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 14th -January 21st 2016
(Previous weeks numbers in brackets)
*Previous Year's Stats
New or Back to Market Listings: 274 (261, 252, 247, 197) *325
Sold: 68 (70, 53, 82, 84) *67
Sale To Listing Ratio: 25% (27%, 21%, 43%, 43%) *21%
Price Changes: 136 (134, 133, 121, 118)
Listings that went conditional/pending: 137 (96, 75, 100, 99) *87
Expired/Cancelled/Withdrawn: 128 (119, 706, 311, 154) *83
Total Active Halifax/Dartmouth Inventory: 4,228 (4,234, 4,195, 4,850, 4,850) *4,284
Absorption Rate in weeks: 62 () *73
Single Family Home Stats
Active Single Family Home: 2,755 (2,771, 2,747, 3,144, 3,174) *2,785
Average Single Family Home List Price: $260,917 ($296k, $340k, $303k, $362k) *$281k
Average Single Family Home Selling Price: $252,124 ($282k, $321k, $290k, $346k) *$272k
Single Family Home Sale to List Ratio This Week: 97% (94%, 95%, 96%, 96%) *97%
Median Single Family Home List Price: $247,200 ($240k, $239k, $256k, $278k)
Median Single Family Home Sold Price: $243,000 ($235k, $238k, $249k, $276k)
Average Days on Market Single Family Home: 137 (127, 151, 110, 102) *125
Active Condos: 361 (357, 349, 408, 408) *393
Average Condo Listing Price: $231,325 ($257k, $310k, $219k, $219k) *$227k
Average Condo Selling Price: $219,637 ($242k, $283k, $208k, $208k) *$216k
Condo Sale to List Ratio This Week: 95% (94%, 91%, 95%, 95%) *95%
Median Condo List Price: $229,450 ($230k, $214k, $247k, $247k)
Median Condo Sold Price: $215,000 ($225k, $202k, $237k, $237k)
Average Days on Market Condos: 110 (114, 209, 91, 91) *112
Active Vacant Lots: 886 (882, 872, 941, 1,036) *844
We did it!!! After several years of increasing inventory that we thought would never stop, all areas of stock have finally reported below the previous year at the current time. As previously mentioned, condo inventory started the trend mid 2015, but the overall and single family home numbers stubbornly, and consistently, reported higher...up until now. The recent shift to lower listing additions and increased buyer activity have certainly aided this event, and that buyer activity does not seem to be slowing at the moment with an unusually high count of accepted offers this week (137 properties changed to pending after accepting an offer). Average prices across the board were down this week as first time home buyer products continue to lead the charge in sales, and the absorption rate is a staggering 10 weeks lower then last years report. Hopefully, this is the date to mark down in your calendars as the turning point for our market in Halifax, and I for one will be interested to see if this trend carries. Thanks for stopping by!
Don't miss the 2015 annual wrap up! Simply scroll down to check out how the year placed overall.
Sully is a 7 month old terrier mix searching for his new home! He is a fun boy who is FULL of energy and with that being said, obedience training is mandatory for this guy as he's still learning proper manners. Sully has not been tested with dogs as of this moment, but given his young age he could be adjustable depending on the dog. He would be okay in a home with children, although we are recommending over 10 since he can be jumpy and mouthy during playtime.
If you're interested in meeting this sweet boy, 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 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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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.
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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