The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: May 19th-26th, 2022
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 375 (360, 433, 411, 362) *251
Sold: 203 (215, 243, 211, 201) *161
Sale To Listing Ratio: 54% (60%, 56%, 51%, 56%) *80%
Price Changes: 79 (95, 86, 63, 48) *35
Listings that went conditional/pending: 199 (259, 258, 266, 270) *223
Expired/Cancelled/Withdrawn: 34 (44, 46, 61, 35) *27
Total Active Halifax/Dartmouth Inventory: 1,008 (872, 893, 793, 712) +950
Absorption Rate in weeks: 5 (4, 4, 4, 4) *4
Single Family Home Stats
Active Single Family Home: 480 (380, 422, 332, 293) *325
Average Single Family Home List Price: $511,957 ($530k,$566k,$501k,$540k) *$433k
Average Single Family Home Selling Price: $576,007 ($610k,$645k,$571k,$619k) *$490k
Single Family Home Sale to List Ratio This Week: 113% (115%, 114%, 114%, 115%) *113%
Median Single Family Home List Price (6 mo): $449,900 ($450k,$450k,$445k,$440k) *$380k
Median Single Family Home Sold Price (6 mo):$541,000 ($540k,$532k,525k,$520k)*$425k
Average Days on Market Single Family Home: 7 (8, 12, 14, 9) *12
Active Condos: 93 (78, 72, 69, 58) *80
Average Condo Listing Price: $380,230 ($420k, $398k, $515k, $653k) *$378k
Average Condo Selling Price: $421,547 ($483k, $452k, $565k, $705k) *$392k
Condo Sale to List Ratio This Week: 111% (115%, 114%, 110%, 108%) *103%
Median Condo List Price (6 mo): $389,000 ($385k, $380k, $380k, $380k) *$319k
Median Condo Sold Price (6 mo): $445,000 ($445k, $435k, $430k, $425k) *$339k
Average Days on Market Condos: 7 (7, 7, 23, 61) *42
Active Vacant Lots: 252 (248, 242, 244, 235) *425
Finally! After a shaky start to the year, and a lot of questions about how this year would go, this week we have surpassed the inventory volume reported at this time last year. We have been halving the inventory level each year for the last three or so years, so the question was if it happened again this year could it cause (could still) a major issue in out city? Luckily, as I have been reporting, the local market does appear to be following national trend and has started to deflate a bit, giving relief to Buyers and market watchers alike. Single family homes had a big inventory week, condo's and vacant land marginal., but all had gains and reported higher than last year at this time. Although the options have been limited, sellers are finding a way to get to the market, bumping up the numbers in the last few weeks. Buyer activity seems to be waining as well, which is likely due to many simply being priced out of the home buying option, which is really unfortunate. The sales to list ratio has been cruising at, or just over, the 50% mark, where this time last year was mostly 100%+. Sales also seem to be down, despite the increasing amount of inventory, all signs that are pointing to a slowing market. Next few weeks will be instrumental for the Halifax real estate market, and it's a good time to keep evaluating the ongoing changes. I have you covered, so make sure to stay tuned to the blog to stay on top of this dynamic market, and thanks for stopping by!
The Weekly "Adogtable"
Name: Odin Age: 3 yrs old Neutered male. He is up to date on core vaccines and on flea/ tick protection Cats: YES cat safe Not dog aggressive but prefers calm females. Crate-Trained but not needed as he is not destructive. Greets exuberantly as many Amstaff terriers do No food, aggression nor guarding No people guarding No toy resource guarding Loves strangers, men, and women Pretty chilled boy most times, but has his zooming times with pent up energy Not kid-tested No anxiety Lived with a cat and a dog. Strong on a leash but a good leash walk.
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!
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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