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 May June 11th - June 18th 2015
(Previous weeks numbers in brackets)
*Previous Year's Stats
New or Back to Market Listings: 432 (479, 707, 606, 654) *578
Sold: 169 (183, 186, 132, 167) *168
Sale To Listing Ratio: 39% (38%, 26%, 22%, 25%) *29%
Price Changes: 357 (388)
Listings that went conditional/pending: 175 (193, 217, 186, 176, 150) *162
Expired/Cancelled/Withdrawn: 166 (128, 96, 132, 164) *106
Total Active Halifax/Dartmouth Inventory: 5,770 (5,691, 5,650, 5,486, 5,337) *5,676
Active Single Family Home: 3,939 (3,971, 3,826, 3,718, 3,610) 3,861
Average Single Family Home List Price: $302,570 ($326k, $306k, $337k, $295k) $300k
Average Single Family Home Selling Price: $295,299 ($296k, $293k, $328k) $292k
Single Family Home Sale to List Ratio This Week: 98% (91%, 96%, 98%, 97%)
Median Single Family Home List Price (YTD): $264,900 ($259k)
Median Single Family Home Sold Price (YTD): $255,000 ($249k)
Average Days on Market Single Family Home: 83 (104, 115, 120, 110) *104
Active Condos: 528 (518, 565, 563, 556) *562
Average Condo Listing Price: $254,530 ($255k, $256k, $256k, $260k) *$252k
Average Condo Selling Price: $249,515 ($251k, $249k, $248k, $256k) *$244k
Condo Sale to List Ratio This Week: 98% (98%, 98%, 97%, 98%)
Median Condo List Price: $234,900 ($235k)
Median Condo Sold Price: $227,000 ($225k)
Average Days on Market Condos: 78 (96, 144, 140, 140) *69
Absorption Rate in weeks: 35 (34, 35, 46, 46)
Active Vacant Lots: 923 (928, 941, 888, 864) *928
Things are looking oddly quiet out there for new listing additions in the past couple weeks. Might be with the nice weather, sellers are enjoying other activities, or things are still being worked on from the changeover. Overall values for both product remain strong, and both saw decent cuts to the average days spent on the market this week. Although the overall inventory increased again this week, and still topping last year (which was record setting btw), single family homes and vacant lots saw a marginal decrease. Also, despite a fairly solid sales to list ratio, the absorption rate gained an additional week which is largely sue to the surge of listings that saturated the market over the last month. Although this is only the second week of tracking the price changes, I was quite surprised to see the sheer volume of listings that underwent the change. I would say that most of them where a correction to reduce, in an attempt to get more competitive in the marketplace. Lots of buzz around the market right now, and a lot of hopeful prospectors looking for that "hot market" switch to be flipped, but I think its a long road to travel and not something that will happen overnight, when and if it is to occur. Stay tuned to stay informed!
UPDATE: Because of the change of service provider, the May wrap up has been delayed. I am happy to report that it is back on track, and will be released soon. Thank you for your patience!
THE WEEKLY ADOGTABLE
Bruno is an estimated 1 year old, Bull Terrier mix searching for a new family! This happy guy absolutely LOVES his toys, and will play with just about everyone - except other dogs and kitties. We recommend that Bruno be the only pet in the household, but with some socialization training and obedience this behaviour could change! Bruno can be a little mouthy and has shown signs of separation anxiety, so someone who is familiar with dealing with these issues would be fantastic for him. Since he is mouthy we recommend no small children be in the home, however he has yet to meet any. If you think you can give Bruno the stable home that he needs, Homeward Bound City Pound today!
This "handsome hulk" is available through Good Bones Dog Rescue, a non profit rescue organization from Dartmouth, 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.
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 property 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.
Are you familiar with ViewPoint Realty? How about the ViewPoint Realty interactive real estate map? It's a powerful tool for all your property research needs and when you are ready to buy or sell, its the competitive edge over your competition! Not to mention, it's now more rewarding then ever to become a ViewPoint client, just click HERE to find out more. More savings and more information, sign up today! Or, click HERE to go right to the map and get property shopping!
Looking for a little extra help finding that "needle in a haystack"? The innovators at my brokerage, ViewPoint Realty, have introduced another forward-thinking information tool for your property search needs. Its called "neighbourhoods" and it will break down some stats and give you a more focused tool on the area(s) you are looking for. Check it out at viewpoint.ca and get more info now! Just another way Viewpoint Realty is advancing the property buying and selling process.
Newest Blog post HERE
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