The Halifax Real Estate Market Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty (Thursdays)
Halifax (HRM) Residential Statistic Update for the Week of March 12th-19th, 2020
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 301 (336, 275, 234, 255) *260
Sold: 182 (158, 170, 180, 132) *139
Sale To Listing Ratio: 60% (47%, 62%, 77%, 52%) *55%
Price Changes: 84 (55, 55, 71, 59) *69
Listings that went conditional/pending: 214 (224, 193, 194, 206) *161
Expired/Cancelled: 58 (73, 72, 45, 49) *75
Total Active Halifax/Dartmouth Inventory: 2,184 (2,169, 2,148, 2,135, 2,137) +3,147
Absorption Rate in weeks: 13 (14, 14, 15, 17) *24
Single Family Home Stats
Active Single Family Home: 1,155 (1,147, 1,102, 1,105, 1,102) *1,688
Average Single Family Home List Price: $359,052 ($393k,$323k,$342k,$345k) *$365k
Average Single Family Home Selling Price: $357,314 ($390k,$316k,$337k,$341k) *$358k
Single Family Home Sale to List Ratio This Week: 99% (99%, 98%, 98%, 99%) *98%
Median Single Family Home List Price (6 mo): $314,900 ($315k,$313k,$315k,$315k)*$290k
Median Single Family Home Sold Price (6 mo):$310,000 ($310k,$309k,$310k,$310k)*$280k
Average Days on Market Single Family Home: 43 (59, 66, 62, 75) *68
Active Condos: 146 (137, 131, 128, 135) *254
Average Condo Listing Price: $348,420 ($370k, $323k, $300k, $333k) *$237k
Average Condo Selling Price: $351,316 ($376k,$316k, $289k, $323k) *$228k
Condo Sale to List Ratio This Week: 100% (101%, 98%, 96%, 97%) 96%
Median Condo List Price (6 mo): $254,900 ($251k, $250k, $250k, $250k) *$239k
Median Condo Sold Price (6 mo): $248,950 ($248k, $242k, $241k, $242k) *$230k
Average Days on Market Condos: 56 (78, 44, 30, 43) *54
Active Vacant Lots: 735 (743, 762, 754, 754) *938
I think things will start to look much different next week, but for now, the real estate market seems quite unfazed by the pandemic we find ourselves in. Listings poured to the market, sales were solid, and there were over 200 listings that received and accepted offers this week. Not what you would expect in our current situation, but things have significantly changed in the last week. Real estate markets, much like any large market, is a big train that will need a bit of time and track to come to a halt. With no indication that the day-to-day activities associated with buying or selling will halt completely, it looks like business almost as usual for the front line personnel, who continue to push on with showings and transaction related details. I say "almost" as usual, as guidelines are being established, and heightened precautions including enhanced sanitary and screening protocols, working remotely where possible, and even a legal declaration for potential buyers or sellers to sign, to take extra steps in order to protect the public, clients, and parties still out there conducting business. I imagine many relocations will follow suit to most non-critical activities and postpone transfers, much like the military has already done, which will apply some brakes, as well as the overall continued shutdown of services around the nation. I do feel it will be a slingshot effect though, and once this thing is over, there will be a surge of activity after we get the all clear. For now, we all stand by for that announcement. Thanks for stopping by!
The Weekly Adogtable!
Meet Punch! Surrendered due to resource guarding (none noted within foster home).
Very good w/ dogs, very submissive.
Good w/ horses
Good w/ cats
Not recommended w/ kids (possible guarding)
Outgoing w/ strangers - loves everyone!
Sweet, social, calm and mature
Energy level 3/5
Good teeth condition
Slight separation anxiety
This "cuddly companion" is available through Good Bones Dog Rescue, a non profit rescue organization from Halifax, 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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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