The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: September 21st-28th, 2023
Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 265 (231, 222, 225) *190
Sold: 105 (119, 111, 91) *112
Sale To Listing Ratio: 40% (52%, 50%, 40%) *59%
Price Changes: 143 (103, 102, 80) *83
Listings that went conditional/pending: 150 (134, 135, 124) *104
Expired/Cancelled/Withdrawn: 47 (46, 79, 79) *57
Total Active Halifax/Dartmouth Inventory: 1,547 (1,504, 1,477, 1,407) *1,368
Absorption Rate in weeks: 15 (*) *12
Single Family Home Stats
Active Single Family Home: 808 (776, 761, 707) *708
Average Single Family Home List Price: $560,594 ($506k,$507k,$584k) *$470k
Average Single Family Home Selling Price: $565,557 ($523k, $516k, $578k) *$463k
Single Family Home Sale to List Ratio This Week: 103% (103%, 102%, 99%) *99%
Median Single Family Home List Price (6 mo):$529,250 ($529k, $530k, $500k) *$460k
Median Single Family Home Sold Price(6 mo):$542,819 ($541k, $545k, $520k)*$510k
Average Days on Market Single Family Home: 29 (26, 24, 50) *28
Active Condos: 122 (117, 115, 110) *108
Average Condo Listing Price: $480,868 ($490k, $532k, $388k) *$427k
Average Condo Selling Price: $479,491 ($524k, $530k, $390k) *$409k
Condo Sale to List Ratio This Week: 107% (107%, 99%, 100%) *96%
Median Condo List Price (6 mo): $424,950 ($425k, $425k, $415k) *$384k
Median Condo Sold Price (6 mo): $430,000 ($430k, $430k, $415k) *$408k
Average Days on Market Condos: 25 (27, 22, 26) *28
Active Vacant Lots: 436 (428, 423, 417) *403
Another week of inventory growth this week, marking the 4th week in a row that we have gained products in HRM. As mentioned in previous posts, this time of year usually has a slow drain of available stock as we cruise towards the end of the year, but this year seems to be reporting quite differently from previous market years, which may further indicate the continuation of our cooling market. A healthy addition of new arrivals to the market certainly helped things along this week, as Sellers try to take advantage of the remaining market, and possibly have their sale done prior to the holiday season. Buyers are also quite active so it would seem, with a higher than normal pending offer rate, there definitely appears to be more engagement from buyers in the current market. A whole whack of price corrections this week may have also contributed in enticing buyers back to market, as many areas outside of the core continue to soften as sellers adjust to meet the changes. The absorption rate made a return to the blog this week, and during the month long vacancy for numbers to catch up, there has been a surprising 5 week gain in that short time.. The strange reverse inventory trend is likely lending to this report, but to gain 5 weeks on this stat in such a short time definitely indicates something larger is at play here. It will be interesting to see how the last quarter of the market season performs, we may end up seeing an entirely new face to the Halifax real estate market come 2024. Time will tell and I have you covered! Be sure to check in from time to time, and 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 her 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!
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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.
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