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 August 6th - August 13th 2015
(Previous weeks numbers in brackets)
*Previous Year's Stats
New or Back to Market Listings: 357 (340, 335, 360, 374) *474
Sold: 143 (121, 136, 165, 120) *108
Sale To Listing Ratio: 40% (36%, 41%, 46%, 32%) *23%
Price Changes: 288 (254, 302, 310, 281)
Listings that went conditional/pending: 162 (117, 180, 164, 139, 163) *143
Expired/Cancelled/Withdrawn: 126 (241, 117, 137, 111) *131
Total Active Halifax/Dartmouth Inventory: 6,015 (5,960, 5,991, 5,962, 5,893) *5,811
Absorption Rate in weeks: 44 (44, 43, 41, 41) *46
Single Family Home Stats
Active Single Family Home: 4,096 (4,085, 4,092, 4,097, 4,026) *3,927
Average Single Family Home List Price: $319,557 ($319k, $304k, $289k, $284k) *$285k
Average Single Family Home Selling Price: $293,347 ($308k, $281k, $277k, $275k) *$272k
Single Family Home Sale to List Ratio This Week: 92% (96%, 92%, 96%, 97%) *95%
Median Single Family Home List Price: $287,450 ($264k, $290k, $271k, $272k)
Median Single Family Home Sold Price: $269,250 ($258k, $277k, $262k, $262k)
Average Days on Market Single Family Home: 122 (100, 113, 76, 68) *94
Active Condos: 517 (514, 522, 522, 526) *548
Average Condo Listing Price: $246,009 ($271k, $263k, $242k, $258k) *$244k
Average Condo Selling Price: $231,434 ($262k, $239k, $237k, $250k) *$237k
Condo Sale to List Ratio This Week: 94% (96%, 96%, 98%, 97%) *97%
Median Condo List Price: $238,700 ($260k, $239k, $226k, $230k)
Median Condo Sold Price: $248,750 ($257k, $230k, $220k, $224k)
Average Days on Market Condos: 89 (74, 68, 79, 96) *114
Active Vacant Lots: 1,091 (1,067, 1,070, 1,040, 1,035) *962
There's still gas in the tank! Just as it looked like we had seen the peak of the market year, a good number of the stats had a solid week with solid performance. What we have come to expect each week with the amount of new listing additions has had a surprising change, it's much less. Although we are seeing less of these additions in comparison to the last few years, the overall bulk still remains at record heights, and for this week, there is no change in that. In fact, we have actually hit a record height again this week. Still, the amount of sales that have been occurring in the last few months coupled with the lower amount of new listing additions will surely have an impact sooner or later, if the trend maintains anyway. It looks as if this may be the case, for a few more weeks anyways, as there has been a good number of accepted offers loaded into the breech for the coming weeks. Sale values remain steady despite a larger than normal spread between listing and sales prices, which may have been the reason for the longer than average days on market count. Basically, the average home may have had to wait longer, and reduced their price more than average to get this sort of event results. Typical market reaction of overpriced products.
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.
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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