The Halifax Real Estate Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: December 1st-8th, 2022
Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 145 (147, 192, 124, 181) *163
Sold: 108 (96, 98, 87, 131) *141
Sale To Listing Ratio: 75% (65%, 51%, 70%, 72%) *87%
Price Changes: 49 (69, 70, 61, 85) *26
Listings that went conditional/pending: 116 (113, 143, 105, 125) *141
Expired/Cancelled/Withdrawn: 120 (123, 49, 54, 48) *48
Total Active Halifax/Dartmouth Inventory: 1,202 (1,207, 1,285, 1,269, 1,299) +762
Absorption Rate in weeks: 12 (12, 13, 12, 12) *5
Single Family Home Stats
Active Single Family Home: 588 (596, 635, 627, 640) *226
Average Single Family Home List Price: $500,886 ($473k,$475k,$460k,$519k) *$443k
Average Single Family Home Selling Price: $491,997 ($471k,$470k,$454k,$512k) *$483k
Single Family Home Sale to List Ratio This Week: 98% (99%, 99%, 99%, 99%) *109%
Median Single Family Home List Price (6 mo): $459,900 ($460k,$460k,$450k,$460k) *$390k
Median Single Family Home Sold Price (6 mo):$475,000 ($477k,$480k,$485k,$490k)*$436k
Average Days on Market Single Family Home: 28 (38, 31, 35, 31) *18
Active Condos: 84 (84, 97, 96, 99) *54
Average Condo Listing Price: $374,864 ($365k, $425k, $486k, $455k) *$384k
Average Condo Selling Price: $369,171 ($361k, $429k, $479k, $441k) *$413k
Condo Sale to List Ratio This Week: 99% (98%, 101%, 99%, 97%) *107%
Median Condo List Price (6 mo): $399,900 ($396k, $395k, $390k, $390k) *$325k
Median Condo Sold Price (6 mo): $394,950 ($390k, $390k, $395k, $400k) *$341k
Average Days on Market Condos: 27 (11, 23, 26, 22) *16
Active Vacant Lots: 400 (394, 412, 407, 415) *364
A lot of buzz surrounding the article that came out boasting how Halifax is "bucking the national trend" when it comes to our housing market, and I was asked my thoughts on the matter so I figured I would share them. Keep in mind this is just my opinion, but the stats are telling a different story, for HRM at least. Sure, we may have seen the price peak cap in April with another few percent gain to the overall increase, but since then, there has been a swift and significant reduction in values since. Supply and demand was mentioned for the recent activity, which I have mentioned on the blog a few times over the last month or so, but this is an annual trend that occurs and repeats in the last quarter here. Sure, the pickins are still slim, but we are almost double the inventory selection from last year (almost triple for single family homes), which is expected to keep gaining ground in the new year, and values continue to drop. We were in a sellers market prior to the pandemic market, with property values in NS finally starting to push to heights that should have been already, and with the significant increase of property values during the pandemic market, it only acted to catch us up that much faster. As the months have pressed on since the peak, we have seen the multiple offer overbid amounts reduce significantly when in play, or simply not be a factor, which is aiding to the stabilization of listing and selling prices across the board. Right now, the reduction from Aprils peak has put us almost parody values to last year at this time for single family homes, and the expectation is that there will be a further drop until the "new" average listing price expectations are established. So where will that be?
the 2019 market is well behind us, and so too are the prices that were enjoyed at that time. Nova Scotia was just waiting to be rediscovered by Canadians and all over the world, and when they did, it seemed liked everyone wanted a piece By launching us into the current market, the ebb and flow values have set a new bar for product value, which is still being determined, but getting closer to what one could come to expect and plan for. Nova Scotia has long been a slow gain market, and up until 2019, a safe 2-3% annual gain was about the expectation anyone had year to year. Even in the extreme buyers markets of 2014/15, Nova Scotians did not bend a lot with values, which kept prices stabilized in what could have been a disastrous loss. In April of 2022, this was the weekly listing and selling prices of homes in HRM:
Compared to this week:
Listing prices are similar, although lower now compared to April, but the big takeaway is the actual selling prices from then to now. Looks like a fairly large reduction in value since the peak, and again, the expectation that this will continue until prices stabilize. Will it be a Sellers market again in 2023? I imagine there will be pockets, and well priced homes will still see renewed activity, but my prediction is Halifax will taper off to a balanced market by this time next year. Will we get back to the slow gain market of the old days, or will we add a couple points each year as the demand for Nova Scotia increases, or will it be as the article predicts? Only time will tell, and I have you covered! Thanks for stopping by!
The Weekly "Adogtable"
Hello there everyone! My name is ET and I am a 7-year-old, 25lb, Jack Russel terrier mix girl who was surrendered by her former owners due to circumstances beyond their control. I have been chilling in my foster home for the past few weeks and now I'm ready to start the search for my forever home.
My foster family tells me I am a sweet and smart girl. I have shown that I know how to come, jump, paw, high five, sit, and do a brief stay. I took about 3 times to learn to sit at the door when someone gets home before they’ll rub me with the scratches and pats I love! I am also learning to play find it with little pieces of cheese. I love to please and want to learn.
It took the dogs in my foster home a little while to accept me but now we’re cuddle buddies. The cat still hides from me, even though I just want to play. I think she would come to accept me if she was around me longer. I have also learned to be quiet with the rabbits and not chase them. I don’t like to share my treats and will growl if my fur siblings try to take them. I think all treats should be for me so I might try to steal the other's treats. Some practice with other dog friends should help me with this. I am good at sharing a food bowl and am free-fed, although this isn't ideal because I could stand to lose a few pounds.
I am so quiet and well-behaved on car rides that you will forget I’m there in the back seat enjoying being with you. I become smiley when we play ball, tug of war, or go for walks. I like to use a harness instead of a collar on walks. I also do my best meeting other dogs in a neutral area off-leash. New people who come into our home make me nervous and I will growl. A few kind words and a couple of treats will make us new best friends.
I am a low-energy girl who loves to cuddle in my person’s lap or next to them in bed. I hope you don’t mind a little snoring. I am house-trained and can wait to go potty while you’re at work or having a good night’s sleep. Although, when I first come to a new place and meet new people, I get worried and might have accidents. Once I know you just want to love me, I’m golden. I am eager to find someone who needs me and who makes me feel that I am home.
My adoption fee is a $450 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 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