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 21st-January 28th 2016
(Previous weeks numbers in brackets)
*Previous Year's Stats
New or Back to Market Listings: 290 (274, 261, 252, 247) *447
Sold: 104 (68, 70, 53, 82) *67
Sale To Listing Ratio: 36% (25%, 27%, 21%, 43%) *15%
Price Changes: 136 (136, 134, 133, 121)
Listings that went conditional/pending: 135 (137, 96, 75, 100) *105
Expired/Cancelled/Withdrawn: 139 (128, 119, 706, 311) *216
Total Active Halifax/Dartmouth Inventory: 4,244 (4,228, 4,234, 4,195, 4,850) *4,349
Absorption Rate in weeks: 62 (62) *75
Single Family Home Stats
Active Single Family Home: 2,752 (2,755, 2,771, 2,747, 3,144) *2,830
Average Single Family Home List Price: $249,117 ($261k, $296k, $340k, $303k) *$281k
Average Single Family Home Selling Price: $240,543 ($252k, $282k, $321k, $290k) *$270k
Single Family Home Sale to List Ratio This Week: 97% (97%, 94%, 95%, 96%) *96%
Median Single Family Home List Price: $224,450 ($247k, $240k, $239k, $256k)
Median Single Family Home Sold Price: $222,500 ($243k, $235k, $238k, $249k)
Average Days on Market Single Family Home: 107 (137, 127, 151, 110) *109
Active Condos: 376 (361, 357, 349, 408) *410
Average Condo Listing Price: $236,441 ($231k, $257k, $310k, $219k) *$231k
Average Condo Selling Price: $227,083 ($220k, $242k, $283k, $208k) *$221k
Condo Sale to List Ratio This Week: 96% (95%, 94%, 91%, 95%%) *96%
Median Condo List Price: $222,400 ($230k, $230k, $214k, $247k)
Median Condo Sold Price: $217,400 ($215k, $225k, $202k, $237k)
Average Days on Market Condos: 95 (110, 114, 209, 91) *134
Active Vacant Lots: 887 (886, 882, 872, 941) *848
Just goes to show how quickly things can change! The overall inventory count is now over 100 less products on the market from last year at this time, and continues to carry the trend from last week. Buyer activity is way up from last year at this time too, reflected not only in sales, but offers as well. I guess you could take into account the snow storm we had at this time last year, but the inclement weather of 2016 (and there has been that) has not slowed buyers down one bit. There might be a few less expired and cancelled listings than last year, but the amount of new additions to the inventory are lower then the past few years and sales are much better too. Coinciding with the improved market, the average and median home prices are down across the board, which could indicate that maybe there is a price correction happening.
Two things are clear at this point, first time home buyer products are igniting the current market condition, and products across the board have experienced some degree of correction. This correction may cut deeper then many sellers may think, as dropped tax assessed values have been issued to many properties in and around the city, giving potential buyers extra kindling when offering. Either way you slice it, things are looking up, even if temporary, and the activity that has happened to this point doesn't seem to be slowing. This may be the time many buyers will want to jump in the market, when they still hold the power over the market. Who knows how much longer it will last.
At only 2 years young, Winnie, is on the hunt for a lifelong friend/family to call her own. Being a boxer mix, she is full of energy and is hoping to find a family able to provide a suitable outlet for it. She has many endearing qualities, but the top one would have to be her comical underbite! Winnie is seeking a home with children 16 years of age or older in it due to her lack of restraint when she gets excited. A home with no other pets would be ideal.
This "cuddly companion" is available through the Dartmouth 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