The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: September 29th - October 6th, 2022
Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 209 (190, 218, 235, 189) *182
Sold: 97 (112, 125, 105, 112) *164
Sale To Listing Ratio: 46% (59%, 57%, 45%, 59%) *90%
Price Changes: 132 (83, 111, 114, 84) *43
Listings that went conditional/pending: 131 (104, 148, 140, 127) *196
Expired/Cancelled/Withdrawn: 128 (57, 60, 67, 97) *60
Total Active Halifax/Dartmouth Inventory: 1,333 (1,368, 1,340, 1,335, 1,312) +1,035
Absorption Rate in weeks: 12 (12, 11, 12, 10) *6
Single Family Home Stats
Active Single Family Home: 695 (708, 705, 706, 679) *401
Average Single Family Home List Price: $508,226 ($470k,$526k,$543k,$475k) *$483k
Average Single Family Home Selling Price: $498,874 ($463k,$521k,$539k,$475k) *$514k
Single Family Home Sale to List Ratio This Week: 98% (99%, 99%, 99%, 99.5%) *106%
Median Single Family Home List Price (6 mo): $450,000($460k,$460k,$460k,$460k) *$380k
Median Single Family Home Sold Price (6 mo):$505,000 ($510k,$515k,$521k,$521k)*$430k
Average Days on Market Single Family Home: 27 (28, 24, 21, 22) *15
Active Condos: 108 (108, 103, 94, 90) *67
Average Condo Listing Price: $505,514 ($427k, $445k, $400k, $337k) *$380k
Average Condo Selling Price: $496,950 ($409k, $453k, $388k, $340k) *$394k
Condo Sale to List Ratio This Week: 98% (96%, 102%, 99%, 101%) *104%
Median Condo List Price (6 mo): $382,450 ($385k, $380k, $375k, $375k) *$319k
Median Condo Sold Price (6 mo): $405,000 ($408k, $411k, $413k, $420k) *$340k
Average Days on Market Condos: 33 (28, 16, 46, 23) *24
Active Vacant Lots: 384 (403, 386, 389, 388) *438
Has it finally started? Are we headed in the direction of annual trend and getting back to the steady Eddie market we all know from before Covid times? Couple more weeks should confirm, but that was a good amount of property that fell from the market this week, regardless of how it happened. Of course, it is a blended stat, with vacant lots taking the majority and seeing another week of significant reduction. Market does seem to be a bit sleepy at the moment, likely losing momentum as we approach the Thanksgiving long weekend, the question is if it will be temporary or not. My guess is that things will continue to draw down as the Fall presses on, then slip back into the annual trend that Halifax has grown into all these years when Winter arrives.
Price corrections continue to soar, and so too the listings that expired this week. Speaking of prices, listing prices have held out so far during the ongoing price correction...until this week. Both tracked products took reductions this week, with single family homes taking the largest and most significant hit, which I believe is just the start. We are just getting into the beginning of the correction track, since six months ago the market was still decent. As we all know at this point, a lot has changed since then, but real data takes time. The big question is how will our market look on the other side of this correction. The good news is that I have you covered, so be sure to stay tuned to the blog, 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 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!
I could really use some confidence classes as I am shy. I will bark a little when people come in the house but if they ignore me and sit for a while I will eventually come ask for attention because I am nosy. I am still learning that going new places and seeing new friends is fun so I will stay close to you so you can show me it’s ok.
I have tried staying home by myself and I really didn’t like it so having a fur sibling would be perfect! 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 know how to sit, paw, leave it and come and my foster mom says I am a smart girl so I 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 love going for walks and sniffing all the wonderful things around me. 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