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 Week of April 23rd - April 30th 2015
(Previous weeks numbers in brackets)
*Previous Year's Stats
New Listings: 590 (533, 518, 459, 459) *542
Sold: 143 (125, 112, 80, 110) *157
Sale To Listing Ratio: 24% (24%, 22%, 17%, 24%) *29%
Listings that went conditional/pending: 150 (162, 146, 118, 128) *160
Expired/Cancelled/Withdrawn: 66 (92, 91, 106, 206) *245
Total Active Halifax/Dartmouth Inventory: 5,094 (4,896, 4,756, 4,633, 4,532) *5,002
Active Single Family Home: 3,402 (3,258, 3,158, 3,055, 2,967) 3,424
Average Single Family Home List Price: $294,470 ($306k, $287k, $298k, $299k) $280k
Average Single Family Home Selling Price: $284,093 ($296k, $278k, $290k) $271k
*Single Family Home Sale to List Ratio This Week: 97% (97%, 97%, 97%, 97%)
Average Days on Market Single Family Home: 112 (116, 101, 101, 123) *89
Active Condos: 557 (534, 507, 501, 482) *487
Average Condo Listing Price: $258,109 ($249k, $249k, $259k, $259k) *$257k
Average Condo Selling Price: $250,072 ($241k, $241k, $255k, $251k) *$252k
*Condo Sale to List Ratio This Week: 97% (97%, 97%, 98%, 97%)
Average Days on Market Condos: 140 (77, 109, 56, 89) *117
Absorption Rate in weeks: 44 (46, 47, 48, 46)
Active Vacant Lots: 853 (831, 832, 829, 833)
And boom goes the dynamite. Remember that little backup of listings I had mentioned a few weeks ago, and the flood it mat cause? Well, it looks like exactly that has happened. This week we gained almost 600 new listings, and really, the weather hasn't fully cooperated so I wonder what our stats would be if we were in the double digits, or sunny? But, it's better than it has been, and my thoughts are that sellers who have waited out, have had enough. With the burst of listings this week, we have surpassed the bar set from last year. As you may be aware, we set many record highs regarding the bloat of inventory here in Halifax last year, and although we started quietly, this year seems to be turning the decibels up. One trend that has been fairly steady this year has been the sales to list ratio. Many buyers I speak with think, on average, that the general price reduction is 5% from listing price to selling price. This year, however, we have been averaging and trending more around 3%. Is this the product of a few years on the lean side? Have sellers reduced as far as they are willing to go, on average? As I have mentioned, every seller has a different motivation at the end of the day, and that motivation and built equity in the property will be the key factor(s) of end negotiated price. As the sales to list ratio will reflect, it would seem that more and more sellers across the city are married to their price tag, regardless of the conclusion. With an interesting April in the books, I can only anticipate that May will bring even more surprises. Stay tuned to find out!
Diamond is an energetic, 3 year old AmStaff mix, weighing in at about 60lbs. This young girl will need an active home, with no young children. Obedience classes are mandatory upon Diamond's adoption, as she needs a little help with her manners and socialization skills. She can be a little rough with other dogs, so she would do best in a home on her own, however a nice calm cat could work! Diamond can be nervous upon meeting some people, but it doesn't take her long to warm up. She would love a new family to run around and play with, as it's one of her favourite things to do!
This "little lady" is available through Homeward Bound City Pound, a non profit rescue organization from Dartmouth, Nova Scotia. More info about her, 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 property 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.
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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