The Halifax Real Estate Blog Weekly Market Rant and Statistics Report, by Jeremiah Wallace of ViewPoint Realty (Every Thursday)
Halifax (HRM) Residential Market Statistic Update for the Week of August 18th - August 25th 2016
(Previous weeks numbers in brackets)
*Previous Year's Stats
New Listings: 228 (306, 316, 305, 294) *282
Sold: 153 (142, 148, 123, 156) *104
Sale To Listing Ratio: 67% (46%, 47%, 40%, 53%) *37%
Price Changes: 215 (200, 259, 201, 247) *291
Listings that went conditional/pending: 148 (167, 164, 145, 179) *153
Expired/Cancelled/Withdrawn: 115 (154, 115, 284, 118) *129
Total Active Halifax/Dartmouth Inventory: 5,377 (5,4121, 5,421, 5,389, 5,519) *6,006
Absorption Rate in weeks: 38 (38, 38, 39, 39) *48
Single Family Home Stats
Active Single Family Home: 3,531 (3,556, 3,570, 3,564, 3,637) *4,085
Average Single Family Home List Price: $315,699 ($278k, $275k, $305k, $335k) *$306k
Average Single Family Home Selling Price: $301,928 ($265k, $262k, $319k) *$296k
Single Family Home Sale to List Ratio This Week: 96% (95%, 95%, 96%, 95%) *97%
Median Single Family Home List Price: $264,900 ($253k, $240k, $285k, $280k) *$265k
Median Single Family Home Sold Price: $260,000 ($243k, $230k, $274k, $275k) *$263k
Average Days on Market Single Family Home: 101 (102, 90, 98, 86) *104
Active Condos: 490 (502, 507, 493, 504, 495) *516
Average Condo Listing Price: $339,488 ($207k, $242k, $241k, $235k) *$234k
Average Condo Selling Price: $329,988 ($199k, $234k, $232k, $227k) *$224k
Condo Sale to List Ratio This Week: 97% (96%, 97%, 97%, 97%) *96%
Median Condo List Price: $259,950 ($184k, $210k, $227k, $229k) *228k
Median Condo Sold Price: $250,500 ($180k, $205k, $222k, $225k) *219k
Average Days on Market Condos: 96 (61, 65, 94, 86) *77
Active Vacant Lots: 1,087 (1,088, 1,072, 1,060, 1,096) *1,088
Odd twist in the market this week as new listing additions drop below average, and single family home values return to the $300k range. New listings usually average in the high 200's around this time of year, but underlying influences have caused a bit of a slip. Because of solid Buyer activity (reporting 49 points above this time last year), the sales to list ratio this week takes the crown for the highest report so far this year. It's been an interesting Summer to say the least. The last few weeks of sales reports have raised a few eyebrows, with some folks curious about the sudden dip below the $300k mark for listing and sales reports. Values are closely watched, and even a couple of weeks of negative gain has a few market watchers a bit uneasy. As you all probably know, the market has an ebb and flow quality, and the last few weeks have demonstrated this point quite perfectly. I guess it might be a bit unnerving to watch the one stat that is usually the rock, the solid foundation that most other stats dance around while it remains true. Historically, values see a marginal gain year over year in Halifax, and I can't imagine that changing in the foreseeable future. Time will tell however, so stay tuned to stay on top of things here in Halifax! Thanks for stopping by!
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Obedience is optional for him as he does know some basic commands.
Knox is a talker and would not do well in an apartment or condo.
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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