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 January 7th -January 14th 2016
(Previous weeks numbers in brackets)
*Previous Year's Stats
New or Back to Market Listings: 261 (252, 247, 197, 232) *363
Sold: 70 (53, 82, 84, 116) *60
Sale To Listing Ratio: 27% (21%, 43%, 43%, 50%) *17%
Price Changes: 134 (133, 121, 118, 166)
Listings that went conditional/pending: 96 (75, 100, 99, 99) *64
Expired/Cancelled/Withdrawn: 119 (706, 311, 154, 525) *92
Total Active Halifax/Dartmouth Inventory: 4,234 (4,195, 4,850, 4,850, 4,893) *4,212
Absorption Rate in weeks: (45, 45, 44, 50) 68
Single Family Home Stats
Active Single Family Home: 2,771 (2,747, 3,144, 3,174, 3,427) *2,737
Average Single Family Home List Price: $294,567 ($340k, $303k, $362k, $344k) *$319k
Average Single Family Home Selling Price: $281,642 ($321k, $290k, $346k, $327k) *$305k
Single Family Home Sale to List Ratio This Week: 94% (95%, 96%, 96%, 95%) *96%
Median Single Family Home List Price: $239,900 ($239k, $256k, $278k, $290k)
Median Single Family Home Sold Price: $235,300 ($238k, $249k, $276k, $283k)
Average Days on Market Single Family Home: 127 (151, 110, 102, 105) *144
Active Condos: 357 (349, 408, 408, 418) *384
Average Condo Listing Price: $256,878 ($310k, $219k, $219k, $350k) *$241k
Average Condo Selling Price: $242,374 ($283k, $208k, $208k, $326k) *$232k
Condo Sale to List Ratio This Week: 94% (91%, 95%, 95%, 93%) *96%
Median Condo List Price: $229,900 ($214k, $247k, $247k, $245k)
Median Condo Sold Price: $224,900 ($202k, $237k, $237k, $232k)
Average Days on Market Condos: 114 (209, 91, 91, 150) *145
Active Vacant Lots: 882 (872, 941, 1,036, 1,035) *835
2016 is starting off on the right foot! Looks like we have carried positive momentum from the end on 2015 into the beginning of the year with some solid activity. With a decent sales showing and less then average new listing additions, we continue to chip away at the inflated inventory pile as we witnessed the overall level sink that much further. Even with the weather not completely cooperating, activity remains steady with over 30 more accepted offers this week compared to the same time last year. Average days on market for both products shrunk a bit as well, but that's still a stat reporting poorly regardless of the slight improvement, with just over/under 4 months of exposure on the market respectively. Values remain steady and both products reported a bit lower then average with their sales to list ratios, which means some heavy negotiations could have influenced those numbers. Overall though, a great start to the year, and I anticipate at this continued rate we should report on par, or better, then 2015 in the next couple of weeks. Getting the inventory below the last few years would be a benchmark to note, in hopes of igniting the market. In any case, 2016 is off to the races!
Don't miss the 2015 annual wrap up! Simply scroll down to check out how the year placed overall.
Meet Shelby! She is a 5 yr old American Bulldog mix. She is currently in search of her furever home. Miss Shelby is a fun and playful lady who would be better suited in a home with Adults Only and no other pets. She bonds very well with most people, but would prefer a home with infrequent visitors. Despite her short and stout stature this girl is a power house on the leash so to find a home with someone willing to put in some time with training her how to walk more "lady like" on the leash would be great. If you feel you can give this girl the home of her dreams please stop by the shelter at 5 scarfe court to meet this marshmallow.
This "cuddly companion" is available through the Nova Scotia SPCA, 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 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. Thanks for stopping by!
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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