The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: March 3rd-10th, 2022
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 214 (195, 221, 208, 170) *277
Sold: 152 (138, 124, 131, 110) *185
Sale To Listing Ratio: 71% (71%, 56%, 63%, 65%) *67%
Price Changes: 26 (12, 13, 14, 23) *26
Listings that went conditional/pending: 187 (179, 158, 137, 138) *258
Expired/Cancelled/Withdrawn: 24 (34, 26, 28, 32) *27
Total Active Halifax/Dartmouth Inventory: 540 (556, 560, 555, 518) +872
Absorption Rate in weeks: 4 (4, 5, 5, 5) *4.5
Single Family Home Stats
Active Single Family Home: 169 (171, 177, 174, 156) *304
Average Single Family Home List Price: $511,552 ($558k,$507k,$507k,$530k) *$447k
Average Single Family Home Selling Price: $616,650 ($662k,$596k,$597k,$622k) *$477k
Single Family Home Sale to List Ratio This Week: 121% (119%,118%,118%, 117%) *107%
Median Single Family Home List Price (6 mo): $419,000($413k,$400k,$400k,$400k) *$370k
Median Single Family Home Sold Price (6 mo):$475,000 ($471k,$470k,$455k,$450k)*$381k
Average Days on Market Single Family Home: 10 (12, 18, 21, 22) *40
Active Condos: 50 (47, 35, 39, 29) *106
Average Condo Listing Price: $437,066 ($419k, $396k, $452k, $353k) *$405k
Average Condo Selling Price: $516,001 ($504k, $456k, $529k, $450k) *$427k
Condo Sale to List Ratio This Week: 118% (120%, 115%, 117%, 127%) *105%
Median Condo List Price (6 mo): $359,900 ($360k $350k, $350k, $350k) *$283k
Median Condo Sold Price (6 mo): $385,000 ($380k, $374k, $371k, $360k) *$290k
Average Days on Market Condos: 37 (9, 34, 6, 6) *57
Active Vacant Lots: 225 (226, 239, 233, 223) *353
Just can't seem to gain much ground. After a few promising weeks of inventory increase, the last couple have kicked those numbers back to the basement, which is not good news for soon to be Spring Buyers and those currently looking. Not a huge decrease, but we are way off the levels of last year, which was also the trend of 2021. The next few weeks will indicate if we are in for a "scraping the bottom of the barrel" type of year, or if we finally see a correction year. I personally think we are going to see the former for most of the year, but if builders can catch up to the their current projects, there may be a little reprieve for the market on the horizon. With little to no new construction options around, resale residential continues to take a pounding, rocketing prices to new and somewhat worrisome heights. We are still seeing decent new listing additions though, just not enough to make a dent in the current buyer pool.
As the Spring kicks into high gear though, opportunities will come, it's just a matter of getting educated on the market and watching current trends on a weekly/daily basis. A good way to do the is by checking out properties on our site viewpoint.ca and favouriting a few that come up for sale that match what you may be looking for in the future. That way you can see the selling price when it is marked sold and see what typical bids are happening over the asking price. Although not a perfect way to gauge what a buyer is willing to pay, it does give some idea on the averages and what a reasonable bid might be should you find yourself in that situation. Of course, having a Realtor on your side certainly helps, since we can help navigate the current market, answer questions and run reports on potential candidates. Especially those, like myself, that have been on the front lines of this market since the beginning. Thanks for stopping by!
The Weekly "Adogtable"
Hi y'all, I’m Niblet, a 4 year old, 13 lb pug mix boy. I came from Texas to Nova Scotia a few weeks ago to find a forever family that will never abandon me again. I am ready to start my search.
I am little and sweet, just like a niblet should be, pretty “corny” right!! I am a very quiet, gentle soul. I have lots to keep me occupied in my foster home, so I watch and listen. Lots of fur friends and lots of foster family. I am a little shy, but not at all aggressive, the type of shyness that goes away as I become more comfortable. I don’t need to be the centre of attention, but I like to be near everybody. I like men and women. I have made friends with everybody, every dog and even the cat in my foster home. I am not very food motivated but if you offer me a treat I will reluctantly accept it. It can get a little harry here at meal times, so I prefer to wait for peace again, and maybe go eat in a quieter place with my foster mom.
I am not destructive at all, and I have spent no time in a crate. I am not overly interested in toys, and I have shown no resource guarding behaviour. I don’t mind the car, probably because that means a walk. I LOVE walks. I come to life then, so lets do lots of those!! I am so good on a leash and love the wooded trails we have walked on. I have met a few people and dogs and I am shy and may shake a little, but when encouraged to move on, everything is ok again. I have met a few children walking too. They were asked to be gentle, and it was fine. I love to bop around in my fenced yard too, the outdoors seems to be my happy place. I can really run when I want to, so keeping me leashed at all times, if not 100% confined, is the best way to keep me safe. I am not sure how I feel about the cold though. I have had to wear some pretty crazy get ups lately, let me tell you, but this place is freezin!!
I am housetrained but my foster mom does seem to have eyes in the back of her head, and the only time I was going to make a mistake I got the look, and went outside. I am sure this behaviour will stick if I must! I totally associate the outdoors with bathroom time, and will do it quick to get back inside. I spend most of the day following everyone around and I can get a little sad when left alone, so maybe take me with you, always, lol. I have a cozy bed to snuggle in during the day, but at night my foster mom doesn’t want me to be alone so she takes me to bed with her. I will find the one spot left in the bed and snuggle in. I will still be peacefully there in the morning, smiling at you with the cutest little underbite you have ever seen.
I have a little cherry eye we have been massaging, but it is hardly noticeable. I cleaned up really well in the bath, and I didn’t even mind it. My foster mom says that I am pretty darn close to perfect!!
If I sound like the perfect companion for you, then let my rescuers know.
My adoption fee is a $400 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 the Save a Life Canada Animal 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