The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: October 12th-19th, 2023
Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 269 (216, 260, 265, 231) *194
Sold: 123 (98, 116, 105, 119) *114
Sale To Listing Ratio: 46% (45%, 45%, 40%, 52%) *59%
Price Changes: 141 (92, 135, 143, 103) *106
Conditional Sale: 152 (113, 174, 150, 134) *164
Expired/Cancelled/Withdrawn: 58 (39, 114, 47, 46) *48
Total Active Halifax/Dartmouth Inventory: 1,585 (1,521, 1,499, 1,547, 1,504) *1,313
Absorption Rate in weeks: 14 (14, 13, 15) *12
Single Family Home Stats
Active Single Family Home: 834 (792, 768, 808, 776) *678
Average Single Family Home List Price: $548,106 ($537k,$555k,$561k,$506k) *$528k
Average Single Family Home Selling Price: $552,433 ($539k,$561k,$566k,$523k) *$523k
Single Family Home Sale to List Ratio This Week: 101% (101%, 101%, 103%, 103%) *99%
Median Single Family Home List Price (6 mo):$524,900 ($525k,$529k,$529k,$529k) *$460k
Median Single Family Home Sold Price(6 mo):$536,500 ($540k,$545k,$583k,$541k)*$501k
Average Days on Market Single Family Home: 23 (32, 23, 29, 26) *27
Active Condos: 128 (122, 129, 122, 117) *113
Average Condo Listing Price: $529,639 ($505k, $462k, $481k, $490k) *$470k
Average Condo Selling Price: $517,299 ($511k, $460k, $480k, $524k) *$453k
Condo Sale to List Ratio This Week: 98% (101%, 99%, 107%, 107%) *96%
Median Condo List Price (6 mo): $429,900 ($430k, $430k, $425k, $425k) *$390k
Median Condo Sold Price (6 mo): $442,500 ($440k, $440k, $430k, $430k) *$405k
Average Days on Market Condos: 22 (34, 13, 25, 27) *33
Active Vacant Lots: 428 (426, 423, 436, 428) *394
Much like the weather, the market continues to cool again this week. Definitely a lot more options to choose from it seems, as new listings pushed up the overall inventory count for a second consecutive week in a row. With more options, a greater attention divide happens, spreading out the pool of serious buyers who are actively looking. As the inventory loads up, the padding of listing values is starting to drop in available listings. Where the first, noticeable price point to see options started to show in the $800k+ value bracket, we are now starting to see padding in the $600k+ range. You are even starting to see properties list and sell in the $400k's, something that has been scarce the last few years. You can certainly tell that buyers have adapted to the current market conditions, and where they used to frenzy over a "new" listing as they appeared, there is a more reserved approach to snatching up property these days. Almost like it was before the pandemic market. Buyers are hesitant to pay much over list these days, especially as the price point increases. Even showing instructions are starting to show the softening of the market, where it was a "no offers will be presented until this specific date" sort of thing, now most new listings have reverted back to a "leave offers open for 24, sometimes 48 hour" window. Holding offers actually started in Halifax in 2019, then became the norm all the way up until last year when the market had that small retraction. They returned earlier this year, but the 4th quarter hasn't really needed this tactic, other than the listings that come to market underpriced or in an extremely desirable area. Interested to see how things will end up this year? I have you covered, so be sure to check into the blog and stay informed! Thanks for stopping by!
The Weekly "Adogtable"
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
Looking to help?
With the devastation of the fires and floods, we are still far from a full recovery and many animals and people could use help! I want to provide links to various shelters and rescues that could use your support. Donations of pet supplies, food, money, basically anything can help!
Good Bones Dog Rescue
Nova Scotia SPCA
Bide Awhile Animal Shelter
Halifax Veterinary Hospital
If you have a suggestion to be added to the support list, do not hesitate to contact me!
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!
Are you familiar with ViewPoint Realty? How about the ViewPoint Realty interactive real estate map? It's a powerful tool for all your property research needs and when you are ready to buy or sell, its the competitive edge over your competition! Not to mention, it's now more rewarding then ever to become a ViewPoint client, just click HERE to find out more. More savings and more information, sign up today! Or, click HERE to go right to the map and get property shopping!
Looking for a little extra help finding that "needle in a haystack"? The innovators at my brokerage, ViewPoint Realty, have introduced another forward-thinking information tool for your property search needs. Its called "neighbourhoods" and it will break down some stats and give you a more focused tool on the area(s) you are looking for. We also offer mortgage and insurance solutions too! Check it out at viewpoint.ca and get more info now! Just another way Viewpoint Realty is advancing the property buying and selling process.
Newest Blog post HERE
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