Welcome - The Halifax Real Estate Blog

Previous weeks numbers in brackets)

*Previous Year's Stats​

Total Market
New/Back to Market Listings: 321 (276, 323, 266, 227) *290
Sold:  158  (169, 145, 117, 120) *153
Sale To Listing Ratio: 49% (61%, 45%, 44%, 53%) *53%
Price Changes: 103 (86, 72, 64, 64) *82
Conditional Sale: 171 (159, 196, 173, 120)  *177
Expired/Cancelled/Withdrawn: 58 (39, 49, 56, 75) *43
Total Active Halifax/Dartmouth Inventory:  1,501 (1,435, 1,398, 1,338, 1,345) *1,271
Absorption Rate: 10 (10, 11, 11, 11) *10

Single Family Home Stats
Active Single Family Home: 745 (696, 696, 668, 676) *637
Average Single Family Home List Price:  $633,630 ($660k, $672k, $629k,$569k) *$649k
Average Single Family Home Selling Price:  $640,981  ($666k,$679k,$634k, $577k) *$653k
Single Family Home Sale to List Ratio This Week: 101%  (101%, 101%, 101%, 101%) *101%
Median Single Family Home List Price (6 mo): $549,900 ($550k,$540k,$530k,$525k) *$500k
​Median Single Family Home Sold Price(6 mo):$549,850 ($548k, $541k, $530k, $526k)*$500k
Average Days on Market Single Family Home: 26 (32, 45, 42, 45) *26

Condo Stats
Active Condos:  125 (112, 114, 116, 121) *98
Average Condo Listing Price:  $440,454 ($480k, $464k, $476k, $466k) *$540k
Average Condo Selling Price: $449,440 ($486k, $467k, $478k, $461k) *$442k
Condo Sale to List Ratio This Week: 102% (101%, 101%, 101%, 99%)  *82%
Median Condo List Price (6 mo): $429,900($434k, $429k, $434k, $438k) *$400k
Median Condo Sold Price (6 mo): $429,000 ($430k, $429k, $429k, $429k) *$405k
Average Days on Market Condos: 11 (11, 25, 25, 25) *22

Active Vacant Lots: 459 (431, 415, 396, 386) *405

Market Rant
With the Spring market in full swing here in Halifax, activity overall is positive, with big gains in all tracked product inventory this week. Oddly enough, one of the fastest growing inventory products are vacant lots. All over HRM, especially in rural areas, vacant lots continue to pop up each week, wether it is from developers shedding some weight, or private owners looking to offload the acres sitting dormant for years. Either way you slice it, the last 4 weeks has seen an unusually high increase in such a short time. Another stat to note was price changes, cresting 100 this week, which has to be the largest number of price changes in a single week since before the pandemic. A quick look at the change sheet, and they are all reductions, which gets back to classic property marketing vs the uptick revision that trended during the pandemic. Basically, while the market was in such an unpredictable and changing state, a property was sometimes listed at or just below market value to get multiple offers, in an attempt to drive the purchase price well over the asking price. When that didn't happen, sellers sale price expectations were not met, so prices sometimes adjusted upwards to where the sale "want" price was. That trend was very popular in 2022/23 while prices cooled, especially in certain areas of the city. You do see this happen from time to time these day, but it's definitely not as often now, even compared to the beginning of the year. Prices continue to stabilize across HRM, and although there was an uptick in values in the first quarter, the anticipation is that there will be some softening in the second. Time will tell and I have you covered, so be sure to stay tuned the blog to stay on top of the Halifax market! Thanks for stopping by! 

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