The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: September 8th-15th, 2022
Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 235 (189, 194, 208, 256) *229
Sold: 105 (112, 129, 109, 153) *195
Sale To Listing Ratio: 45% (59%, 67%, 52%, 67%) *85%
Price Changes: 114 (84, 113, 97, 105) *55
Listings that went conditional/pending: 140 (127, 141, 152, 168) *201
Expired/Cancelled/Withdrawn: 67 (97, 101, 53, 64) *41
Total Active Halifax/Dartmouth Inventory: 1,335 (1,312, 1,298, 1,327, 1,314) +1,115
Absorption Rate in weeks: 12 (10, 10, 9, 9) *6
Single Family Home Stats
Active Single Family Home: 706 (679, 662, 677, 662) *433
Average Single Family Home List Price: $542,549 ($475k,$483k,$501k,$505k) *$531k
Average Single Family Home Selling Price: $539,414 ($475k,$489k,$500k,$503k) *$548k
Single Family Home Sale to List Ratio This Week: 99% (99.5%, 101%, 99%, 99%) *103%
Median Single Family Home List Price (6 mo): $459,900($460k,$460k,$460k,$460k) *$380k
Median Single Family Home Sold Price (6 mo):$520,600 ($521k,$525k,$525k,$531k)*$434k
Average Days on Market Single Family Home: 21 (22, 18, 16, 16) *22
Active Condos: 94 (90, 91, 97, 101) *78
Average Condo Listing Price: $389,900 ($337k, $355k, $395k, $394k) *$377k
Average Condo Selling Price: $387,500 ($340k, $359k, $395k, $392k) *$391k
Condo Sale to List Ratio This Week: 99% (101%, 101%, 99.9%, 99%) *104%
Median Condo List Price (6 mo): $374,900 ($375k, $385k, $390k, $387k) *$320k
Median Condo Sold Price (6 mo): $412,750 ($420k, $425k, $430k, $438k) *$344k
Average Days on Market Condos: 46 (23, 22, 26, 17) *28
Active Vacant Lots: 389 (388, 384, 384, 383) *470
Big call out of the week belongs to the absorption rate, which gained a surprising two weeks and doubled the duration from this time last year! Since the turn of the market, we have been watching this stat climb at a rapid pace, but to gain two weeks in one proves just how quickly things have and continue to change. Another surprising mention is the sales to list ratio this week, reporting in at an annual low of 45%, showing that listings are still coming to market in hopes of catching the remaining market, but sales are lagging.
Seems to be a bit more buyer activity overall however. Showings are up, and general market activity is still quite busy, especially given the time of year. Perhaps with adjusting property prices, buyers who had been priced out, or simply did not want to get caught up in the madness of the pandemic are returning, with hopes of locking something up near or even below asking price! That does seem to be the trend at this point, falling prices and final sales reporting under last list price. There has been reports of competing offers in some of areas of the market, but not the volume of last year at this time, nor the amounts we had all been shocked over and over by.
Adjusting time continues, and will proceed to do so as the market year comes to a close. The big question will be how the Spring market will bound back. Will we see further correction, or will we see another surge market like we witnessed this year? Only time will tell, and I have you covered! Be sure to stay tuned to the blog, and stay informed! Thanks for stoping by!
The Weekly "Adogtable"
My name is Gilbert, a 9 month old, 27lb., mixed breed boy. Although my records will say my name is Jack because my rescuers named me Gilbert before the rescue in Louisiana named me so we just kept it. I came all the way from Louisiana two weeks ago and have been living in NS with my foster parents. I’m now ready to find a forever home!
I’m a very sweet and friendly boy. I am affectionate, smart and a great listener. I’m house trained and I love being outside; my foster mom says I’m great on the leash. I’m still young, and get a little too excited about other dogs… I just want to say hello to everyone, but I’m quickly learning how to do it respectfully! My foster sibling and I get along great, so I would be fine in a home with another dog again. I’m not too concerned about cats either. I love toys and bones, not big on chewing furniture and shoes — I’m a good boy!
My foster parents say I’m goofy. I love to give paw and have my hand held when I’m getting scratches. I also love to sleep in funny positions, usually with my paws up in the air and my teeth out in a big smile. Everyone I meet tells me I’m handsome, so I spend a lot of time looking at myself in the mirror and windows. I’m very curious, and will want to sniff everything. Did I mention I LOVE food? I will give paw, sometimes both, and sit on command — especially if you have a treat in hand. I have recently started to respond to my name too.
I’m still a puppy, and I have a lot of energy when playing, but I also sleep a LOT. Sometimes I cry a little if I’m bored. I would love a home in which someone would play with me and teach me things. I am gentle with kids and just need to be reminded to sit sometimes. I’ve had a rough start since I was born, so I’m so happy to be in a home where I’m loved. I get a little bit nervous when I’m left home alone for a while. I don’t bark, but I do cry a little bit. My foster parents think this will improve as I learn to trust that you will come back. Otherwise, I think I’m a perfect boy, as my fosters like to say!
If you’re a person or family, looking for your loving best friend, look no further because here I am.
My adoption fee is a $550 donation to the rescue to help save more dogs like me. I am neutered, vaccinated, microchipped and have all my doggy papers to come home to you. I also come with a 6 week trial of pet insurance from PetSecure! 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