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 March 24th - March 31st 2016
(Previous weeks numbers in brackets)
*Previous Year's Stats
New or Back to Market Listings: 315 (346, 356, 345, 366) *459
Sold: 109 (117, 140, 100, 116) *110
Sale To Listing Ratio: 35% (34%, 39%, 29%, 32%) *24%
Price Changes: 135 (130, 133, 40, 141)
Listings that went conditional/pending: 146 (163, 149, 141, 172) *128
Expired/Cancelled/Withdrawn: 145 (116, 73, 163, 77) *206
Total Active Halifax/Dartmouth Inventory: 4,663 (4,641, 4,593, 4,466, 4,347) *4,532
Absorption Rate in weeks: 40 (39, 40, 44, 44) *46
Single Family Home Stats
Active Single Family Home: 3,103 (3,092, 3,032, 2,914, 2,829) *2,967
Average Single Family Home List Price: $318,582 ($279k, $287k, $283k, $281k) *$299k
Average Single Family Home Selling Price: $304,764 ($271k, $276k, $274k, $272k) *$290k
Single Family Home Sale to List Ratio This Week: 96% (97%, 96%, 97%, 97%) *97%
Median Single Family Home List Price: $274,900($260k, $267k, $245k, $260k)
Median Single Family Home Sold Price: $260,000 ($250k, $258k, $235k, $257k)
Average Days on Market Single Family Home: 89 (95, 94, 93, 100) *123
Active Condos: 442 (428, 421, 416, 402) *482
Average Condo Listing Price: $274,328 ($292k, $225k, $256k, $305k) *$259k
Average Condo Selling Price: $267,761 ($281k, $216k, $247k, $295k) *$251k
Condo Sale to List Ratio This Week: 98% (96%, 96%, 96%, 97%) *97%
Median Condo List Price: $174,900 ($232k, $160k, $250k, $301k)
Median Condo Sold Price: $170,000 ($222, $152k, $238k, $295k)
Average Days on Market Condos: 86 (54, 119, 109, 80) *89
Active Vacant Lots: 917 (906, 928, 922, 901) *833
March, as a whole, was a fairly average month and this week is no exception. No real peaks or valleys to go over this week, as things have somewhat evened off. New listing additions, as they have done all year so far, reported below those of last year at this time. Even with the stark comparison of weather, Sellers have simply not come out in full force to oversaturate the market. That being said, with the lower amount of weekly products hitting the street you would figure the overall inventory impact would be lower than last year, however, that is not the case.
What seemed like a solid step in the right direction for the inventory, has ended up correcting and taking a step back. The overall inventory level is yet again higher than that of all previous years, and that includes single family home products. Condo's, which have enjoyed an ever decreasing gap spread from last year (however small that market captures), continues the trend reporting 40 units lower than last year at this time. Expected was the inventory surge, but not as fast as it happened this month given the positive buyer momentum. As we head into the Spring market months full steam ahead, I'll be keeping a weathered eye nn the overall affect of March and it's role in the annual picture, but I still predict a summertime balance given the noticeable differences between the two market years. Thanks for stopping by!
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A home with no cats or other dogs would be best.
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Jeremiah Wallace, CD
Jeremiah has been involved with many aspects of the Real Estate industry for over twelve years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah