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 the Week of September 29th - October 6th, 2016
(Previous weeks numbers in brackets)
*Previous Year's Stats
New Listings: 321 (278, 378, 273, 252) *328
Sold: 139 (141, 135, 132, 85) *117
Sale To Listing Ratio: 43% (51%, 36%, 48%, 34%) *36%
Price Changes: 226 (229, 215, 250, 167) *243
Listings that went conditional/pending: 139 (144, 158, 117, 124) *144
Expired/Cancelled/Withdrawn: 420 (130, 133, 286, 286) *344
Total Active Halifax/Dartmouth Inventory: 5,161 (5,368, 5,378, 5,296, 5,233) *5,720
Absorption Rate in weeks: 37 (44, 45, 42, 41) *45
Single Family Home Stats
Active Single Family Home: 3,267 (3,433, 3,449, 3,430, 3,388) *3,860
Average Single Family Home List Price: $335,480 ($344k, $297k, $306k, $332k) *$250k
Average Single Family Home Selling Price: $322,968 ($323k, $285k, $296k) *$242k
Single Family Home Sale to List Ratio This Week: 96% (94%, 96%, 97%, 96%) *97%
Median Single Family Home List Price: $286,900 ($282k, $266k, $279k, $290k) *$250k
Median Single Family Home Sold Price: $270,000 ($267k, $255k, $270k, $283k) *$248k
Average Days on Market Single Family Home: 87 (96, 103, 98, 97) *71
Active Condos: 471 (477, 476, 478, 477) *461
Average Condo Listing Price: $308,262 ($315k, $274k, $309k, $217k) *$262k
Average Condo Selling Price: $299,340 ($311k, $263k, $299k, $211k) *$251k
Condo Sale to List Ratio This Week: 97% (98%, 97%, 97%, 97%) *96%
Median Condo List Price: $319,900 ($305k, $222k, $312k, $200k) *240k
Median Condo Sold Price: $307,500 ($303k, $215k, $310k, $180k) *229k
Average Days on Market Condos: 177 (81, 121, 66, 116) *92
Active Vacant Lots: 1,145 (1,167, 1,168, 1,112, 1,098) *1,102
As with the season, the inventory and activity seem to "Fall" around this time of year (har har). Bad, I know. Activity has definitely slowed, and it wasn't just a slow taper, more like a sudden halt. Of course with the holiday approaching, Turkey may be the primary focus for some folks, and in general, activity has an annual trend of decline around this time as well. Activity and reports are still casting a more positive light than that of last year, with new listing additions down, sales up, and the sales to list ratio well below the former report. Average sale prices remain steady, and the big thing to take away is the continued reduction of inventory that maintains its lower report week over week from the past year. This is an important factor to focus on, as continuing the previous 4 year trend could have lead us down a path of disaster. In any case, that hasn't happened yet, and if the activity reported progressively maintains and improves, the market is sure to turn around sooner than later. Stay tuned to keep an eye on the action!
Peggy will be on her ride to freedom tomorrow. Meet another Montreal dog needing out! Peggy is a friendly , tail wagging attention seeker. She is approx 3 yrs old, spay, vaccinated , dewormed. She was found abandoned , alone and likely had multiple pregnancies. She is crate trained , quiet and calm but will whine for attention and bark if dogs bark at her in the shelter. She reacts to large dogs so obviously not a good environment for her and she needs training and safe socialization opportunities. She loves to eat . When excited she tends to jump on. She nibbles a little bit otherwise she just wants to be loved badly.
This "cuddly companion" is available through the 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
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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