The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty (Every Thursday)
Halifax (HRM) Residential Statistic Update for the Week of August 31st - September 7th, 2017
(Previous weeks numbers in brackets)
*Previous Year's Stats
New Listings: 275 (242, 298, 284, 287) *252
Sold: 117 (137, 151, 154, 140) *85
Sale To Listing Ratio: 43% (57%, 51%, 54%, 49%) *34%
Price Changes: 188 (181, 189, 229, 196) *167
Listings that went conditional/pending: 152 (159, 149, 184, 151) *124
Expired/Cancelled/Withdrawn: 324 (120, 94, 131, 115) *286
Total Active Halifax/Dartmouth Inventory: 4,615 (4,644, 4,817, 4,778, 4,804) *5,233
Absorption Rate in weeks: 33 (32, 33, 32, 32) *41
Single Family Home Stats
Active Single Family Home: 2,861 (2,872, 2,974, 2,956, 2,974) *3,388
Average Single Family Home List Price: $290,059 ($302k,$268k,$282k,$310k) *$332k
Average Single Family Home Selling Price: $278,200 ($292k,$259k,$278k,$303k) *$320k
Single Family Home Sale to List Ratio This Week: 96% (97%, 97%, 95%, 97%) *96%
Median Single Family Home List Price (6 mo): $279,000 ($279k,$279k,$280k$280k)*$290k
Median Single Family Home Sold Price (6 mo): $270,000 ($271k,$270k,$271k,$271k)*$283k
Average Days on Market Single Family Home: 86 (72, 75, 82, 70) *97
Active Condos: 408 (419, 420, 423, 440) *477
Average Condo Listing Price: $240,781 ($246k, $259k, $266k, $276k) *$217k
Average Condo Selling Price: $232,750 ($236k, $250k, $258k, $271k) *$211k
Condo Sale to List Ratio This Week: 97% (96%, 97%, 97%, 98%) 97%
Median Condo List Price (6 mo): $239,900 ($242k, $245k, $242k, $235k) *$200k
Median Condo Sold Price (6 mo): $229,900 ($230k, $232k, $230k, $225k) *$180k
Average Days on Market Condos: 74 (88, 101, 82, 82) *116
Active Vacant Lots: 1,141 (1,150, 1,196, 1,173, 1,158) *1,098
September has a bitter sweet taste for some. It marks the end of Summer, but it also flags the beginning of the school year and new adventures! I personally enjoy the fall, with cooler temps and the scenic transformation of foliage, but I'm a shutterbug too, so that could be a bit of an influence. September also marks a key turning point in the real estate market, where overall inventory continues its decline, but starts to do so at a more rapid pace. We usually see a large number of listings pull from the market around this time as well, which could be caused by expired listing contracts, the need to concentrate on getting things prepped for the school year, or many other various reasons. This year is no exception with a staggering 324 properties that retreated from the market this week. Not too much more than last year at this time, but this week had more expiries than the last 3 weeks combined! Still a good listing churn though, with an average number of new properties to the market, and a decent showing of sales this week. Sales were however a tad lacking this week, which was a bit off a surprise given the number of pending listings for the last few weeks. Usually, the due diligence period takes a couple weeks from pending to sold, so the effect of sales is usually felt 2-3 weeks post of the listing status change to "conditional or pending". Two weeks ago there was just shy of 150 and 184 the week prior who received and accepted offers, so I would have anticipated that number closer to our recent averages (140-155). That's the thing about the market here in Halifax, although it has some very consistent reports, there are things that change week to week, and if you don't notice, that small change becomes a big one given enough time. Make sure to stay tuned to keep an eye on it! Thanks for stopping by!
The Weekly Adogtable!
Meet GHOST. He is good with dogs, social and polite. Unknown with cats and kids at this time. He is friendly and outgoing with strangers. He will require neuter, microchip and vaccines before adoption. Special info: Ghost is a vegetarian.
He is allergic to animal proteins, needs vegetarian diet. Was relaxed with touching all over. When crated he is calm. A bit of a nibbler in presence of food and playful in presence of toys. He is polite on leash knows commands: sit, paw, lie down, stay (possibly in French only)
This "cuddly companion" is available through Good Bones Dog Rescue, a non profit rescue organization from Halifax, Nova Scotia. More info about him and 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 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. Don't forget to bookmark my page, and visit often!
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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