The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty (Every Thursday)
Halifax (HRM) Residential Statistic Update for the Week of October 26th - November 2nd, 2017
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 237 (249, 227, 233, 315) *374
Sold: 121 (136, 126, 131, 124) *114
Sale To Listing Ratio: 51% (55%, 56%, 56%, 40%) *31%
Price Changes: 148 (195, 196, 166, 190) *195
Listings that went conditional/pending: 140 (158, 158, 109, 162) *123
Expired/Cancelled/Withdrawn: 337 (112, 133, 117, 301) *458
Total Active Halifax/Dartmouth Inventory: 4,227 (4,438, 4,450, 4,519, 4,500) 4,905
Absorption Rate in weeks: 33 (34, 34, 33, 32) *43
Single Family Home Stats
Active Single Family Home: 2,562 (2,687, 2,693, 2,753, 2,750) *3,034
Average Single Family Home List Price: $285,699 ($292k, $282k, $354k.$289k) *$291k
Average Single Family Home Selling Price: $274,171 ($282k, $273k, $336k, $277k) *$280k
Single Family Home Sale to List Ratio This Week: 96% (97%, 97%, 95%, 96%) *96%
Median Single Family Home List Price (6 mo): $274,900 ($275k, $275k, $275k,$275k)*$275k
Median Single Family Home Sold Price (6 mo): $265,000 ($267k, $268k, $270k,$270k)*$267k
Average Days on Market Single Family Home: 78 (99, 73, 78, 94) *115
Active Condos: 394 (402, 401, 413, 407) *480
Average Condo Listing Price: $261,721 ($245k, $235k, $263k, $294k) *$257k
Average Condo Selling Price: $256,810 ($233k, $223k, $253k, $281k) *$246k
Condo Sale to List Ratio This Week: 98% (95%, 95%, 96%, 96%) 96%
Median Condo List Price (6 mo): $248,800 ($245k, $245k, $245k, $245k) *$235k
Median Condo Sold Price (6 mo): $239,500 ($240k, $235k, $236k, $236k) *$225k
Average Days on Market Condos: 107 (125, 118, 121, 115) *96
Active Vacant Lots: 1,023 (1,093, 1,103, 1,111, 1,106) *1,129
November has arrived, and with it, a sizeable purge of inventory. Speaking of inventory, the next two months will hasten the decline into the lowest counts of the year, and this week is usually the marker. Colder weather and holidays make it a rather undesirable time to sell for some, and buyers are a bit more hesitant to get out there and look around. Still, the market marches on, and there is something to be said for less competition. New listings to market this week are reporting averagely for this market year, and certainly bested last year at this time. Products are still moving as well! With 140 accepted offers this week, there seems to be a late market grab on the go. Much like the Spring feel for surging activity, so too can it be felt that activity overall is in on the decline. It is rather typical for this time of year though, but I have no doubts that the late active market is a result of remnant activity from the previous months. Harder to find a property that fits, equals more time searching for the right property, which is definitely a common occurrence this year. Values are still reporting a touch lower than previous months for single family homes, but their days on market count remains lower than last year. The opposite is true for Condo's this week however, and there was a larger than normal count of this product that sold this week. I have noticed the new concept condo building on Wellington Street seems to be quite popular, and has sold several units over the last couple of weeks, which could be an indicator that the city is ready for more modern living spaces in the city. I personally love the traditional appeal of Halifax, and would rather see historic replica's constructed that appeal.
Thanks for stopping by!
The Weekly Adogtable!
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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