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 April 14th - April 21st 2016
(Previous weeks numbers in brackets)
*Previous Year's Stats
New or Back to Market Listings: 393 (392, 496, 315, 346) *533
Sold: 155 (144, 131, 109, 117) *125
Sale To Listing Ratio: 39% (37%, 26%, 35%, 34%) *24%
Price Changes: 193 (190, 238, 135, 130, 133)
Listings that went conditional/pending: 182 (184, 179, 146, 163) *162
Expired/Cancelled/Withdrawn: 106 (104, 215, 145, 116) *92
Total Active Halifax/Dartmouth Inventory: 4,961 (4,867, 4,776, 4,663, 4,641) *4,896
Absorption Rate in weeks: 37 (39, 38, 40, 30) *46
Single Family Home Stats
Active Single Family Home: 3,333 (3,277, 3,207, 3,103, 3,092) *3,258
Average Single Family Home List Price: $301,975 ($292k, $297k, $319k, $279k) *$306k
Average Single Family Home Selling Price: $293,436 ($278k, $287k, $305k, $271k) *$296k
Single Family Home Sale to List Ratio This Week: 97% (95%, 97%, 96%, 97%) *97%
Median Single Family Home List Price: $276,850($260k, $270k, $275k, $260k)
Median Single Family Home Sold Price: $271,200 ($248k, $264k, $260k, $250k)
Average Days on Market Single Family Home: 98 (100, 86, 89, 95) *116
Active Condos: 446 (434, 419, 442, 428) *534
Average Condo Listing Price: $274,888 ($217k, $260k, $274k, $292k) *$249k
Average Condo Selling Price: $266,494 ($206k, $252k, $268k, $281k) *$241k
Condo Sale to List Ratio This Week: 97% (95%, 97%, 98%, 96%) *97%
Median Condo List Price: $282,500 ($211k, $200k, $175k, $232k)
Median Condo Sold Price: $271,000 ($198k, $195k, $170k, $222k)
Average Days on Market Condos: 75 (95, 95, 86, 54) *77
Active Vacant Lots: 949 (933, 927, 917, 906) *831
Almost a mirror image week from last, and it looks like the soft start to the Spring market continues. Still in better position that last year at this time (except inventory levels), but most of the numbers are markedly better, which still leads me to believe that the impact of the late 2015 end/early 2016 run will be felt eventually. Things to keep a watchful eye on to prove this theory will be the sales to list ratio (which has proven much healthier week over we), overall sales, and the biggest indicator, the sales to list ratio. The STLR has bounced around parody with last year for the most part in the last six months, but with the current boost of activity I'm referring to, it is marginally decreasing week over week and is now a whopping 9 weeks lower than last year at this time. So the absorption rate is reporting much lower in a market that has higher inventory levels? Strange right? Buyer activity has reported positively, and there seems to be that activity still, which is a big difference from last year. The question is, how long will it last.
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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