The Halifax Real Estate Blog Weekly Market Rant and Market Statistics Report, by Jeremiah Wallace of ViewPoint Realty (Every Thursday)
Halifax (HRM) Residential Market Statistic Update For Week of March 3rd - March 10th 2016
(Previous weeks numbers in brackets)
*Previous Year's Stats
New or Back to Market Listings: 345 (366, 266, 254, 252) *425
Sold: 100 (116, 100, 95, 86) *91
Sale To Listing Ratio: 29% (32%, 38%, 37%, 34%) *21%
Price Changes: 140 (141, 139, 121, 103)
Listings that went conditional/pending: 141 (172, 142, 117, 115) *107
Expired/Cancelled/Withdrawn: 73 (163, 77, 104, 115) *112
Total Active Halifax/Dartmouth Inventory: 4,466 (4,347, 4,303, 4,261, 4,211) *4,472
Absorption Rate in weeks: 44 (44, 45, 44, 47) *49
Single Family Home Stats
Active Single Family Home: 2,914 (2,829, 2,777, 2,739, 2,723) *2,896
Average Single Family Home List Price: $282,976 ($281k, $281k, $274k, $298k) *$297k
Average Single Family Home Selling Price: $273,612 ($272k, $269k, $260k, $285k) *$286k
Single Family Home Sale to List Ratio This Week: 97% (97%, 96%, 95%, 96%) *96%
Median Single Family Home List Price: $244,900($260k, $272k, $250k, $260k)
Median Single Family Home Sold Price: $235,000 ($257k, $265k, $237k, $255k)
Average Days on Market Single Family Home: 93 (100, 90, 105, 122) *128
Active Condos: 416 (402, 400, 394, 379) *478
Average Condo Listing Price: $255,685 ($305k, $277k, $260k, $282k) *$257k
Average Condo Selling Price: $246,500 ($295k, $268k, $252k, $277k) *$248k
Condo Sale to List Ratio This Week: 96% (97%, 96%, 97%, 98%) *97%
Median Condo List Price: $249,900 ($301k, $191k, $220k, $276k)
Median Condo Sold Price: $237,500 ($295k, $186k, $215k, $265k)
Average Days on Market Condos: 109 (80, 121, 126, 159) *71
Active Vacant Lots: 922 (901, 903, 900, 882) *838
We are on the edge of converging! The warm weather this year has certainly been a welcome surprise for most, including sellers, and it turns out that market activity adapting to the season. The weekly new listing additions and sales reported averagely, but the listings that expired, or were cancelled, were much lower than normal causing gain. This little turn of events has caused the gap to narrow that much further between the overall inventory from this year to last. In fact, the single family home and vacant land numbers are already back up over this time last year, with Condo inventory being the marker keeping the market weighted. Buyer activity is still up, however, an I can't help reflect on the stark contrast between the punishing winter of last year to the easy breezy one we are currently experiencing. With current activity reporting in a positive light, I would anticipate the real impact of our market conditions to reveal itself by mid Summer, if you can wait that long.
Stay tuned to keep track of all the ups and downs of the Halifax real estate market, and be sure to check back soon for the February wrap up! Thanks for stopping by!
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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