The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: September 28th - October 5th, 2023
Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 260 (265, 231, 222, 225) *209
Sold: 116 (105, 119, 111, 91) *97
Sale To Listing Ratio: 45% (40%, 52%, 50%, 40%) *46%
Price Changes: 135 (143, 103, 102, 80) *132
Listings that went conditional/pending: 174 (150, 134, 135, 124) *131
Expired/Cancelled/Withdrawn: 114 (47, 46, 79, 79) *128
Total Active Halifax/Dartmouth Inventory: 1,499 (1,547, 1,504, 1,477, 1,407) *1,333
Absorption Rate in weeks: 13 (15) *12
Single Family Home Stats
Active Single Family Home: 768 (808, 776, 761, 707) *695
Average Single Family Home List Price: $555,436 ($561k,$506k,$507k,$584k) *$508k
Average Single Family Home Selling Price: $561,341 ($566k,$523k,$516k,$578k) *$499
Single Family Home Sale to List Ratio This Week: 101% (103%, 103%, 102%, 99%) *98%
Median Single Family Home List Price (6 mo):$529,000 ($529k,$529k,$530k,$500k) *$450k
Median Single Family Home Sold Price(6 mo):$544,950 ($583k,$541k,$545k,$520k)*$505k
Average Days on Market Single Family Home: 23 (29, 26, 24, 50) *27
Active Condos: 129 (122, 117, 115, 110) *108
Average Condo Listing Price: $462,200 ($481k, $490k, $532k, $388k) *$506k
Average Condo Selling Price: $460,026 ($480k, $524k, $530k, $390k) *$497k
Condo Sale to List Ratio This Week: 99% (107%, 107%, 99%, 100%) *98%
Median Condo List Price (6 mo): $429,900 ($425k, $425k, $425k, $415k) *$383k
Median Condo Sold Price (6 mo): $440,000 ($430k, $430k, $430k, $415k) *$405k
Average Days on Market Condos: 13 (25, 27, 22, 26) *33
Active Vacant Lots: 423 (436, 428, 423, 417) *384
Finally! After a rather long stretch of inventory gain, which was uncommon for this time of year, there was a reduction this week! Perhaps the mediocre weekly inventory gains and sluggish sales, coupled with a slight uptick in buyer activity lately have knocked down the available products. The expired listings reported in volume this week, which helped things along for sure, and with the amount of listings that ended under contract it is not surprising that inventory took a nosedive. Now to see if this will be a continued event, or if this week was an anomaly. Values remain strong again this week, with the average property still settling at, or just over asking price.
Both tracked products six month averages are still reporting substantially higher than last year at this time, but it was a different market back then, so I can see why. After an unstoppable pandemic market (2020-2022), the question of when things would taper off was at the top of everyones hot topic list. The answer came in Spring of 2022, when inflation cooling tactics and natural market cooling occurred all at once, supercooling an already slowing market. From that point, there was a significant and swift correction in values across the board, bottoming out around this time last year. With the 2023 Spring response, there was another surge in activity, and although it wasn't pandemic market type of surprises, there was a lot of interesting developments, but still a shadow for the former market.
Fast forward to now and it's definitely a mixed bag of activity out there. Some prices and areas are reducing in activity and prices, while others continue to surprise. In either case, I have you covered so be sure to stay tuned to the Halifax Real Estate Blog and stay informed! 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