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 October 22nd 2015 - October 29th 2015
(Previous weeks numbers in brackets)
*Previous Year's Stats
New or Back to Market Listings: 257 (240, 265, 328, 553) *312
Sold: 118 (106, 87, 117, 129) *97
Sale To Listing Ratio: 46% (44%, 33%, 36%, 23%) *31%
Price Changes: 274 (289, 215, 243, 295)
Listings that went conditional/pending: 107 (124, 113, 144, 145) *122
Expired/Cancelled/Withdrawn: 428 (208, 161, 344, 321) *129
Total Active Halifax/Dartmouth Inventory: 5,667 (5,668, 5,693, 5,720, 5,729) *5,441
Absorption Rate in weeks: 53 (52, 49, 45, 46) 55
Single Family Home Stats
Active Single Family Home: 3,792 (3,817, 3,822, 3,860, 3,869) *3,592
Average Single Family Home List Price: $274,213 ($291,176, $255k,, $250k, $289k) *$276k
Average Single Family Home Selling Price: $263,215 ($269k, $243k, $242k, $280k) *$267k
Single Family Home Sale to List Ratio This Week: 96% (92%, 95%, 97%, 96%) *97%
Median Single Family Home List Price: $254,900 ($258k, $245k, $250k, $282k)
Median Single Family Home Sold Price: $260,600 ($241k, $228k, $248k, $257k)
Average Days on Market Single Family Home: 85 (87, 113, 71, 157) *104
Active Condos: 466 (468, 475, 461, 474) *492
Average Condo Listing Price: $286,016 ($323k, $243k, $262k, $291k) *$266k
Average Condo Selling Price: $278,689 ($316k, $230k, $251k, $280k) *$254k
Condo Sale to List Ratio This Week: 97% (98%, 91%, 96%, 96%) *96%
Median Condo List Price: $239,900 ($300k, $240k, $240k, $233k)
Median Condo Sold Price: $229,000 ($289k, $226k, $229k, $225k)
Average Days on Market Condos: 115 (90, 101, 92, 150) *119
Active Vacant Lots: 1,101 (1,084, 1,108, 1,102, 1,083) *1,018
Maybe there is some early Halloween tricks being played on the market this week, as the stats seem a little bit out of whack. What appears to start off as a solid week, ends up turning into quite the opposite if you look close enough. Although new listings were marginally average, sales were solid, giving the sales to list ratio a healthy report (one of the highest in a long time actually). Then you get to the other numbers. A whopping 428 properties expired/cancelled/or withdrew from the market this week, that's a big chuck of stale inventory. Despite the loss which should have improved our standing, between the limited additions and lack of sales, and even with the huge retreat from the market, the overall inventory only reduced by 1 property... witchcraft? Still, the inventory gap continues to close, and there is noticeable improvements in activity across the board, although less this week then the last few months. Hopefully, both weather and market see an improvement in the short term, I know I'm personally looking forward to both. Thanks for stopping by and have a safe and Happy Halloween!
THE WEEKLY ADOGTABLE
Allan is a friendly, affectionate but shy boy who is looking for a new family to give him LOTS of TLC. When Allan first came to us, he was very scared to be in this new place. It took him a couple weeks to fully trust us and figure out that we are good people, and he's coming along so well. We are all very proud of him; he's meeting lots of new people and enjoys going on his walks. He's even figured out how to play - he loves his watermelon toy. Allan gets along nicely with other dogs, and having one in the home could be beneficial for his confidence. If you think your family is ready to take this handsome boy on, come on by today!
This "cuddly companion" is available through Homeward Bound City Pound, a non profit rescue organization from Halifax, 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.
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