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 March 16th - March 23rd, 2017
(Previous weeks numbers in brackets)
*Previous Year's Stats
New Listings: 289 (345, 370, 289, 212) *346
Sold: 117 (118, 89, 97, 103) *117
Sale To Listing Ratio: 41% (34%, 24%, 34%, 49%) *34%
Price Changes: 116 (125, 137, 142, 86) *130
Listings that went conditional/pending: 163 (160, 105, 132, 114) *163
Expired/Cancelled/Withdrawn: 78 (72, 97, 199, 69) *116
Total Active Halifax/Dartmouth Inventory: 4,490 (4,459, 4,367, 4,221, 4,250) *4,641
Absorption Rate in weeks: 43 (44, 48, 46, 48) *39
Single Family Home Stats
Active Single Family Home: 2,639 (2,624, 2,555, 2,488, 2,476) *3,092
Average Single Family Home List Price: $313,873 ($357k, $325k, $331k, $306k) *$279k
Average Single Family Home Selling Price: $305,554 ($346k, $316k, $320k, $296k) *$271k
Single Family Home Sale to List Ratio This Week: 97% (97%, 97%, 97%, 96%) *97%
Median Single Family Home List Price(6 mo): $278,888 ($276k, $279k, $279k,$279k) *$260k
Median Single Family Home Sold Price(6 mo):$268,000 ($267k, $268k, $269k,$268k)*$250k
Average Days on Market Single Family Home: 86 (89, 119, 95, 101) *95
Active Condos: 452 (440, 440, 414, 416, 409) *428
Average Condo Listing Price: $334,358 ($298k, $321k, $271k, $233k) *$292k
Average Condo Selling Price: $320,470 ($290k, $303k, $269k, $228k) *$281k
Condo Sale to List Ratio This Week: 96% (97%, 94%, 99%, 98%) 96%
Median Condo List Price (6 mo): $225,000 ($225k, $230k, $225k, $230k) *$232k
Median Condo Sold Price (6 mo): $217,700 ($219k, $220k, $220k, $220k) *$222k
Average Days on Market Condos: 87 (146, 85, 113, 141, 182) *54
Active Vacant Lots: 1,161 (1,158, 1,138, 1,098, 1,122) *906
Not the hot Spring start that we were hoping (both market and weather wise), but it is here, and it will improve! (hopefully sooner than later) Speaking of, things that did improve this week; sales to list ratio, property under contract (pending sales), days on market for both products. Things that look better than last year at this time; sales to list ratio, overall inventory, new listing additions (not sure if less is better, but its keeping the inventory low). The other stats are reporting pretty much on par with the last years stats at this time, which was a vast improvement from the year prior (2015). Since last year however, there has been a strange occurrence. Product availability and addition has been kept to a minimum. Late last year I had many clients lament how there was a decent amount of products on the market, but not as much selection as they had hoped. It seems that trend has carried into the new year, and I'm curious if there is a looming "listing explosion" about to erupt from the pent up vacancy. Time will tell! Make sure to keep tabs on the market by checking in! Thanks for stopping by!
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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 twelve years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah