The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty (September 10th-17th, 2020)
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 367 (351, 322, 334, 399) *265
Sold: 270 (221, 248, 250, 268) *192
Sale To Listing Ratio: 63% (63%, 77%, 75%, 67%) *72%
Price Changes: 140 (114, 111, 116, 123) *132
Listings that went conditional/pending: 317 (252, 297, 274, 294) *208
Expired/Cancelled/Withdrawn: 60 (46, 65, 56, 123) *66
Total Active Halifax/Dartmouth Inventory: 1,741 (1,771, 1,793, 1,830, 1,875) +3,139
Absorption Rate in weeks: 7 (7, 7, 8, 8) *19
Single Family Home Stats
Active Single Family Home: 838 (872, 904, 916, 952) *1,716
Average Single Family Home List Price: $391,168 ($404k,$413k,$402k,$376k) *$351k
Average Single Family Home Selling Price: $394,344 ($409k,$413k,$408k,$381k) *$342k
Single Family Home Sale to List Ratio This Week: 101% (101%,99%,101%,101%) *98%
Median Single Family Home List Price (6 mo): $339,900 ($339k,$338k,$335k,$333k)*$309k
Median Single Family Home Sold Price (6 mo):$343,500 ($342k,$340k,$338k,$337k)*$303k
Average Days on Market Single Family Home: 34 (51, 48, 41, 43) *54
Active Condos: 163 (159, 153, 164, 161) *220
Average Condo Listing Price: $268,274 ($289k, $289k, $249k, $300k) *$275k
Average Condo Selling Price: $272,273 ($289k, $286k, $257k, $304k) *$269k
Condo Sale to List Ratio This Week: 100% (100%, 99%, 104%, 101%) 98%
Median Condo List Price (6 mo): $259,900 ($270k, $270k, $270k, $275k) *$250k
Median Condo Sold Price (6 mo): $260,000 ($270k, $272k, $270k, $273k) *$243k
Average Days on Market Condos: 18 (33, 30, 17, 22)*46
Active Vacant Lots: 568 (569, 571, 585, 588) *935
At first glance, it looks like there may be indications that the market is softening a touch, looking closer, however, you can see that is actually not the case at all. Some of the predicted items did perform as expected, like the continued addition solid new listing numbers and values taking a slight correction, but the waining buyer activity of last week did not carry forward this week since we hit a peak amount of properties under agreement, and sales crushed it too! Average days on market for both tracked products almost seems unreal, reporting in at a measly month from list to sale on average. A few short years ago, those numbers were in the the 100's, with only the last couple years cleaning that up to the short span of the listing/sale cycle we find ourselves in today. Gone however are the factors that caused these delays and extension of market exposure. Almost every listing out there is getting ideal buyer candidates, no homes to sell and ones that want to close yesterday, so quick closings and expedited due diligence timelines are almost expectations at this point.
A few short years ago, buyers would take time finding a place, likely offer lower (sometimes much lower) than asking, multiple offers where practically unheard of and over asking price offers? Forget about that kind of thing! One of the big problems we face is the second+ home groups who want to relocate or up/downsize their current accommodations. Sure, they could sell in seconds, but they really have limited options to purchase, just like everyone, but the key difference is the safety of SOBP, or Sale of Buyers Property, condition. This allows a seller who has their home ready to sell an opportunity to comfortably move from one step to the other without total risk of losing the home they have have an offer in on. This was acceptable in a buyers market, since sometimes a home would hit a stall and would look to other options in order to sell, and a domino sell my home / buy a home people could lock a property up and get some time to sell their home. In our current market 2.0 however, this undesirable condition for sellers has become almost extinct. Not only is it an undesirable condition for sellers to accept (most of the time, as they have to sit and wait for their buyers home to sell), the market is moving so quickly, that even if one of the domino groups were able to get a property under agreement with this condition, they would likely find themselves short of their timeline when the sellers opt for their escape clause, leaving the buyers somewhat out. It's risky, and can be accomplished, but it's much harder than a few short years ago. This is also a good reason why new construction has hit record heights this year, the ability to plan the move and have time. That's a topic for another day though! Thanks for stopping by, and stay safe out there!
The Weekly Adogtable!
Meet Charleigh! No cats, kids or dogs in her home, although she gets along with dogs outside of her home, if proper introductions are done. Charleigh is afraid of loud noises and resource guards her food and toys with other dogs. She is good on leash, and knows her basic commands. She jumps up when she is excited and loves all the adults she has met. She is energetic, playful, and affectionate. She is crate trained and loves to go for car rides!
This "cuddly companion" is available through Good Bones Dog Rescue, 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