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 November 30th - December 7th, 2017
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 246 (191, 200, 223, 214) *194
Sold: 116 (134, 115, 135, 123) *96
Sale To Listing Ratio: 47% (70%, 56%, 61%, 58%) *50%
Price Changes: 116 (107, 114, 136, 179) *116
Listings that went conditional/pending: 103 (127, 133, 130, 138) *99
Expired/Cancelled/Withdrawn: 341 (105, 138, 130, 144) *385
Total Active Halifax/Dartmouth Inventory: 3,836 (4,057, 4,102, 4,142, 4,165) 4,554
Absorption Rate in weeks: 31 (32, 33, 32, 33) *43
Single Family Home Stats
Active Single Family Home: 2,119 (2,256, 2,307, 2,492, 2,511) *2,690
Average Single Family Home List Price: $304,769 ($319k,$347k,$302k,$286k) *$299k
Average Single Family Home Selling Price: $295,569 ($311k,$331k,$290k,$275k) *$287k
Single Family Home Sale to List Ratio This Week: 97% (97%, 95%, 96%, 96%) *96%
Median Single Family Home List Price (6 mo): $279,000 ($279k,$279k,$280k,$280k)*$280k
Median Single Family Home Sold Price (6 mo): $270,000 ($270k,$270k,$270k,$270k)*$271k
Average Days on Market Single Family Home: 94 (90, 77, 73, 80) *90
Active Condos: 374 (389, 393, 397, 403) *449
Average Condo Listing Price: $256,726 ($261k, $227k, $213k, $193k) *$274k
Average Condo Selling Price: $247,318 ($231k, $217k, $209k, $185k) *$260k
Condo Sale to List Ratio This Week: 96% (88%, 96%, 98%, 96%) 95%
Median Condo List Price (6 mo): $245,500 ($245k, $246k, $249k, $249k) *$230k
Median Condo Sold Price (6 mo): $239,000 ($236k, $239k, $240k, $240k) *$222k
Average Days on Market Condos: 65 (83, 144, 76, 88) *63
Active Vacant Lots: 958 (1,016, 1,002, 1,003, 1,008) *1,137
The absorption rate continues to impress as we tip into the month of December and edge closer to the conclusion of the market year. In total, there is a 12 week, or 3 month, difference in absorption rate from this year to last... which is incredible! The 2012 market year started an upward absorption rate trend, and by the time 2015 hit, many wondered if it was every going to stop. Thankfully, 2016 witnessed the pause and eventual start of reduction in this statistic near the end of the year. This is a very important statistic, and those that are not familiar with just how important it is, here are a few reasons;
1. As the number shrinks, this is a good indication of higher demand in the marketplace. For Sellers, this is a key stat to watch when it comes time to sell. A sliding rate means that buyers are out in full force, soaking up the products, giving a better chance of selling.
2. Quite the opposite for buyers. As the number increases, demand is lessened as inventory bloats. Lots of selection, and more bargaining power for buyers.
3. Market health. The ebb and flow ion the list/sale routine is gauged by the demand of inventory, or lack thereof. Any major swings are usually reflected in this stat, although it may take a few weeks. or months to see the true impact. Still, it is a very important tool in market diagnosis.
Our current state of the absorption rate took almost 5 years to achieve, so the Halifax market is slow to react either way, which in my opinion is a good thing. We are somewhat shielded from the drastic boom/bust markets of the west, making market analysis more predictable. Not great for savvy investors, since they have to dig to find deals, but good for buyers looking to get into a safer market. You never know what will happen though, so it's good to stay tuned to the blog to keep up to date and informed! Thanks for stopping by!
Elliot needs a place to call home...
The Weekly Adogtable!
After spending a couple weeks with the staff at HBCP, Elliot has decided it's his time to shine and find himself a new home to call his own. With the holidays about, Elliot would love nothing more than to cozy up on the couch by the TV and watch some Christmas classics. Although he loves to relax, Elliot is also well-known for zooming around the yard and throwing around a couple toys, let's just say he's not afraid to hold back his excitement when the fun-times are rolling.
Elliot would do best in a home:
Without other animals (he's fine to say hello, but is very pushy with others)
With kids over the age of 5
This "cuddly companion" is available through Homeward Bound City Pound, a non profit rescue organization from Halifax, Nova Scotia. More info about her and 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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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