The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: September 1st-8th, 2022
Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 189 (194, 208, 256, 229) *186
Sold: 112 (129, 109, 153, 147) *146
Sale To Listing Ratio: 59% (67%, 52%, 67%, 64%) *79%
Price Changes: 84 (113, 97, 105, 99) *56
Listings that went conditional/pending: 127 (141, 152, 168, 171) *184
Expired/Cancelled/Withdrawn: 97 (101, 53, 64, 39) *48
Total Active Halifax/Dartmouth Inventory: 1,312 (1,298, 1,327, 1,314, 1,304) +1,116
Absorption Rate in weeks: 10 (10, 9, 9, 9) *5
Single Family Home Stats
Active Single Family Home: 679 (662, 677, 662, 645) *434
Average Single Family Home List Price: $474,900 ($483k,$501k,$505k,$487k) *$447k
Average Single Family Home Selling Price: $474,500 ($489k,$500k,$503k,$505k) *$472k
Single Family Home Sale to List Ratio This Week: 99.9% (101%, 99%, 99%, 102%) *106%
Median Single Family Home List Price (6 mo): $459,450($460k,$460k,$460k,$460k) *$380k
Median Single Family Home Sold Price (6 mo):$520,600 ($525k,$525k,$531k,$535k)*$434k
Average Days on Market Single Family Home: 22 (18, 16, 16, 16) *16
Active Condos: 90 (91, 97, 101, 100) *84
Average Condo Listing Price: $337,442 ($355k, $395k, $394k, $359k) *$352k
Average Condo Selling Price: $340,115 ($359k, $395k, $392k, $360k) *$357k
Condo Sale to List Ratio This Week: 101% (101%, 99.9%, 99%, 100%) *101%
Median Condo List Price (6 mo): $374,900 ($385k, $390k, $387k, $380k) *$320k
Median Condo Sold Price (6 mo): $420,000 ($425k, $430k, $438k, $438k) *$344k
Average Days on Market Condos: 23 (22, 26, 17, 24) *8
Active Vacant Lots: 388 (384, 384, 383, 380) *471
The big news continues to be the price correction, overall and effecting all products here in Halifax. Single Family Homes seem to be leading the way, and have reduced 10k on average, also taking a massive 30k hit in the selling prices in a short month span so far. What's interesting is that the six month averages are catching up much faster than expected, meaning these quick changes have had a speedier impact than anticipated. It also means that we are yet to see the full brunt of these changes, as we are still a couple months from breaking away from the peak stats still contributing to these averages. As we continue to slide down the scale, it will be important to monitor the balancing stats as we approach the bottom. The time of year is certainly assisting with the rapid changes, and will continue to do so until we see the Spring Market of 2023. Perhaps when Spring does roll back around, the market has stabilized to a degree and buyers confidence returns to create a balanced market.
Some folks I've chatted with think we are in a buyers market, which isn't completely accurate, to an extent. Sure, there are options for purchase now, and yes, you are staring to see options and overpriced listings stick around for a bit, but if priced correctly properties are still moving quickly in most areas of the city. If sellers continue to adjust to the current market environment, adjust expectations, then the pace of the correction will slow, especially as the listings that tried to capitalize on the market continue to withdraw from it. With the rapid value growth in such a short time, it is no doubt the correction was going to be significant when it happened. It will be interesting to see how many steps back from the peak we will end up. Stay tuned to the blog to find out, and stay informed! Thanks for stopping by!
The Weekly "Adogtable"
Hi everyone, I'm Ailee, a one year old, 35 lb, female terrier mix. I was found as a stray on the streets of Louisiana and taken to the local shelter. That's no life for a beautiful girl like me so I came all the way to the Maritimes a couple weeks ago in hopes of finding my furever family.
I am currently living in Nova Scotia with my foster family which includes lots of friends to play with! I have 2 human foster siblings, 2 cat foster siblings and a dog foster sibling that is my age. I love all the humans and my canine fur foster sibling! I really want to catch those cats really badly so a home with no cats would be best. I can get jumpy and don’t really understand my size so older children that I can’t knock over would be a good idea. Even though I am medium energy, I still act like a puppy sometimes and get the sillies.
I am mostly housetrained and as long as I go outside regularly I won’t make mistakes. I do know how to press the button on the wall that my foster mom has for my foster sister so everyone knows I want to go out but I don’t like the bells that hang from the door so none of those please.
I could really use some confidence classes as new people, animals and situations make me unsure. I will freeze when I see dogs or people while walking but once they pass a quick let’s go and I will keep walking. I will bark a little when people come in the house too but if they ignore me and sit for a while I will eventually come ask for attention because I am nosy even when I am unsure.
I have tried staying home by myself and I really didn’t like it so having a fur sibling would be perfect! They help me feel safe plus having a friend to play with all the time is the best! I settle down really quickly with my friend by my side. A family that is home more often than not would be good too so I don’t feel so lonely.
I love food! Who doesn't? I gobble my food a bit too quickly at times so my foster mom got me a slow feeder which helps a lot. I am starting to pick up on a few tricks and my foster mom says I am a smart girl and can do anything. I will sneak food if you leave it out but I won’t grab it from your hand unless you put it toward me. I really do know my manners but sometimes I forget them and need to be reminded.
I love playing! Especially with squeaky things, they are the best. I am gentle with my toys and love throwing them around. I do get a little mouthy when playing but I try my best not to do it too much it’s only when I get really, really excited.
My foster mom says any family would be lucky to have me. I love my people with everything I have and will give the best snuggles especially at night when I curl up next to you. I love when the kids throw balls or stuffies for me, I bring them back and ask for more. I am gentle taking treats from your hand and especially love when you give me a head scratch after. I am a dream to walk I don’t pull and love to sniff. Will you be my forever family?
My adoption fee is a $500 donation to the rescue to help save more dogs like me. I am spayed, 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