The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: October 22nd-29th, 2020
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 312 (313, 363, 260, 295) *195
Sold: 242 (225, 208, 209, 238) *153
Sale To Listing Ratio: 78% (72%, 57%, 80%, 81%) *79%
Price Changes: 74 (86, 71, 85, 117) *142
Listings that went conditional/pending: 256 (283, 239, 277, 228) *183
Expired/Cancelled/Withdrawn: 44 (59, 48, 107, 92) *83
Total Active Halifax/Dartmouth Inventory: 1,649 (1,632, 1,705, 1,656, 1,683) +2,788
Absorption Rate in weeks: 7 (7, 8, 7, 7) *18
Single Family Home Stats
Active Single Family Home: 783 (798, 835, 806, 807) *1,484
Average Single Family Home List Price: $386,533 ($427k,$380k,$398k,$387k) *$352k
Average Single Family Home Selling Price: $390,768 ($430k,$390k,$404k,$396k) *$344k
Single Family Home Sale to List Ratio This Week: 101% (101%,103%,101%,102%) *98%
Median Single Family Home List Price (6 mo): $342,900 ($340k,$340k,$340k,$340k)*$310k
Median Single Family Home Sold Price (6 mo):$350,000 ($350k,$349k,$349k,$346k)*$305k
Average Days on Market Single Family Home: 38 (28, 29, 42, 29) *58
Active Condos: 151 (162, 162, 147, 159) *184
Average Condo Listing Price: $302,450 ($341k, $310k, $315k, $283k) *$266k
Average Condo Selling Price: $301,950 ($332k, $311k, $314k, $284k) *$260k
Condo Sale to List Ratio This Week: 99% (97%, 100%, 99%, 101%) 98%
Median Condo List Price (6 mo): $269,000 ($270k, $262k, $250k, $260k) *$250k
Median Condo Sold Price (6 mo): $270,000 ($270k, $267k, $264k, $260k) *$240k
Average Days on Market Condos: 56 (60, 31, 71, 13)*67
Active Vacant Lots: 560 (535, 548, 546, 562) *897
A new dilemma has emerged in our market, and it involves the way properties are being held to offer for a few days. I have mentioned in a previous post regarding what I have dubbed ":the golden weekend", which is a strategy to list a home on say Thursday, hold showings from Friday-Sunday, then present any offers on Monday (variations are present here as well, but you get the idea). Because the way the market has changed in the last couple of weeks, there are a few more options for buyers it seems. Lets say a group of 20 buyers looking in the $280-$330k in and around HRM spot a new listing, then another, then another, all holding offers until Sunday, well, because the option is not available to offer on multiple properties (in case they all accept their offer by the buyer), that buyer group will now have to select the property they liked the most in hopes of getting it. It's sort of an "all eggs in one basket" sort of thing, with the only real positive being the hope that the group of 20 has been divided between the properties, increasing the chance of winning the bid.
Another action emerging from this market is when a seller decides that they have received the offer they are looking for prior to the presentation day and accept said offer before the deadline, casting out other showings and potential offers before they are given an opportunity to see or offer on the property. Of course, this action gives way to significant disappointment to would be buyers, and it stings that much more because of how complex things are for them at the moment.
Either way you slice it, this new market has issued the order of adaptation in quick fashion. 2020's market year has been a whirlwind, and it seems there is still lots left in the tank. Make sure to stop by and stay on top of things by tuning into the blog, and don't hesitate to reach out should you have a question about our market. Thanks for stopping by and stay safe out there!
The Weekly Adogtable!
Rebel is a ~10 year old male neutered amstaff mix. (~25 kg)
He would prefer a home with children 16 years and older.
Rebel needs to be the only dog in the home.
Rebel is not available for apartments or condos.
Rebel is a very sweet older gentleman who is looking for a quiet place he can call home. He came to us as his owner was no longer able to care for him unfortunately. Rebel has won our hearts over with his sweet calm disposition. His favorite pastime is to lounge outside and soak in all that sunshine and fresh air. He is normally very reserved and takes his time through life stopping to smell the roses along the way. However, when you bring some of his favorite toys in the mix, Rebel shows his inner puppy! You can see his eyes light up with excitement as he grabs his toy and runs around like a little puppy. Why not put in an application to meet this distinguished boy today!
Rebel is available for adoption from the Dartmouth SPCA. Please use the following link and follow the steps to submit an application and request an appointment: novascotiaspca.ca/adoptionprocess
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
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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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.
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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