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 the Week of June 9th - June 16th 2016
(Previous weeks numbers in brackets)
*Previous Year's Stats
New Listings: 356 (397, 382, 355, 414) *432
Sold: 168 (171, 171, 148, 160) *169
Sale To Listing Ratio: 47% (43%, 45%, 42%, 39%) *39%
Price Changes: 302 (329, 333, 245, 252) *357
Listings that went conditional/pending: 172 (203, 208, 184, 185) *175
Expired/Cancelled/Withdrawn: 114 (148, 231, 125, 104) *166
Total Active Halifax/Dartmouth Inventory: 5,455 (5,377, 5,319, 5,621, 5,330) *5,770
Absorption Rate in weeks: 33 (33, 33, 35, 34) *35
Single Family Home Stats
Active Single Family Home: 3,653 (3,605, 3,576, 3,571, 3,571) *3,939
Average Single Family Home List Price: $311,274 ($307k, $297k, $295k, $287k) *$303k
Average Single Family Home Selling Price: $302,201 ($299k, $288k, $287k, $279k) *$295k
Single Family Home Sale to List Ratio This Week: 97% (97%, 97%, 97%, 97%) *98%
Median Single Family Home List Price: $279,400 ($285k, $276k, $280k, $270k) *$264k
Median Single Family Home Sold Price: $271,545 ($277k, $272k, $278k, $259k) *$255k
Average Days on Market Single Family Home: 78 (80, 81, 95, 78) *83
Active Condos: 494 (486, 478, 474, 453) *528
Average Condo Listing Price: $223,750 ($232k, $225k, $295k, $314k) *$255k
Average Condo Selling Price: $216,196 ($224k, $218k, $282k, $307k) *$250k
Condo Sale to List Ratio This Week: 97% (96%, 97%, 95%, 98%) *98%
Median Condo List Price: $209,900 ($232k, $200k, $282k, $325k) *235k
Median Condo Sold Price: $204,250 ($220k, $188k, $276k, $313k) *228k
Average Days on Market Condos: 85 (75, 42, 133, 76) *78
Active Vacant Lots: 1,043 (1,030, 1,023, 1,027, 1,034) *923
Another average week on the market as we close out the last week of Spring. The late winter of 15 and this Spring has definitely lifted spirits, and interest, of those engaged in real estate activities. Although overpriced products are still a hard sell, vendors that have priced appropriately are finding many more visitors and action then we have seen in the last few years. Although it's not a huge difference, the current inventory level is 315 less then reported at this time last year, which is a -17% decrease and not insignificant. The lower than normal weekly additions coupled with high-average sales, and Sellers listing with prices a bit more market reflective, have really aided in the slow turn around we are enjoying at the moment. The warm market can be felt by both Sellers and Buyers, where Buyers are finding themselves frustrated in competing offer situations, less selection and more competition for desirable properties. Whereas Sellers enjoy increased activity on their properties, and sometimes are recipients of those multiple offer situations. Still a long way to go, but at the moment, that long hike up the hill has levelled off. Now to wait and see if it was a false crest. Stay tuned to find out!
Let this sweet affectionate dog change your view of the "Pitbull" breed! Brooklyn is a doll and would love to find an easy going home to help her get back to her healthy weight. She will be best in a home with children 10 years of age or older.
This "cuddly companion" is available through the Dartmouth SPCA, a non profit rescue organization from Dartmouth, 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. Don't forget to bookmark my page, and visit often!
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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