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 28th - May 5th 2016
(Previous weeks numbers in brackets)
*Previous Year's Stats
New or Back to Market Listings: 500 (388, 393, 392, 496) *665
Sold: 160 (151, 155, 144, 131) *160
Sale To Listing Ratio: 32% (39%, 39%, 37%, 26%) *24%
Price Changes: 296 (275, 193, 190, 238, 135)
Listings that went conditional/pending: 197 (181, 182, 184, 179) *150
Expired/Cancelled/Withdrawn: 250 (100, 106, 104, 215) *174
Total Active Halifax/Dartmouth Inventory: 5,124 (5,051, 4,961, 4,867, 4,776) *5,205
Absorption Rate in weeks: 34 (35, 37, 39, 38) *47
Single Family Home Stats
Active Single Family Home: 3,458 (3,391, 3,333, 3,277, 3,207) *3,491
Average Single Family Home List Price: $298,039 ($304k, $302k, $292k, $297k) *$292k
Average Single Family Home Selling Price: $289,473 ($294k, $293k, $278k, $287k) *$280k
Single Family Home Sale to List Ratio This Week: 97% (97%, 97%, 95%, 97%) *96%
Median Single Family Home List Price: $279,900 ($269k, $277k, $260k, $270k)
Median Single Family Home Sold Price: $270,050 ($263k, $271k, $248k, $264k)
Average Days on Market Single Family Home: 115 (85, 98, 100, 86) *100
Active Condos: 451 (450, 446, 434, 419) *563
Average Condo Listing Price: $239,490 ($239k, $275k, $217k, $260k) *$257k
Average Condo Selling Price: $221,236 ($229k, $267k, $206k, $252k) *$250k
Condo Sale to List Ratio This Week: 92% (96%, 97%, 95%, 97%) *97%
Median Condo List Price: $235,900 ($202k, $283k, $211k, $200k)
Median Condo Sold Price: $230,000 ($185k, $271k, $198k, $195k)
Average Days on Market Condos: 94 (141, 75, 95, 95) *90
Active Vacant Lots: 985 (972, 949, 933, 927) *854
The good news keeps on coming, especially for the condo market! With the mild scare we had a couple weeks ago regarding the inventory levels, many people will be happy to see that the overall inventory level has reported lower than the last year at this time for the second week in a row. This is largely in part to the steady stream of Buyers that seem to be snapping up the right properties, and the lower new listing additions climbing onto the market each week. Looking ahead to the projected sales forecast (loosely based on the conditional property stat), it does appear that this positive momentum will continue to carry into the prime spot of the Spring market. The one product that hasn't had too much trouble in this area for the last year or so has been the condo market.
Around mid-point of the market year last year, condo's halted the inventory advance and started to retreat. That retreat has been slow, but steady, and has continued to trend in that direction since that time. Now the condo market in Halifax represents a very small fraction of the overall market, but holds an important indicator of the Buyer and Seller's trend. Important to track overall, and definitely important to see the demand for these types of products. It does appear that the lure of less maintenance and price points are drawing some would be family home purchasers away, or the sheer difference in necessary size might also be playing a factor. Whatever the cause, the Condo market here in Halifax is healthier than it has been in a long time, and it doesn't appear to be changing anytime soon. Thanks for stopping by!
Certainly you've heard about the devastation that has occurred in Alberta, and if not, I would encourage you to flip over to the CBC website to get the latest scoop. There are many Canadians that have been displaced from their homes, have lost everything, and have a long fight back to a normal way of life. There has been an outpouring of generosity not only from the Federal and Provincial governments, but Canadians have banded together to help out in any way they can. Truly makes me proud to be Canadian. I have many friends who are on the front lines of this thing, especially from my former regiment the Lord Stathcona's Horse (Royal Canadians), and I wish them, all of the first responders, and everyone affected by this tragedy god speed and good luck.
If you are looking to help out in any form, there is a good article from the Globe and Mail regarding how you can send or receive help. Click HERE to go there.
The main financial support effort is being headed up by the Canadian Red Cross, and anyone looking to support can go HERE to do so.
At only 2 years young, Winnie, is on the hunt for a lifelong friend/family to call her own. Being a boxer mix, she is full of energy and is hoping to find a family able to provide a suitable outlet for it. She has many endearing qualities, but the top one would have to be her comical underbite! Winnie is seeking a home with children 14 years of age or older in it due to her lack of restraint when she gets excited. A home with no cats would be ideal.
This "cuddly companion" is available through the Dartmouth SPCA, a non profit rescue organization from Halifax, 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!
Are you familiar with ViewPoint Realty? How about the ViewPoint Realty interactive real estate map? It's a powerful tool for all your property research needs and when you are ready to buy or sell, its the competitive edge over your competition! Not to mention, it's now more rewarding then ever to become a ViewPoint client, just click HERE to find out more. More savings and more information, sign up today! Or, click HERE to go right to the map and get property shopping!
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.
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