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 July 30th - August 6th 2015
(Previous weeks numbers in brackets)
*Previous Year's Stats
New or Back to Market Listings: 340 (335, 360, 374) *497
Sold: 121 (136, 165, 120, 138) *106
Sale To Listing Ratio: 36% (41%, 46%, 32%, 30%) *21%
Price Changes: 254 (302, 310, 281, 326)
Listings that went conditional/pending: 117 (180, 164, 139, 163, 162) *124
Expired/Cancelled/Withdrawn: 241 (117, 137, 111, 126) *223
Total Active Halifax/Dartmouth Inventory: 5,960 (5,991, 5,962, 5,893, 5,800) *5,763
Absorption Rate in weeks: 44 (43, 41, 41, 37) *41
Single Family Home Stats
Active Single Family Home: 4,085 (4,092, 4,097, 4,026, 3,971) *3,892
Average Single Family Home List Price: $319,245 ($304k, $289k, $284k, $287k) *$316k
Average Single Family Home Selling Price: $307,769 ($281k, $277k, $275k, $279k) *$304k
Single Family Home Sale to List Ratio This Week: 96% (92%, 96%, 97%, 97%) *96%
Median Single Family Home List Price: $263,900 ($290k, $271k, $272k, $270k)
Median Single Family Home Sold Price: $257,800 ($277k, $262k, $262k, $270k)
Average Days on Market Single Family Home: 100 (113, 76, 68, 72) *93
Active Condos: 514 (522, 522, 526, 520) *543
Average Condo Listing Price: $271,390($263k, $242k, $258k, $257k) *$247k
Average Condo Selling Price: $261,490 ($239k, $237k, $250k, $247k) *$241k
Condo Sale to List Ratio This Week: 96% (96%, 98%, 97%, 96%) *97%
Median Condo List Price: $259,900 ($239k, $226k, $230k, $225k)
Median Condo Sold Price: $257,000 ($230k, $220k, $224k, $226k)
Average Days on Market Condos: 74 (68, 79, 96, 118) *71
Active Vacant Lots: 1,067 (1,070, 1,040, 1,035, 1,013) *962
Have we reached the peak of the year? Looks like annual trend has begun to take hold as we start our soft decent into the fall market. Most activity is down this week with lower than average inventory gains, the return of less sales and less accepted offers, and overall inventory for both tracked products are on the way down. Not surprising however, is the solid sales values. It seems regardless of what is thrown our way, we tend to hold ground on just how much properties are going for. There is some wisdom in that theory I think, because really, there is going to be a point that just doesn't make sense for a seller to offload the property. Motivation does play a roll, but there is a line that is drawn in the sand during negotiations, and sellers aren't prepared to simply "give their property away" to relieve the burden. Like I have discussed in the past, there are other options that meet seller who see no luck selling (this week was 254 alone), and look to other means. One of the great features of my brokerage (amongst many), is a new service and search display of rentals in HRM. Not only is the option to rent select your property and list it for rent on the site, there is access to properties that are offering the same opening up a whole new area to explore. Maybe the next tab that we should explore is a "lease to own" tab. Something that some sellers have also considered in our current market. Thanks for stopping by!
THE WEEKLY ADOGTABLE
BONNIE & CLYDE
(right & left)
These two spunky beagles are looking for a new home, together! Bonnie & Clyde are TONS of fun; they love to run around, snuggle and play. They're great with kids and other dogs but since they are a prey-driven breed we are recommending no kitties.
Come on by and see these two love-bugs today!
This "dynamic duo" is available through Homeward Bound City Pound, a non profit rescue organization from Halifax, Nova Scotia. More info about them, 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 twelve years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah