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 February 23rd - March 2nd, 2017
(Previous weeks numbers in brackets)
*Previous Year's Stats
New Listings: 289 (212, 178, 290, 316) 366
Sold: 97 (103, 79, 91, 85) *116
Sale To Listing Ratio: 34% (49%, 44%, 31%, 27%) *32%
Price Changes: 142 (86, 94, 137, 133) *141
Listings that went conditional/pending: 132 (114, 103, 131, 129) *172
Expired/Cancelled/Withdrawn: 199 (69, 73, 89, 191) *163
Total Active Halifax/Dartmouth Inventory: 4,221 (4,250, 4,217, 4,221, 4,172) *4,347
Absorption Rate in weeks: 46 (48, 48, 48, 51) *44
Single Family Home Stats
Active Single Family Home: 2,488 (2,476, 2,472, 2,467, 2,434) *2,829
Average Single Family Home List Price: $331,175 ($306k, $298k, $321k, $282k) *$281k
Average Single Family Home Selling Price: $319,661 ($296k, $290k, $311k, $271k) *$272k
Single Family Home Sale to List Ratio This Week: 97% (96%, 97%, 97%, 96%) *97%
Median Single Family Home List Price (6 months): $279,000 ($279k, $280k, $279k, $280k) *$260k
Median Single Family Home Sold Price (6 months): $268,900 ($268k, $268k, $267k, $268k) *$257k
Average Days on Market Single Family Home: 95 (101, 75, 113, 113) *100
Active Condos: 414 (416, 409, 408, 398, 406) *402
Average Condo Listing Price: $270,914 ($233k, $210k, $208k, $354k) *$305k
Average Condo Selling Price: $269,240 ($228k, $203k, $198k, $345k) *$295k
Condo Sale to List Ratio This Week: 99% (98%, 97%, 95%, 97%) 97%
Median Condo List Price (6 months): $225,000 ($230k, $230k, $230k, $230k) *310k
Median Condo Sold Price (6 months): $219,900 ($220k, $221k, $222k, $223k) *295k
Average Days on Market Condos: 113 (141, 182, 178, 219, 97) *80
Active Vacant Lots: 1,098 (1,122, 1,098, 1,102, 1,099) *901
Bit of a lazy start to kick off the month of March. Activity overall appears to be down from this time last year, except expires, those are markedly higher. Usually, we see the higher number of expiries couple with higher listing additions at the start of the month (listing contract dates), but the amount of additions added to the pile this week was minimal. Definitely not what you would expect as we lean towards the bustling season of Spring, but maybe winter still has a grip on would be buyers and sellers, keeping them tucked away for the time being. So what's expiring?
Last month, there was a total of 281 listings that expired, and out of those expiries, roughly 10-15% re-listed right away. So what price point is being hit the hardest, or has the most competition? Not an easy answer with the extreme price points of listed products as you will see. The average listing price that saw the most amount of expiries last month was at the $35ok mark, but the median price is around the $280k mark giving a better idea of what price point is hardest hit. This makes sense to me since most buyers can be fit into pricing brackets for purchase. Entry level home buyers usually set their budgets from $180-250k, sometimes stretching to $260k-$270k if the product is the right fit and feel they can negotiate further. Second home, or next tier property shoppers usually set their budgets in the base of $280-$300k and max around the $350-$400k range, usually opting for a product at or over budget. A point to note here is that both of those product tiers are the most frequently transacted and listed, which could also be an influence on the number. That being said, you will see the obvious gap between to the two tiers of buyer brackets, which just so happens to be the buffer zone between them. Coincidence? Now, how to market a buffer zone price point? That will have to be a topic for another day. Thanks for stopping by!
Meet good bones adoptable boy Dewey. He is a very active , friendly, very dog social which means he likes and needs his exercise and can be stubborn so he needs a a strong leader that won't baby him just because he is cute. He will escape out the door if not watched or maybe place a safety gate up.We are told that in his former home Dewey liked to visit dog parks , attended doggy socials and had doggy friends different sizes. He likes his groomer .Dewey will be fostered at a small doggy daycare to keep his social until the right home is found. Dewey is people friendly , neutered, microchipped ,vaccinated and house broken.He does not like being picked up under his belly or will growl and possibly nip. He does not like being corned and grabbed or will become defensive and bite .
No cats or small animals , babies or kids for Dewey 's home. Dewey has a prey drive. He reacts to babies and although friendly with older kids , after a professional behavioural assessment we feel most comfortable saying no kids for long term success. Dewey fears fireworks and thunder but is fine in a vehicle. He has good recall, enjoys daily walks and playing fetch. He is food motivated but not aggressive with his food bowl. He will resource guard a high value item such as a raw bone but fine with chew toys and a stuffed Kong.
We would love to see a less hectic home for Dewey with a couple or person who is fit who would walk him and continue to keep him well socialized without plans for a baby or visiting grandbabies as recommended by our trainer.
This "cuddly companion" is available through Good Bones Dog Rescue, 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 fourteen years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah