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 November 12th - November 19th, 2015
(Previous weeks numbers in brackets)
*Previous Year's Stats
New or Back to Market Listings: 248 (234, 291, 257, 240) *304
Sold: 125 (94, 98, 118, 106) *89
Sale To Listing Ratio: 50% (40%, 34%, 46%, 44%) *29%
Price Changes: 219 (184, 250, 274, 289)
Listings that went conditional/pending: 114 (108, 126, 107, 124) *122
Expired/Cancelled/Withdrawn: 199 (221, 729, 428, 208) *140
Total Active Halifax/Dartmouth Inventory: 5,278 (5,339, 5,4075,667, 5,668) *5,165
Absorption Rate in weeks: 49 (51, 53, 53, 52) 54
Single Family Home Stats
Active Single Family Home: 3,472 (3,533, 3,593, 3,792, 3,817) *3,371
Average Single Family Home List Price: $323,199 ($316k, $295k, $274k, $291k) *$269k
Average Single Family Home Selling Price: $303,048 ($298k, $292k, $263k, $269k) *$257k
Single Family Home Sale to List Ratio This Week: 94% (94%, 99%, 96%, 92%) *95%
Median Single Family Home List Price: $254,900 ($240k, $280k, $255k, $258k)
Median Single Family Home Sold Price: $246,250 ($230k, $270k, $261k, $241k)
Average Days on Market Single Family Home: 143 (82, 115, 85, 87) *103
Active Condos: 441 (450, 445, 466, 468) *469
Average Condo Listing Price: $219,778 ($222k, $440k, $286k, $323k) *$266k
Average Condo Selling Price: $209,000 ($213k, $430k, $279k, $316k) *$257k
Condo Sale to List Ratio This Week: 95% (94%, 98%, 97%, 98%) *97%
Median Condo List Price: $234,450 ($228k, 285k, $240k, $300k)
Median Condo Sold Price: $227,500 ($213k, $280k, $229k, $289k)
Average Days on Market Condos: 115 (77, 76, 115, 90) *126
Active Vacant Lots: 1,067 (1,073, 1,073, 1,101, 1,084) *1,006
Lots of positive activity this week, and even a record breaker! Hello everyone, and thanks for stopping by the HREB. Let me get right to it... 50% sales to list ratio! With an average addition to the listing pile this week, sales were not so average, kicking up the sales to list ratio 2/1 (2 new listings to 1 sale. Couple that with the amount of failed sales attempts, and I would say we have a balanced market this week. That being said, there is a few factors that have created this appearance; annually trending inventory decline, average sales, and above average listings that have expired, cancelled or withdrawn from the market. Ultimately, weeks like this would have to be constant to be considered a true "balanced market" since In the Spring, these numbers would be relatively insignificant as the direction of the aforementioned statistics would be going in the opposite direction, but it does sound accurate of the balanced market definition;
"Where demand for property equals the supply of available property. Sellers usually accept reasonable offers and houses generally sell in sufficient time periods. Prices remain stable and there is usually a good number of homes to choose from."
It is all about perception, but one can't help but notice that this time of year does see renewed activity, and even now, not showing any signs of slowing. We are hot on the heels of the inventory beast, and closing the gap with each passing week. A few more weeks like this one would definitely get us back under the bar.
If you missed the October monthly stats wrap up, scroll down to get caught up!
THE WEEKLY ADOGTABLE
Max is a boisterous and happy pup! He spent his whole life in a shelter and now he wants to have fun! He is great with out her dogs and people, no small children though. Max needs an experienced person to help him figure out life
. We are looking for a foster or adopter who would be able to commit to Max's training. We are also looking for a trainer who is willing to help! Please share this cute guy!
This "cuddly companion" is available through Cool Dog Rescue, 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.
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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