The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty (Every Thursday)
Halifax (HRM) Residential Statistic Update for the Week of July 13th - July 20th, 2017
(Previous weeks numbers in brackets)
*Previous Year's Stats
New Listings: 322 (360, 302, 319, 329) *319
Sold: 162 (164, 146, 168, 239) *138
Sale To Listing Ratio: 50% (46%, 48%, 53%, 73%) *43%
Price Changes: 233 (229, 189, 273, 222) *289
Listings that went conditional/pending: 160 (186, 176, 198, 197) *167
Expired/Cancelled/Withdrawn: 119 (114, 257, 151, 111) *119
Total Active Halifax/Dartmouth Inventory: 4,894 (4,868, 4,825, 4,905, 4,932) *5,528
Absorption Rate in weeks: 30 (27, 26, 25, 24) *41
Single Family Home Stats
Active Single Family Home: 3,010 (2,998, 2,957, 2,869, 3,007) *3,670
Average Single Family Home List Price: $324,052 ($310k,$286k,$308k,$311k) *$302k
Average Single Family Home Selling Price: $314,162 ($302k,$276k,$298k,$301k) *$291k
Single Family Home Sale to List Ratio This Week: 97% (98%, 97%, 97%, 97%) *96%
Median Single Family Home List Price (6 mo): $279,000 ($275k,$275k,$280k,$280k)*$275k
Median Single Family Home Sold Price (6 mo): $270,000 ($270k,$270k,$270k,$270k)*$265k
Average Days on Market Single Family Home: 68 (77, 85, 69, 61) *96
Active Condos: 479 (485, 476, 485, 481) *495
Average Condo Listing Price: $261,400 ($270k, $245k, $280k, $248k) *$273k
Average Condo Selling Price: $256,950 ($261k, $232k, $270k, $246k) *$264k
Condo Sale to List Ratio This Week: 98% (97%, 95%, 96%, 95%) 97%
Median Condo List Price (6 mo): $234,900 ($234k, $230k, $229k, $229k) *$230k
Median Condo Sold Price (6 mo): $225,000 ($223k, $220k, $220k, $218k) *$225k
Average Days on Market Condos: 65 (114, 103, 81, 91, 84) *46
Active Vacant Lots: 1,156 (1,156, 1,159, 1,165, 1,174) *1,040
For the second straight week we are seeing a very similar trend, reduced buyer activity and more sellers coming to market. Although buyer activity is still solid and reporting higher than last year at this time, there was a significant drop in offer activity (as noted by listings that changed status to conditional/pending). Still, there was a chunk of inventory that sold this week, reporting on par with the last few weeks, giving the sales to list ratio a strong presence. The unsung statistic however is the absorption rate. Although it appears that sales are strong, buyer activity mid-high, the absorption rate gained an additional three weeks this week, pointing to a slower season ahead. We are still eleven weeks less this year compared to last for the absorption rate however, so it's safe to say the first half of the year has been a success. Hot Summer days may distract potential buyers or sellers from their task, and with a great line up of events this year in Halifax it may keep folks away until the fall! Regardless of distraction, the market dance will continue, so make sure to stop by to stay on top of things! Thanks for stopping by!
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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. Don't forget to bookmark my page, and visit often!
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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 fourteen years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah