The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: October 13th-20th, 2022
Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 194 (186, 209, 190, 218) *241
Sold: 114 (115, 97, 112, 125) *163
Sale To Listing Ratio: 59% (62%, 46%, 59%, 57%) *87%
Price Changes: 106 (119, 132, 83, 111) *39
Listings that went conditional/pending: 164 (124, 131, 104, 148) *215
Expired/Cancelled/Withdrawn: 48 (48, 128, 57, 60) *42
Total Active Halifax/Dartmouth Inventory: 1,313 (1,340, 1,333, 1,368, 1,340) +983
Absorption Rate in weeks: 12 (12, 12, 12, 11) *5
Single Family Home Stats
Active Single Family Home: 678 (703, 695, 708, 705) *347
Average Single Family Home List Price: $528,069 ($606k,$508k,$470k,$526k) *$455k
Average Single Family Home Selling Price: $522,769 ($599k,$499k,$463k,$521k) *$491k
Single Family Home Sale to List Ratio This Week: 99% (99%, 98%, 99%, 99%) *108%
Median Single Family Home List Price (6 mo): $459,900 ($450k,$450k,$460k,$460k) *$380k
Median Single Family Home Sold Price (6 mo):$500,758 ($502k,$505k,$510k,$515k)*$435k
Average Days on Market Single Family Home: 27 (31, 27, 28, 24) *18
Active Condos: 113 (110, 108, 108, 103) *68
Average Condo Listing Price: $469,966 $(506k, $427k, $445k) *$412k
Average Condo Selling Price: $453,025 ($442k, $497k, $409k, $453k) *$435k
Condo Sale to List Ratio This Week: 96% (99%, 98%, 96%, 102%) *105%
Median Condo List Price (6 mo): $389,900 ($385k, $382k, $385k, $380k) *$320k
Median Condo Sold Price (6 mo): $405,000 ($404k, $405k, $408k, $411k) *$340k
Average Days on Market Condos: 33 (10, 33, 28, 16) *10
Active Vacant Lots: 394 (394, 384, 403, 386) *430
Small reduction in the overall inventory this week, but a huge improvement from this time last year, which ended up being a record low. Inventory itself has steadily been on the recovery, and increase, which is a little backwards from annual trend at this time. We will likely see a bit of normalcy return in 2023, but the question is when things will balance. The relatively sleepy market actually had a solid buyer activity week this week, with 164 properties receiving and accepting offers. That has been the highest amount in awhile, but there does seem to be a few buyer pockets of the year, and this week is one of them. You could almost count all of October in that pocket, as some buyers make their push to get into a property before the Christmas holiday, or before the snow falls, so there does seem to be some late market push late October/early November.
Values took a bit of a dive this week, but remained well above the six month median prices,. Speaking of, the odd stat of the week belongs to both single family home and condo six month listing median prices. In a strange turn of events, both products jumped up in value, and not just by a marginal amount! Since May, we have witnessed the continued decline in property values here in HRM, and all signs are pointing to this to continue, but this week had other ideas and actually added back to the plus column. We will see what next week brings, but certainly something to keep an eye on as values will eventually draw a line in the sand, signalling "enough is enough" for value drop. Time will tell and I have you covered! Stay tuned to the blog to stay on top of the market and stay informed! Thanks for stopping by!
The Weekly "Adogtable"
I'm Alexia, a 10 month old, 25lb, border collie mix. I came to NS a few weeks ago from Egypt where I was found as a stray. I am now ready to start the search for my forever home.
Just prior to leaving Egypt, I had hurt my leg and had to have surgery. I am doing really well but still need limited exercise and range of motion exercises done on my leg twice a day for a few more weeks. I have no issues having that done. I am also on a mix of Puppy Chow and canned food because the vet said a few more pounds on my bones wouldn't hurt.
I am currently fostered with another dog my size and have a blast playing with him but I am not fond of him coming near my soft, comfy bed and will grumble and growl at him. I was a stray, so more often than not, I had to sleep on the cold, hard ground. I just don't want to risk losing this luxury but hopefully over time, I'll learn it's OK to share it.
I am very shy with humans but I love to be petted and loved so I warm up fast. I haven't met any cats, kids, nor bigger dogs while here so not sure what I think of them. I am a very shy and timid dog so probably best to have a more calm household until I can build up my confidence.
I walk well on a leash but can get spooked fairly easily because I'm so timid so keeping me on leash at all times is a must. My foster mom says I'm getting more brave each walk. I am just starting to figure out these things you call toys. I'm not exactly crazy over them yet but I'm sure I'll get there.
I know my name and will come when called even though I've only had the name a short while. That just goes to show you how smart I am. I am also housetrained, only doing my business outside. I love my treats and drives in the car. Going on an adventure? I'm in, let's roll!!
I am good home alone and don't chew anything although I'm usually crated because of my leg if my people need to go out. I am crate trained but I won't need one once my leg is healed. I usually sleep the nights away on my doggy bed with no issues.
Another great thing about me is that I rarely bark although that could change once my confidence grows.
My foster mom says that I am a sweet, loving girl who needs a little help building my confidence.
If you think we would be a good match, tell my rescuers that you want to bring me home!!
My adoption fee is a $550 donation to the rescue to help save more dogs like me. I will be spayed, I will be microchipped, if not already, I am vaccinated and 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 Save a Life Animal Rescue Society, 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!
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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