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 May 26th - June 2nd 2016
(Previous weeks numbers in brackets)
*Previous Year's Stats
New Listings: 382 (355, 414, 452, 500) *
Sold: 171 (148, 160, 174, 160) *
Sale To Listing Ratio: 45% (42%, 39%, 39%, 32%) *26%
Price Changes: 333 (245, 252, 255, 296)
Listings that went conditional/pending: 208 (184, 185, 200, 197) *
Expired/Cancelled/Withdrawn: 231 (125, 104, 102, 250) *
Total Active Halifax/Dartmouth Inventory: 5,319 (5,621, 5,330, 5,241, 5,124) *
Absorption Rate in weeks: 33 (35, 34, 33, 34) *
Single Family Home Stats
Active Single Family Home: 3,576 (3,571, 3,571, 3,526, 3,348) *
Average Single Family Home List Price: $296,598 ($295k, $287k, $335k, $298k) *
Average Single Family Home Selling Price: $287,532 ($287k, $279k, $325k, $289k) *
Single Family Home Sale to List Ratio This Week: 97% (97%, 97%, 97%, 97%) *
Median Single Family Home List Price: $275,700 ($280k, $270k, $300k, $280k)
Median Single Family Home Sold Price: $272,000 ($278k, $259k, $292k, $270k)
Average Days on Market Single Family Home: 81 (95, 78, 81, 115) *
Active Condos: 478 (474, 453, 453, 451) *
Average Condo Listing Price: $224,466 ($295k, $314k, $308k, $240k) *
Average Condo Selling Price: $217,773 ($282k, $307k, $301k, $221k) *
Condo Sale to List Ratio This Week: 97% (95%, 98%, 98%, 92%) *
Median Condo List Price: $199,900 ($282k, $325k, $265k, $236k)
Median Condo Sold Price: $188,000 ($276k, $313k, $256k, $230k)
Average Days on Market Condos: 42 (133, 76, 64, 94) *
Active Vacant Lots: 1,023 (1,027, 1,034, 1,016, 985) *
Looks like we might be headed for an early decline in the inventory levels? Annually, May sets the tempo for the inventory height, with remaining months maintaining the status quo until we reach the end of the year. This week however, we dropped over 300 products of inventory off the market in an unusual turn of events. No doubt this will be a one week wonder, but anything is possible in this market. The weekly new additions remain lower than the past few years of reporting at this time, and sales activity remains solid. Lots of price changes this week, which could meant that Sellers are ready to move on with their property and accept the Buyers market selling conditions. With this new met attitude, Buyer activity remains steady and higher then we have seen in the last few years. With the combination of fewer weekly additions, more competitive prices and more Buyers in the market, the Halifax real estate market has significantly improved from the "buyers market with no buyers" we have seen on the last few years to a "buyers market, but for how much longer" mentality. Lots of positive activity out there this year so far, and here's to hoping that the momentum carries. Thanks for stopping by!
Layla is a sweet, younger girl with tons of energy. She weighs around 65 pounds. She can get quite excitable when meeting new people and trying new things but, once she calms down, she is very gentle and loving! We are guessing Layla may not have had the best start in life, as she has some scars to prove it. This lady has been bounced around a lot and has just recently been returned to our care - through no fault of her own - and she's on the look-out for the forever loving home everyone always talks about!
Layla would like a home with no young children, as she can be pretty jumpy. No cats for this girl. Dogs may be fine but will require a meeting to see if they get along.
This "cuddly companion" is available through Homeward Bound City Pound, 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!
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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