The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: October 19th-26th, 2023
Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 243 (269, 216, 260, 265) *184
Sold: 119 (123, 98, 116, 105) *129
Sale To Listing Ratio: 49% (46%, 45%, 45%, 40%) *83%
Price Changes: 132 (141, 92, 135, 143) *79
Conditional Sale: 168 (152, 113, 174, 150) *136
Expired/Cancelled/Withdrawn: 47 (58, 39, 114, 47) *54
Total Active Halifax/Dartmouth Inventory: 1,583 (1,585, 1,521, 1,499, 1,547) *1,322
Absorption Rate in weeks: 14 (14, 14, 13, 15) *12
Single Family Home Stats
Active Single Family Home: 834 (834, 792, 768, 808) *671
Average Single Family Home List Price: $567,501 ($548k,$537k,$555k,$561k) *$556k
Average Single Family Home Selling Price: $568,956 ($552k,$539k,$561k,$566k) *$548k
Single Family Home Sale to List Ratio This Week: 101% (101%,101%, 101%, 103%) *99%
Median Single Family Home List Price (6 mo):$524,900 ($525k,$525k,$529k,$529k) *$460k
Median Single Family Home Sold Price(6 mo):$536,250 ($537k,$540k,$545k,$583k)*$500k
Average Days on Market Single Family Home: 32 (23, 32, 23, 29) *27
Active Condos: 126 (128, 122, 129, 122) *107
Average Condo Listing Price: $443,825 ($530k, $505k, $462k, $481k) *$427k
Average Condo Selling Price: $432,741 ($517k, $511k, $460k, $480k) *$421k
Condo Sale to List Ratio This Week: 98% (98%, 101%, 99%, 107%) *99%
Median Condo List Price (6 mo): $430,000 ($430k, $430k, $430k, $425k) *$390k
Median Condo Sold Price (6 mo): $443,700 ($443k, $440k, $440k, $430k) *$401k
Average Days on Market Condos: 20 (22, 34, 13, 25) *30
Active Vacant Lots: 431 (428, 426, 423, 436) *415
With October almost in the books. it has been a rather interesting month this market year. This is one of the fewer times I have seen October report a higher inventory count at the end of the month than what it opens up with, given that October is usually a descending month. The soaring numbers from the Spring usually start their decent end of May / early June timeframe, then continue into the Fall and bottom out during the Holiday season. As mentioned in previous posts, right now is a bit of a secret time to consider your purchase. Remnant inventory still lingers from the Late Spring / Summer months, and new listings are still entering the market. Prices continue to "improve", so revisiting previously aggressively priced property can be considered as well. Buyer activity tends to slow around this time of year as well, making the competition a bit less, and with more options available, a better chance at locking up a property happens.
We're not actually too far off from the report from last year at this time, which is surprising given the year it's been so far. Just when everyone had predicted the market would flatten out after the drastic drop mid 2022, it did anything but that starting in January of this year, causing the need for further deflation tactics, to include higher mortgage rates. Eventually things cooled, but we still find ourselves in Sellers market in most key areas of HRM, although it's a shadow of what it used to be. The big question is if we will see a repeat of last market cycle, where we are lulled into thinking the market would cool for the long term, then blast off in the early months of the new market year, or, will it actually cool off this time and get back to a more recognizable Halifax market. Time will tell, and I have you covered! Be sure to stay tuned to 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