The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: November 26th- December 3rd, 2020
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 229 (250, 230, 261, 312) *197
Sold: 194 (229, 230, 198, 242) *141
Sale To Listing Ratio: 85% (92%, 100%, 76%, 78%) *72%
Price Changes: 72 (88, 88, 105, 74) *91
Listings that went conditional/pending: 215 (208, 242, 228, 246) *133
Expired/Cancelled/Withdrawn: 123 (37, 62, 100, 44) *219
Total Active Halifax/Dartmouth Inventory: 1,360 (1,492, 1,472, 1,573, 1,649) +2,483
Absorption Rate in weeks: 6 (7, 7, 7, 7) *17
Single Family Home Stats
Active Single Family Home: 575 (653, 652, 739, 783) *1,287
Average Single Family Home List Price: $397,808 ($400k,$416k,$425k,$387k) *$356k
Average Single Family Home Selling Price: $403,119 ($403k,$418k,$431k,$391k) *$344k
Single Family Home Sale to List Ratio This Week: 101% (101%,101%,101%,101%) *97%
Median Single Family Home List Price (6 mo): $349,650 ($349k,$350k,$345k,$343k)*$315k
Median Single Family Home Sold Price (6 mo):$355,000 ($355k,$354k,$350k,$350k)*$308k
Average Days on Market Single Family Home: 36 (35, 38, 40, 38) *74
Active Condos: 130 (135, 123, 133, 151) *170
Average Condo Listing Price: $384,819 ($378k, $299k, $390k, $302k) *$235k
Average Condo Selling Price: $376,945 ($369k, $294k, $385k, $302k) *$228k
Condo Sale to List Ratio This Week: 98% (97%, 98%, 99%, 99%) 97%
Median Condo List Price (6 mo): $269,900 ($270k, $270k, $270k, $269k) *$243k
Median Condo Sold Price (6 mo): $270,000 ($272k, $270k, $270k, $270k) *$237k
Average Days on Market Condos: 31 (28, 71, 24, 56)*53
Active Vacant Lots: 513 (551, 547, 550, 560) *836
No surprises with the inventory this week as the Halifax market felt another significant drop. Normal for this time of year, but perhaps helped along a bit more by buyer activity. December marks the beginning of the end for the market year, and as we approach the end of the month activity has a tendency to take pause as well, which is likely due to the holiday season.
Along with the incredible activity and record breaking numbers this year, the absorption rate has experienced historic lows. Since the beginning of the year we have slowly slipped from 21 weeks, all the way down to 6. Since August, it was believed that we hit a low due to the consistent week to week showing of 7, but alas we have dropped another week this week, taking this already reduced stat to new lows.
Seems that the median prices have stabilized for the second week in a row. After last weeks report, there was a reduction in this stat for the first time this year. this sparked a question of if the market had hit a peak or if we are just experiencing qualities of a market that is nearing is seasonal end? Seems we will need a few more weeks to make a conclusion, as the median condo sale price reduced back to $270k this week, so both tracked products have had mixed reports. These numbers will be important to watch in the coming weeks, as they are strong factors in the market environment.
Only a few weeks left in 2020, so it will be interesting to see how the end plays out. Stay tuned to the blog to find out! Thanks for stopping by, and stay safe out there!
The Weekly Adogtable!
My name is Hughie and I’m an almost 4 years old, 15lb, male morkie. I was surrendered due to issues my parents didn't feel capable of taking on. Thankfully, they reached out to a rescue and Salcars agreed to help.
I was only in my previous home for approximately a week before my parents realized that this new free dog they got wasn't exactly as advertised. I picked the man as my person, and wasn't very kind to the lady in the house, anytime the man was around. My foster mom says that’s called people guarding and says it can be common in smaller dogs. In my foster home, it’s just me, foster mom and my doggy foster sister. I’m much more settled this way and haven’t shown any guarding behaviors here, so a home with one adult only or a couple (no kids) who is experienced with these behaviors would be ideal for me. I haven't met any kitties yet but testing is possible if needed.
I’m good in the car and like to stand on the armrest and look out the window. I prefer to be in the front seat! I’m house trained and love that my foster mom has a fenced yard but I would be ok on a lead or a leash to go out.
I love walks!! I walk well on a leash and only pull a little when there’s something out of my reach that I want to smell. I’m good at meeting other dogs on walks as long as they don’t run up into my face or are too big and excitable as that makes me nervous. Speaking of nervous, I’m weirdly nervous of a jacket and sometimes a harness. For the first week I was with my foster mom, I ran away as soon as she pulled out my coat but one morning I was ok with it being put on then the next day, not ok again. Once I even growled at her when she tried but I didn’t bite as she decided not to stress me out with it. Hopefully my new home will also be patient with me until I trust them.
I have my own bed that I like to use but I also love sleeping in bed with my foster mom and fur sister. I’m house trained and although I don’t mind a crate, I don’t need one. I’m not destructive when my foster mom is at work, she thinks I sleep all day! I’m free fed and graze when I feel like eating. I don’t over eat at all. Oh I’m also very picky about treats, but I do love liver treats! Please remind me before reaching one out to me to be easy/gentle as
I can get a bit excited and grabby but I’m doing really good when someone tells me to be easy first.
I like playing with my stuffy toys but sometimes it takes me a few days to be comfy enough to show that side of me. I'm nervous of baths but tolerant. I spent a day at daycare and although I was nervous at first, I eventually loosened up and had a blast.
I had to take a trip to the vet to get a checkup. I was not happy about that and had no trouble showing the vet how I felt. I may need to be muzzled and/or have some anxiety meds before going to the vet again until I develop a good relationship with one. I don’t trust super easy. The vet I saw here with Salcars thinks I learned that if I snap at people, I don’t have to do what they want me to, so I’ll need to work on that as well.
If you feel you are the right family for me and have the patience and time to help work on my issues...My adoption fee is a $400 donation to help save more dogs like me. I am neutered, vaccinated, microchipped, and I have all my doggy papers to come home to you! You can apply for me at https://www.salcars.ca/adopt
This "cuddly companion" is available through SPCA Nova Scotia, 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