The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: May 12th-19th, 2022
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 360 (433, 411, 362, 248) *250
Sold: 215 (243, 211, 201, 170) *245
Sale To Listing Ratio: 60% (56%, 51%, 56%, 69%) *98%
Price Changes: 95 (86, 63, 48, 35) *39
Listings that went conditional/pending: 259 (258, 266, 270, 169) *204
Expired/Cancelled/Withdrawn: 44 (46, 61, 35, 38) *40
Total Active Halifax/Dartmouth Inventory: 872 (893, 793, 712, 675) +971
Absorption Rate in weeks: 4 (4, 4, 4) *3
Single Family Home Stats
Active Single Family Home: 380 (422, 332, 293, 269) *350
Average Single Family Home List Price: $529,554 ($566k,$501k,$540k,$481k) *$453k
Average Single Family Home Selling Price: $608,986 ($645k,$571k,$619k,$570k) *$508k
Single Family Home Sale to List Ratio This Week: 115% (114%, 114%, 115%, 119%) *112%
Median Single Family Home List Price (6 mo): $449,900 ($450k,$445k,$440k,$430k) *$380k
Median Single Family Home Sold Price (6 mo):$540,000 ($$532k,525k,$520k,$515k)*$415k
Average Days on Market Single Family Home: 8 (12, 14, 9, 9) *14
Active Condos: 78 (72, 69, 58, 53) *78
Average Condo Listing Price: $420,320 ($398k, $515k, $653k, $405k) *$424k
Average Condo Selling Price: $482,680 ($452k, $565k, $705k, $480k) *$436k
Condo Sale to List Ratio This Week: 115% (114%, 110%, 108%, 118%) *103%
Median Condo List Price (6 mo): $384,700 ($380k, $380k, $380k, $372k) *$305k
Median Condo Sold Price (6 mo): $445,000 ($435k, $430k, $425k, $422k) *$325k
Average Days on Market Condos: 7 (7, 23, 61, 5) *13
Active Vacant Lots: 248 (242, 244, 235, 234) *420
Well that was short lived! After a few weeks of inventory recovery, we ended up taking a reduction this week, kicking us back down below the availability last year. Single family home sales are the culprit, and it would seem that buyers are back at the search after a few months of waiting for options. A few less listing entries to the market than reported in the last couple of weeks, but still a good showing, and much better than last year at this time. Price change numbers continue to rise this week, and looking over them, the percentage of those that are reductions are starting to increase weekly. For the last year, price change have been few, and the ones that have occurred have been increases, which could be another indication that prices are starting to plateau and the market levelling out.
Reports around the Country have confirmed a slowing in most markets, and this week, it was reported that Canada's average home price reduced and sales fell for the first time in two years amid rising rates. You could feel it on the front lines here in Halifax, it was a noticeable drop in activity overall, and just some things happening that hadn't happened in a couple years started to be noticed. Price reductions were one of them, and certain areas/price points actually survived the offer hold over window. Certainly there are many factors involved with the market deflation locally, but early signs of the national market cooling had already started, and it seemed to be directly linked to the rise of interest rates. Couple that with buyer fatigue, unsustainable housing prices, and it was only a matter of time before things started to change. Question is, are we finally at the peak, or another false crest? The next few months will be critical in determining the answer, but one can only think that with every other market across the country cooling, Halifax will be not be an exception. Time will tell, and I have you covered, so stay tuned to the blog to stay on top of this dynamic market! Thanks for stopping by!
The Weekly "Adogtable"
Hello all, my name is Oliver! I arrived in Canada two weeks ago from Louisiana. I have to say, I am pretty happy with the move so far! I am only 9 months old, weigh about 30 lbs. and am a terrier mix. I'm now ready to start the search for my forever family.
I love my foster parents very much, therefore I take every opportunity to cuddle with them. Let me be very clear, I LOVE to cuddle, it’s my favorite thing in the whole wide world! I am pretty outgoing and social, no matter who you are, I am going to request cuddles! I also like my furry canine foster sister, but she is a teenager. My foster mom explained to me that teenagers need their space, and I respect that! I am very polite and respectful with her and to thank me, sometimes she will play with me outside! We play very well together according to my foster mom. That being said, don’t tell my sister, but I think she is a little boring. A sibling with a little more energy would probably be much more fun. Actually, I would really love a canine sibling to play with!
When I am done playing and cuddling for the day, I have a little bed beside my foster parents’ bed where I spend the night without making a single noise, except a little snore here and there!
As for my perfect home, an apartment or a house would both be fine. I don’t bark very often and will immediately stop if my foster parents tell me to. A yard would be cool, but going for daily walks is fine by me! I would rate my energy level as medium.
I had a few potty accidents inside the house after my arrival but my foster mom figured out my weakness: cheese! If I potty outside, I get a little piece of cheese, what a deal! I only had 2 accidents this past week!
For the first week I was feeling a little unsure about my foster parents leaving the house. Thankfully my foster mom found a great solution for me! I need to have access to a window to be able to distract myself by looking outside! After about an hour of looking outside, I take a little nap, and wait for them to come back!
Overall, my foster mom thinks that to know me is to love me! I am good with men, women and other animals. I think I would like children as well. I am a very happy and gentle soul.
Now I have to go. My foster mom is tearing up… I have to let her know that I will love her forever, even after finding my new forever family. Am I the sweet, handsome, gentle soul you've been looking for? Then fill out an application today!!
My adoption fee is a $450 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
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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