The Halifax Real Estate Blog Weekly Market Rant and Weekly Statistics Update, by Jeremiah Wallace of ViewPoint Realty; January 13th-20th, 2022
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 155 (161, 117) *178
Sold: 97 (68, 112) *133
Sale To Listing Ratio: 63% (96%, 96%) *75%
Price Changes: 24 (27, 26) *67
Listings that went conditional/pending: 136 (112, 123) *152
Expired/Cancelled/Withdrawn: 40 (15, 35) *35
Total Active Halifax/Dartmouth Inventory: 576 (594, 706) +1,052
Absorption Rate in weeks: X (X, 5) *X
Single Family Home Stats
Active Single Family Home: 159 (171, 192) *437
Average Single Family Home List Price: $542,706 (%518k, $494k) *$435k
Average Single Family Home Selling Price: $602,603 (%544k, $529k) *$439k
Single Family Home Sale to List Ratio This Week: 111% (105%, 107%) *101%
Median Single Family Home List Price (6 mo): $399,000 ($400k, $394k) *$350k
Median Single Family Home Sold Price (6 mo):$440,000 ($440k, $436k)*$360k
Average Days on Market Single Family Home: 26 (13, 22) *40
Active Condos: 37 (36, 44) *98
Average Condo Listing Price: $484,824 (%557k, $387k) *$386k
Average Condo Selling Price: $510,912 ($556k, $409k)) *$390k
Condo Sale to List Ratio This Week: 105% (99.7%, 106%) *101%
Median Condo List Price (6 mo): $339,900 ($340k, $325k) *$265k
Median Condo Sold Price (6 mo): $359,900 ($352k, $343k) *$270k
Average Days on Market Condos: 59 (30, 73) *41
Active Vacant Lots: 274 (279, 353) *411
Just when I thought breaking the average single family home sales record at $500k was a big deal, 2022 decides to smash into the $600k ceiling this week setting a new sales peak for single family homes. Could be the extremely low inventory, which has brought us back to the market frenzy of mid 2020, but just when things looked to be turning a page, it seems as though a review of the last few chapters is what this year has in mind. There were a few heavy hitters that sold this week, and with a few less overall sales to draw from. it likely skewed the final tally. None the less, hitting the $600k bar set a new record, one that is hopefully not a sign of things to come. Looks like a few more options did come to market this week, but they were quickly gobbled up due to the extreme demand at the moment. The good news is that there has been options, regardless of how competitive it is out there. One of the market factors includes a fresh stream of supply to weary buyers, since if that was to stop it could get even more nasty out there. Pressure continues to push on the market here in Halifax, and with looming interest rate increases on the horizon, there could be a bit more of a push for buyers to get in before that happens. Either way you slice it, and whatever the reason, demand remains at an all time high, in all sectors of the market. 2022 is off to a fiery start, so stay tuned and stay informed! Thanks for stoping by!
The Weekly "Adogtable"
Meet Joey! Joey is a handsome whirlwind of energy, who loves to talk! He also loves playing with toys and really LOVES playing tug of war with anyone willing and able to hang on. His caretakers at the HRM Animal Redemption Center have been using tug games and LOTS of rewards to help Joey develop more confidence when meeting new people and to help him learn to channel his energy into appropriate outlets.
Joey has also been learning some new skills like walking nicely on-leash, keeping four paws on the floor and how to come when called. He still requires more training, time and patience to help stop mouthing and grabbing toys, blankets or towels out of hands. Joey's mouthiness is triggered by exciting or new situations. Because of his strength, previous lack of training and socialization, Joey is looking for an adult only home with breed experience. While this sweet guy does love his familiar people, he needs time and patience warming up to new people. Joey is very much a person dog, and does not enjoy the company of other dogs. Joey has shown high prey drive towards small dogs, cats and other small animals and therefore Joey should be the only pet in the home. He is very food and toy motivated and loves to learn. It is highly recommended potential adopters attend training classes with Joey and have a plan for providing him with safe outlets for exercise.
Interested in adopting? Please review our new adoption process here: https://www.novascotiaspca.ca/adoptionprocess/
This "cuddly companion" is available through the Nova Scotia SPCA, 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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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