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 January 19th-26th, 2017
(Previous weeks numbers in brackets)
*Previous Year's Stats
New Listings: 265 (225, 254, 218, 59) *290
Sold: 96 (82, 66, 65, 36) *104
Sale To Listing Ratio: 36% (36%, 26%, 30%, 61%) *36%
Price Changes: 109 (106, 107, 83, 36) *134
Listings that went conditional/pending: 101 (100, 83, 57, 37) *135
Expired/Cancelled/Withdrawn: 101 (124, 133, 476, 103) *139
Total Active Halifax/Dartmouth Inventory: 4,171 (4,106, 4,105, 4,081, 4,343) *4,244
Absorption Rate in weeks: 54 (66, 64, 58, 56) *62
Single Family Home Stats
Active Single Family Home: 2,423 (2,388, 2,402, 2,387, 2,521) *2,752
Average Single Family Home List Price: $285,418 ($304k, $319k, $365k, $331k) *$249k
Average Single Family Home Selling Price: $272,578 ($293k, $306k, $352k, $330k) *$241k
Single Family Home Sale to List Ratio This Week: 96% (96%, 96%, 97%, 99%) *97%
Median Single Family Home List Price (6 months): $279,900 ($280k, $280k, $280k, $280k) *$225k
Median Single Family Home Sold Price (6 months): $269,250 ($270, $270k, $270k, $270k) *$223k
Average Days on Market Single Family Home: 92 (117, 101, 111, 112) *107
Active Condos: 406 (393, 383, 396, 425) *376
Average Condo Listing Price: $271,758($220k, $206k, $291k, $575k) *$236k
Average Condo Selling Price: $266,108 ($209k, $198k, $281k, $538k) *$227k
Condo Sale to List Ratio This Week: 98% (95%, 96%, 97%, 94%) 96%
Median Condo List Price (6 months): $229,900 ($230k, $230k, $235k, $235k) *230k
Median Condo Sold Price (6 months): $222,200 ($225k, $225k, $226k, $225k) *217k
Average Days on Market Condos: 97 (126, 92, 99, 91, 131) *95
Active Vacant Lots: 1,099 (1,084, 1,173, 1,150, 1,126) *887
Spring is in the air, or so it would seem. Maybe the lack of snow and cold temperatures have tricked people into thinking it's actually April, but there is definitely a Spring vibe in the market to kick off the new year. Buying inquiries are up, listing inquires are up, and so is the overall inventory across the board. The only thing that is down, it would seem, is the absorption rate which fell quite dramatically this week. A few anomaly weeks to end 2016 and start 2017 have given a bit of a marker for this to happen, but the absorption rate made a significant reduction as we rally toward the "real" stats of the year. I guess we will have to wait and see if it holds. All in all we lead off the year on a good note, and it will be interesting to see if we finally take the momentum from early 2016 and run with it. You will have to stay tuned to find out! Thanks for stopping by!
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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