The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: May 26th - June 2nd, 2022.
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 386 (375, 360, 433, 411) *272
Sold: 176 (203, 215, 243, 211) *183
Sale To Listing Ratio: 46% (54%, 60%, 56%, 51%) *67%
Price Changes: 81 (79, 95, 86, 63) *43
Listings that went conditional/pending: 262 (199, 259, 258, 266) *207
Expired/Cancelled/Withdrawn: 59 (34, 44, 46, 61) *50
Total Active Halifax/Dartmouth Inventory: 1,010 (1,008, 872, 893, 793) +978
Absorption Rate in weeks: 5 (5, 4, 4, 4) *4
Single Family Home Stats
Active Single Family Home: 483 (480, 380, 422, 332) *352
Average Single Family Home List Price: $502,872 ($512k,$530k,$566k,$501k) *$460k
Average Single Family Home Selling Price: $569,603 ($576k,$610k,$645k,$571k) *$515k
Single Family Home Sale to List Ratio This Week: 113% (113%, 115%, 114%, 114%) *112%
Median Single Family Home List Price (6 mo): $449,900 ($450k,$450k,$450k,$445k) *$385k
Median Single Family Home Sold Price (6 mo):$540,155 ($541k,$540k,$532k,525k)*$425k
Average Days on Market Single Family Home: 9 (7, 8, 12, 14) *21
Active Condos: 91 (93, 78, 72, 69) *83
Average Condo Listing Price: $407,850 ($380k, $420k, $398k, $515k) *$353k
Average Condo Selling Price: $441,545 ($422k, $483k, $452k, $565k) *$385k
Condo Sale to List Ratio This Week: 108% (111%, 115%, 114%, 110%) *109%
Median Condo List Price (6 mo): $389,450 ($389k, $385k, $380k, $380k) *$320k
Median Condo Sold Price (6 mo): $447,450 ($445k, $445k, $435k, $430k) *$345k
Average Days on Market Condos: 7 (7, 7, 7, 23) *12
Active Vacant Lots: 255 (252, 248, 242, 244) *428
Bit of a stalemate this week, but the good news is that inventory has stabilized, for now. Another good week for new listing additions, but it was also another week for reduced sales, further leading us down the road to a balancing market. Quite a few stalls in other areas of the stats report as well. Not a lot of gain or loss in either direction at this point, even values and overbid amounts took a week off. We may see a few weeks of this levelling effect until, ultimately, the market levels out. The market grew so quickly in such a short period of time, one has to wonder how steep the fall might be when/if things start to normalize again, back to the typical 3-5% annual value gain. Ultimately, it will be very unrealistic to think that prices will return to those of 2019, so anyone who did not have to move prior to then would still likely have good luck with selling, especially if they have to compete with anyone who purchased after that time. Seems to be a few more options to market each week these days, but there are a few areas and products that are still seeing incredible activity and others not so much. Bit of whack-a-mole out there currently to find which ones are highly competitive and the ones that are not. Typically, turn-key and anything with water views/access are still in high demand, but as the market cools, the edges of the HRM boundary seem to be the first to experience the decrease in demand. Summer does tend to be the slowest season, so perhaps the Spring market has already come and gone, leaving an early Summer market. Perhaps it's just a short break, I mean, it has been a high octane fuelled market since 2020, and a cooling, even if temporary, is a welcome change for some. All eyes on the Summer market, and I have you covered! Stay tuned to the blog to keep informed, and thanks for stopping by!
The Weekly "Adogtable"
Meet Phoebe! Temperament: real sweetheart and obedient. Dog friendly: yes. Cat Friendly: yes. People friendly: yes. Child friendly: yes Loves other dogs, cats, and humans. Needs people at home because she has separation anxiety. When her owners are with her, she's a perfect dog Well trained loves to cuddle or play ball, and she can go for a long walk or be on the couch. She loves human attention so she's also fine as the only dog in the house and just has friends outside the home. She is not reactive, she can bark at strange men at first contact but she's very easy with people. She lives with 3 cats and an 8-year-old child.
This "cuddly companion" is available through Good Bones Dog Rescue, a non profit rescue organization from Nova Scotia. More info about her 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