The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty (Thursdays)
Halifax (HRM) Residential Statistic Update for the Week of April 9th - 16th, 2020
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 139 (180, 196, 215, 301) *359
Sold: 104 (119, 140, 158, 182) *232
Sale To Listing Ratio: 75% (66%, 71%, 74%, 60%) *64%
Price Changes: 42 (45, 47, 75, 84) *135
Listings that went conditional/pending: 110 (120, 116, 156, 214) *250
Expired/Cancelled/Withdrawn: 68 (53, 84, 66, 58) *73
Total Active Halifax/Dartmouth Inventory: 2,155 (2,195, 2,194, 2,189, 2,184) +3,233
Absorption Rate in weeks: 17 (15, 14, 13, 13) *18
Single Family Home Stats
Active Single Family Home: 1,155 (1,184, 1,177, 1,163, 1,155) *1,798
Average Single Family Home List Price: $351,754 ($337k,$349k,$369k,$359k) *$323k
Average Single Family Home Selling Price: $345,285 ($336k,$346k,$367k,$357k) *$316k
Single Family Home Sale to List Ratio This Week: 98% (99%, 99%, 99%, 99%) *98%
Median Single Family Home List Price (6 mo): $319,900 ($320k,$316k,$315k,$315k)*$290k
Median Single Family Home Sold Price (6 mo):$317,500 ($315k,$315k,$315k,$310k)*$284k
Average Days on Market Single Family Home: 37 (51, 47, 36, 43) *60
Active Condos: 141 (143, 142, 142, 146) *252
Average Condo Listing Price: $234,533 ($309k, $265k, $301k, $348k) *$251k
Average Condo Selling Price: $229,833 ($303k, $264k, $300k, $351k) *$242k
Condo Sale to List Ratio This Week: 98% (98%, 99%, 99%, 100%) 96%
Median Condo List Price (6 mo): $255,000 ($258k, $253k, $260k, $255k) *$250k
Median Condo Sold Price (6 mo): $253,050 ($254k, $250k, $254k, $249k) *$245k
Average Days on Market Condos: 8 (12, 61, 20, 56) *69
Active Vacant Lots: 721 (730, 740, 740, 735) *926
Well that's not something you see around this time of year... a good chunk fall from the overall inventory. Usually this time of year kicks off the listing season and properties start to pour onto the market week to week, but that is not the case. I mean, there is a pandemic going on, so I guess that may have something to do with it. Sellers appear quite hesitant to approach the market right now, just look at the measly amount of new listings, over 200 fewer than last year at this time! Buyer activity is way down as well, but with fewer listings to choose from there is bound to be fewer sales naturally. With scarce products to snap up, buyer activity will report short of the mark, even though there are still plenty of buyers out there looking. Speaking from personal experience, I was involved in two separate multiple offer situations this week, one that ended up receiving 7+ offers on it, so buyer activity is certainly not in short supply. Properties have been, and continue to be, even in our current environment. As an industry, we have begun to adapt, and there will certainly be more changes to service offerings and the way business is conducted, I know I have revamped mine. More and more listings (the ones that are coming to market) are offering enhanced viewing options, and video tours to make sure the potential buyer has seen the home without seeing it. Some have even gone onto mention that showings will not be confirmed until the buyer prospect has watched the tour, just to lessen traffic through homes. Additional sanitary measures and compliance protocol become more upfront as agents continue to adapt to the new environment in hopes of protecting client, themselves and public alike. At this point, if you are involved in purchasing or selling property right now, you should expect to be subjected to additional precautions and screening, and certainly question if you aren't. The general market attitude right now is cautious, but there is also a continuous string of buyers hoping for opportunity, it's a complicated mix. Stay healthy, stay safe, and thanks for stopping by!
The Weekly Adogtable!
Hello! My name is Jasmine and I’m a 45lb, 5 year old Boxer mix. I came from Texas a few weeks ago and I'm ready to find my forever home now!
On average, it takes 100 shares and 100 likes for a dog to find a home! Can you help me find my happy forever after?!
I love people of all ages! I enjoy cuddling on the couch with my people. I do jump up so I can be closer to my human but am working on it. I will not jump on the small people though, I am very gentle with them!
I have 4 furry foster sister of all sizes and get along with them all but I don't like when they come into my space when food is involved! No cats for me either, they are so fun to chase and I just can’t help myself.
I am not a puller if we go for a walk but I can be leash reactive if we pass other dogs along our way. I love the car. I’m learning what toys are and stuffed animals are to cuddle with. I am a quick learner and food motivated so I'm willing to learn tricks if you'll help teach me!
I am almost completely housetrained, with only a few accidents. I was a stray on the streets but I’m learning fast that I have to do my business outside.
I am crate trained when home alone but may not need this in the future as I learn house rules. At night, in bed with my people or on the couch is fine by me!
I’m such a good girl and really want to please my people, being with them is my favourite thing.
Please consider giving me a furever home ❤️
My adoption fee is a $350 donation to help save more dogs like me. I am neutered, vaccinated, microchipped, and I have all my doggy papers to come home to you! You can apply for me at https://www.salcars.ca/adop
This "cuddly companion" is available through Save a Life Canada Animal Rescue Society, a non profit rescue organization from Nova Scotia. More info about him 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!
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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 twelve years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah