First Post of The New Year! The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty (Every Thursday)
Halifax (HRM) Residential Market Statistic Update For Week of January 1st -January 7th 2016
(Previous weeks numbers in brackets)
*Previous Year's Stats
New or Back to Market Listings: 252 (247, 197, 232, 241) *364
Sold: 53 (82, 84, 116, 102) *38
Sale To Listing Ratio: 21% (43%, 43%, 50%, 42%) *10%
Price Changes: 133 (121, 118, 166, 214)
Listings that went conditional/pending: 75 (100, 99, 99, 109) *64
Expired/Cancelled/Withdrawn: 706 (311, 154, 525, 185) *101
Total Active Halifax/Dartmouth Inventory: 4,195 (4,850, 4,850, 4,893, 5,235) *4,117
Absorption Rate in weeks: (45, 45, 44, 50) 70
Single Family Home Stats
Active Single Family Home: 2,747 (3,144, 3,174, 3,427, 3,472) *2,679
Average Single Family Home List Price: $339,737 ($303k, $362k, $344k, $291k) *$299k
Average Single Family Home Selling Price: $321,178 ($290k, $346k, $327k, $279k) *$287k
Single Family Home Sale to List Ratio This Week: 95% (96%, 96%, 95%, 96%) *96%
Median Single Family Home List Price: $239,000 ($256k, $278k, $290k, $275k)
Median Single Family Home Sold Price: $238,000 ($249k, $276k, $283k, $263k)
Average Days on Market Single Family Home: 151 (110, 102, 105, 104) *115
Active Condos: 349 (408, 408, 418, 432) *377
Average Condo Listing Price: $309,587 ($219k, $219k, $350k, $270k) *$239k
Average Condo Selling Price: $283,037 ($208k, $208k, $326k, $260k) *$230k
Condo Sale to List Ratio This Week: 91% (95%, 95%, 93%, 96%) *96%
Median Condo List Price: $213,900 ($247k, $247k, $245k, $209k)
Median Condo Sold Price: $202,000 ($237k, $237k, $232k, $200k)
Average Days on Market Condos: 209 (91, 91, 150, 91) *122
Active Vacant Lots: 872 (941, 1,036, 1,035, 1,071) *809
Happy New Year everyone, and welcome back! As anticipated, this week will still show general market inconstancies due to the holiday season, for instance, sales reported a mere 53 on the week which is actually 15 more than last year if you can believe it. Speaking of last year, the stats continue to narrow, and we are actually kicking off the year on a positive note. For the first time in a long time, we are within double digits of overall and single family home inventory levels, and condo inventory continues to report lower and lower. Values are a bit out of whack the week, but the low number of sales has caused some fluctuation across the board. I would focus on the median home prices to get an idea of whats selling, to me, it seems like entry level products are the holiday flavour. Exciting start to the new year, and I know there are more than a few people with fingers crossed that 2016 will usher in a rebound for the Halifax real estate market, you'll have to stay tuned to find out!
Be sure to stop by for the 2015 year end wrap up, which will be posted soon!
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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. Thanks for stopping by!
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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 twelve years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah