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 19th - May 26th 2016
(Previous weeks numbers in brackets)
*Previous Year's Stats
New Listings: 355 (414, 452, 500, 388) *707
Sold: 148 (160, 174, 160, 151) *186
Sale To Listing Ratio: 42% (39%, 39%, 32%, 39%) *26%
Price Changes: 245 (252, 255, 296, 275)
Listings that went conditional/pending: 184 (185, 200, 197, 181) *217
Expired/Cancelled/Withdrawn: 125 (104, 102, 250, 100) *96
Total Active Halifax/Dartmouth Inventory: 5,621 (5,330, 5,241, 5,124, 5,051) *5,650
Absorption Rate in weeks: 35 (34, 33, 34, 35) *45
Single Family Home Stats
Active Single Family Home: 3,571 (3,571, 3,526, 3,348, 3,391) *3,826
Average Single Family Home List Price: $294,575 ($287k, $335k, $298k, $304k) *$306k
Average Single Family Home Selling Price: $286,611 ($279k, $325k, $289k, $294k) *$293k
Single Family Home Sale to List Ratio This Week: 97% (97%, 97%, 97%, 97%) *96%
Median Single Family Home List Price: $279,900 ($270k, $300k, $280k, $269k)
Median Single Family Home Sold Price: $278,000 ($259k, $292k, $270k, $263k)
Average Days on Market Single Family Home: 95 (78, 81, 115, 85) *115
Active Condos: 474 (453, 453, 451, 450) *566
Average Condo Listing Price: $294,770 ($314k, $308k, $240k, $239k) *$256k
Average Condo Selling Price: $281,600 ($307k, $301k, $221k, $229k) *$249k
Condo Sale to List Ratio This Week: 95% (98%, 98%, 92%, 96%) *98%
Median Condo List Price: $282,400 ($325k, $265k, $236k, $202k)
Median Condo Sold Price: $276,000 ($313k, $256k, $230k, $185k)
Average Days on Market Condos: 133 (76, 64, 94, 141) *144
Active Vacant Lots: 1,027 (1,034, 1,016, 985, 972) *941
It's full steam ahead as the weather and the market heats up, well, lukewarm anyways. This week looks much the same as the late Spring market reported, but the positive note is that the late Spring market was hot! Continuing the trend, new listings are down this week, almost half of what hit the market compared to last year at this time, Against the trend, sales reported lower this week however, but this is the first time that has happened in the last few months. Buyer activity was also up last year over this year, but there was a backlog of the late Spring market that varied the stats in dramatic ways. Average sale prices have also reported lower than normal over the past few weeks, but this could be influenced by the hottest price point and product, entry level homes. Of course, most in Halifax predicted somewhat of a price correction, however slow and hesitant the market accepted it, but it does seem that products are adjusting. Interesting times indeed, and there's still a tonne of inventory for Buyers to wade. This year however, there is a little bit less of a selection and prices seem to be a bit more competitive. Stay tuned to the blog to keep a pulse on the current market, and thanks for stopping by!
Could this fella be any more handsome?? 2 year old Dex is in search of a family to call his own. We feel that Dex would do best in a home with children 16 years of age or older with no pets.
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.
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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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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