The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: October 6th-13th, 2022
Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 186 (209, 190, 218, 235) *178
Sold: 115 (97, 112, 125, 105) *154
Sale To Listing Ratio: 62% (46%, 59%, 57%, 45%) *87%
Price Changes: 119 (132, 83, 111, 114) *45
Listings that went conditional/pending: 124 (131, 104, 148, 140) *192
Expired/Cancelled/Withdrawn: 48 (128, 57, 60, 67) *50
Total Active Halifax/Dartmouth Inventory: 1,340 (1,333, 1,368, 1,340, 1,335) +1,003
Absorption Rate in weeks: 12 (12, 12, 11, 12) *6
Single Family Home Stats
Active Single Family Home: 703 (695, 708, 705, 706) *355
Average Single Family Home List Price: $606,192 ($508k,$470k,$526k,$543k) *$408k
Average Single Family Home Selling Price: $599,115 ($499k,$463k,$521k,$539k) *$437k
Single Family Home Sale to List Ratio This Week: 99% (98%, 99%, 99%, 99%) *107%
Median Single Family Home List Price (6 mo): $450,000($450k,$460k,$460k,$460k) *$380k
Median Single Family Home Sold Price (6 mo):$502,000 ($505k,$510k,$515k,$521k)*$432k
Average Days on Market Single Family Home: 31 (27, 28, 24, 21) *34
Active Condos: 110 (108, 108, 103, 94) *73
Average Condo Listing Price: $448,253 (%506k, $427k, $445k, $400k) *$400k
Average Condo Selling Price: $441,853 ($497k, $409k, $453k, $388k) *$422k
Condo Sale to List Ratio This Week: 99% (98%, 96%, 102%, 99%) *105%
Median Condo List Price (6 mo): $384,682 ($382k, $385k, $380k, $375k) *$319k
Median Condo Sold Price (6 mo): $403,600 ($405k, $408k, $411k, $413k) *$340k
Average Days on Market Condos: 10 (33, 28, 16, 46) *55
Active Vacant Lots: 394 (384, 403, 386, 389) *439
Is it mid October already? Much like the weather, the market has been hot and cold in short durations this Fall so far. The overall market environment is still swaying towards correction, but October has been sending some mixed messages so far. September usually sees a drastic reduction in activity early on due to the back to school regime, but once that has settled, October does have a small blip of activity before we head towards the lowest point of the season. Now, this is just usual "trend" that has been established by the slow gain market that Halifax has leaned on all these years, but the pandemic market did seem to rewrite some of the rules, so we don't know exactly how things will look on the other side of this. With the interest rate hikes of late, and the uncertainty of falling prices, buyers have stayed away for the most part but falling prices and achievable (seemingly) listing prices starting to come around, Buyer confidence is starting to gain some momentum. Another driving factor to the interest is the reduced inventory around here.
Although inventory is reporting more than 300 units from this time last year, we are still drastically lower than our average inventory levels. We have had a tendency to flex on these amounts over the years, but it's safe to say that we average between 2000-3000 units of availability throughout the year. So when it seems that the pandemic market and multiple offers situations are back, it could be that inventory is still much lower than normal, giving the illusion of desirability. That, or perhaps after a slight correction we are back on track! Not thinking the trip will be that short, but grab a seat cause it's going to continue to be a bumpy ride and the blog has you covered! Thanks for stopping by!
The Weekly "Adogtable"
Hey dog lovers, my name is Tito. I am a very handsome 1.5 yr old, 20 lb neutered Griffon mix boy. I came all the way from Egypt to the Maritimes in search of my forever family. I am now ready to start that search.
I am a very playful dog. My foster family has 3 girls (age 2, 5 and 12) and they love playing with me. I like to join my human girls in the evening for stories and songs. Sometimes I fall asleep on their bed. The first couple of nights I was in my foster home, I slept on the bed with mom. Once I got more comfortable, I started sleeping in my own bed next to my fur brothers’ bed. I am really flexible with where I sleep.
My foster family’s dog is low energy and I am medium energy. I was able to perk him up a bit! We are always together either playing or sleeping. I do not guard my food. I would do without a dog sibling too, but I do love to play so frequent playdates would be a must. I would do best in a family without a cat since I like to chase them.
I love walks. I go on lots of short walks with my foster family. All the humans we encounter comment on how gorgeous I am. My foster family puts me on a shorter leash for the first half of the walk and then I switch to a longer leash so both my fur brother and I get a chance to lead. I am good on a leash and like to take lots of time to sniff the grass and flowers. I like to say hi to other dogs but sometimes my enthusiasm can come off like I am trying to pick a fight, depending on how the other dog receives me. I also like to go on car rides!
I can be pretty vocal when someone comes to the door, even after my humans are fully aware they have company. It has been rare that my humans leave me alone because dad is on summer vacation but I have not been destructive. When the human girls leave a doll lying around I bring it to them to see if I am allowed to chew it. I have not been back in my crate since that first car ride home.
I am in good health. I had a few hot spots on my skin when I arrived in Nova Scotia. The nice vet gave me an injection of antibiotics and my foster mom has been giving me allergy pills wrapped in bacon and hot dogs so that I don’t itch my side or my elbows. The vet thinks that I left the environmental or food trigger behind in Egypt and hopes that I won’t have any more skin issues here. I am going back next week for a dental cleaning.
I am still working on potty training. Make sure to get me outside early in the morning. My foster family has been making a really big deal of me when I do my business outside – hooting and hollering and lots of pets and kisses. It’s so much fun. It may be best for someone to be home a lot while I’m training. Currently, I have a fenced-in backyard. When the humans let me out frequently, I don’t have accidents in the house.
I am looking forward to meeting my furever humans soon. Could that be you?
My adoption fee is a $500 donation to the rescue to help save more dogs like me. I am neutered, vaccinated, microchipped, 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
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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