The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: September 2nd-9th, 2021
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 186 (227, 203, 205, 252) *351
Sold: 146 (183, 177, 178, 187) *221
Sale To Listing Ratio: 79% (80%, 87%, 87%, 74%) *63%
Price Changes: 56 (61, 52, 74, 57) *114
Listings that went conditional/pending: 184 (216, 221, 182, 228) *274
Expired/Cancelled/Withdrawn: 48 (49, 42, 64, 65) *46
Total Active Halifax/Dartmouth Inventory: 1,116 (1,188, 1,202, 1,224, 1,225) +1,771
Absorption Rate in weeks: 5 (7, 6, 7, 6) *7
Single Family Home Stats
Active Single Family Home: 434 (482, 487, 500, 495) *872
Average Single Family Home List Price: $446,739 ($429k,$419k,$421k,$457k) *$404k
Average Single Family Home Selling Price: $472,109 ($469k,$445k,$452,$500k) *$409k
Single Family Home Sale to List Ratio This Week: 106% (109%,106%,108%,109%) *101%
Median Single Family Home List Price (6 mo): $379,900 ($380k,$379k,$380k,$389k$339k
Median Single Family Home Sold Price (6 mo):$433,500 ($436k,$435k,$436k,$437k)*$342k
Average Days on Market Single Family Home: 16 (12, 12, 11, 10) *51
Active Condos: 84 (97, 94, 95, 105, 107) *159
Average Condo Listing Price: $351,831 ($338k, $300k, $372k, $337k) *$289k
Average Condo Selling Price: $357,050 ($353k, $318k, $392k, $353k) *$289k
Condo Sale to List Ratio This Week: 101% (104%, 106%, 105%, 105%) *100%
Median Condo List Price (6 mo): $319,800 ($319k, $310k, $320k, $320k) *$270k
Median Condo Sold Price (6 mo): $343,450 ($345k, $350k, $350k, $349k) *$270k
Average Days on Market Condos: 8 (13, 28, 17, 21) *33
Active Vacant Lots: 471 (472, 467, 470, 475) *569
No doubt we are nearing the the tail end of the blistering market that has been in place for almost 2 years, now to see what will be left in its wake!. Not saying that there will be a drastic swing back towards a buyers market, but the uber competitive sellers market that has been frustrating buyers since last March is certainly showing signs of slowing down... finally. The stats always tell the tale, sometimes you need the historical data to realize what's happened (the longer the better sometimes), but others can me measured on a daily basis. This week, new listings reported significantly lower than last year at this time, and sales dragged in similar fashion. Last year, the inventory was still declining at this time, eventually creating an annual gap between the current year, peaking at over 1000. This has been cut down as the inventory begins its slow drudge back to respectable levels (hopefully), and perhaps a healthier market for buyers to buy into. The big question is how values will change and how significant the correction will be, if at all.
It's crazy looking at the 6 month median prices from 2021 to 2020, seeing the prices skyrocket in such a short time (homes selling almost 100k more than the previous year), so one would think this will see some stabilization once our market returns. Of course, there are lots of details to track and I'm sure there will be things that will surprise everyone, but what won't be all that surprising to most is the extreme overbids should come to a halt, or be a lot less. There will be properties that still see this sort of activity, but they seem to be focused on a certain category of property, ones that have amazing locations. That can be walking distance to Lower Water Street, or for some, your own sandy beach. Those have always been sought after, and will continue to be, but the anticipation is that all other areas will continue to cool once the inventory returns. There is something to be said about underpriced properties as well, those also seem to be overbid on despite the value and uncertain time in the market. The coming Spring should prove to be an interesting marker indeed.. Keep an eye to the blog to keep on track with the ever changing market! Thanks for stopping by and stay safe out there!
The Weekly "Adogtable"
Hi y’all! I’m Eden, a sweet one-year-old, 24 lb Chihuahua mix girl! Unfortunately, I found myself in an overcrowded Texas shelter, but I am so happy to have had the opportunity travel to Nova Scotia and I can’t wait to find my FURever home!
If you are looking for a playful and loving companion, look no further! I may take a little time to warm up to new people, but once I do, I will always be by your side. That said, I’m not overly needy when it comes to attention, I will happily lay quietly in my bed while you are working or watching a show, but you will always know how happy I am to see you whenever you come home! I also love to play (on my own with toys or with others), so I hope my FURever family will too!
My foster family includes two adults, one child (4-years-old), another dog (female terrier, 21 lbs) and a Lovebird. I think they are all great! My foster PAWrents are always praising me on how gentle I am with the little human (she loves to give me pats and kisses) and I am friendly with other dogs. I’m a bit curious about the bird, but I haven’t barked at her or jumped on her cage at all. As for cats, I haven’t been introduced to any yet, so that’s currently an unknown for me.
On leash, you’ll be happy to know that my manners are pretty good. I’m not a puller, but I will bark when I see people or other dogs. I’m very responsive though, so with some training, I think I could learn not to be so excited.
My house manners are nearly impeccable, I haven’t been destructive, I’m house trained, I sleep quietly in my own bed at night, and I don’t bark much inside the house (only occasionally when I see something interesting out the window). The nearly comes in because I will whine a little if I must sleep in a separate room from you, but I will quiet down quickly.
I love to eat and quickly gobble down my two meals per day. I also love treats and will sit and come when called. Since I’ve been recovering from surgery, my foster PAWrents haven’t been working with me on new tricks, but I am eager to learn!
If you think I sound like the perfect pup, you’re right! I’m ready to go to my FURever home and hope it’s with you!
Are you my forever family?
My adoption fee is a $400 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 Canada 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
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!
Are you familiar with ViewPoint Realty? How about the ViewPoint Realty interactive real estate map? It's a powerful tool for all your property research needs and when you are ready to buy or sell, its the competitive edge over your competition! Not to mention, it's now more rewarding then ever to become a ViewPoint client, just click HERE to find out more. More savings and more information, sign up today! Or, click HERE to go right to the map and get property shopping!
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