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 Week of January 28th - February 4th 2016
(Previous weeks numbers in brackets)
*Previous Year's Stats
New or Back to Market Listings: 265 (290, 274, 261, 252) *426
Sold: 101 (104, 68, 70, 53) *95
Sale To Listing Ratio: 38% (36%, 25%, 27%, 21%) *22%
Price Changes: 152 (136, 136, 134, 133)
Listings that went conditional/pending: 117 (135, 137, 96, 75) *105
Expired/Cancelled/Withdrawn: 132 (139, 128, 119, 706) *269
Total Active Halifax/Dartmouth Inventory: 4,183 (4,244, 4,228, 4,234, 4,195) *4,293
Absorption Rate in weeks: 49 (58, 62) *60
Single Family Home Stats
Active Single Family Home: 2,703 (2,752, 2,755, 2,771, 2,747) *2,821
Average Single Family Home List Price: $273,553 ($249k, $261k, $296k, $340k) *$287k
Average Single Family Home Selling Price: $261,030 ($241k, $252k, $282k, $321k) *$276k
Single Family Home Sale to List Ratio This Week: 95% (97%, 97%, 94%, 95%) *96%
Median Single Family Home List Price: $249,900 ($225k, $247k, $240k, $239k)
Median Single Family Home Sold Price: $240,000 ($223k, $243k, $235k, $238k)
Average Days on Market Single Family Home: 131 (107, 137, 127, 151) *120
Active Condos: 375 (376, 361, 357, 349) *412
Average Condo Listing Price: $241,287 ($236k, $231k, $257k, $310k) *$234k
Average Condo Selling Price: $232,887 ($227k, $220k, $242k, $283k) *$223k
Condo Sale to List Ratio This Week: 97% (96%, 95%, 94%, 91%) *95%
Median Condo List Price: $219,400 ($222k, $230k, $230k, $214k)
Median Condo Sold Price: $209,000 ($217k, $215k, $225k, $202k)
Average Days on Market Condos: 140 (95, 110, 114, 209) *105
Active Vacant Lots: 874 (887, 886, 882, 872) *800
And the inventory oddness continues. This time in the market usually sees week over week gains, peaking in July (respectively), and teetering off by Christmas. There is some odd weeks, like last week, that sees inventory reduction, although rare. The interesting thing is the larger than average number of this reduction. Usually, the end of the month listing expiries coincide with the additional inventory additions, which makes for an above average report. This week, however, the lower then average additions did not create said buffer, ultimately affecting the overall inventory showing. Good news for some, and it seems inventory is not the only thing out of sorts.
Sales had another solid report this week, and mixed with the lower then average inventory additions, kept the sales to list ratio in a positive state. Price changes were numerous again this week, but I suspect that this will occur until we see our market balance, and strength return to it, to absorb even the questionably priced property. Of course, over-priced property will always be the last to sell.
Quite the turn of events from last year so far, and I would encourage you to stop by this week as the monthly report is being worked on currently, and it is something that anyone waiting for better market news should see. Thanks for stopping by!
Pete is a whole lot of dog with a lot of love but requires an experience owner. Pete is up to date on all vaccinations, microchipped and neutered. We are looking for a home with no cats, chickens or small children as Pete has a prey drive.If not walked on a gentle leader, Pete will pull. Knows some basic commands and will sit for treats. Pete does really well in doggie daycare and loves and plays well with other dogs, and this also helps with socialization and plenty of exercise. We are only excepting serious applications that will commit to on-going training and plenty of exercise as part of the adoption agreement. If you are considering adopting Pete then we recommend that you also consider Trupanion Pet Insurance.
This "cuddly companion" is available through the Good Bones Dog Rescue, a non profit rescue organization from Halifax, Nova Scotia. More info about him, other adoptable's looking for their furever home, and ways to help or donate can be found by clicking HERE.
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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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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