety. I barked the first few times that the other dogs went for a walk and I was left home alone (my leash issue prevents me from being walked) but after that I just look out the window and wait for them. I don’t mind when the humans leave. I get so excited when my fosters and their dogs come home from a walk. When my people come home I get excited to see them because that’s what the other dogs are doing, I follow their lead. My whole body smiles and my tail wags and I jump up on my fur sister.
Am I crate trained? No, but my foster folks are working on getting me used to the crate so they put a comfy bed in it on the couch so I sleep in it with the door open at night. It’s now my favourite location, but nobody has closed the door yet.
I like to sleep on the couch in the bedroom. I like to be close to the adults, but not too close. I get cold, so my fosters gave me a down sleeping bag that I curl up under to get warm. As far as barking goes, I mostly bark at the kids in alarm when they make quick movements, although I’m getting more and more used to it.
Given my petite stature you might be surprised to hear I can be a counter surfer. Of course, it has to be attainable and it's not hard to prevent that. I like good dog food, and I eat it slowly so sometimes my food needs to be monitored so others don’t touch it. I’m not a picky eater though.
I am shy and so far I haven’t let anyone pick me up willingly. So, no baths yet. I am scared of people, especially hands and feet. When I want food I’m not afraid to climb up people’s legs to get their attention, but I’ll run away as soon as they look down at me. I have been known to venture onto my foster’s lap for a treat but if I think you’re going to try to touch me, I’m done with that. I have no idea what dog toys are for.
I am a dog’s dog. I love my big foster fur-sister and jump up all over her and sleep on her. I love to chase and nip a young playful puppy that visits, and I nicely co-exist with the older dog that isn’t playful. I’m super easy to love and I don’t ask for much. Some day I hope to be able to trust my people enough to hangout on the couch and get a leash on/off, and be able to go for walks. Since I’m athletic a big adventure would be nice, but I’ll need time to work up to that.
All in all, I’m a shy guy that needs a special family that will patiently guide me to be the family dog I want to be. That will take time, patience, and perseverance but I am so adorable and easy to care for. I am ready for my forever family to adopt me, could that be you?
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