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 May 7th - May 14th 2015
(Previous weeks numbers in brackets)
*Previous Year's Stats
New Listings: 654 (665, 590, 533, 518) *553
Sold: 167 (160, 143, 125, 112) *143
Sale To Listing Ratio: 25% (24%, 24%, 24%, 22%) *26%
Listings that went conditional/pending: 176 (150, 174, 150, 162, 146) *158
Expired/Cancelled/Withdrawn: 164 (174, 66, 92, 91) *93
Total Active Halifax/Dartmouth Inventory: 5,337 (5,205, 5,095, 4,896, 4,756) *5,303
Active Single Family Home: 3,610 (3,491, 3,402, 3,258, 3,158) 3,624
Average Single Family Home List Price: $294,907 ($291k, $294k, $306k, $287k) $324k
Average Single Family Home Selling Price: $286,277 ($280,068, $284k, $296k) $314k
*Single Family Home Sale to List Ratio This Week: 97% (96%, 97%, 97%, 97%)
Average Days on Market Single Family Home: 110 (100, 112, 116, 101) *103
Active Condos: 556 (463, 557, 534, 507) *535
Average Condo Listing Price: $259,773 ($257k, $258k, $249k, $249k) *$266k
Average Condo Selling Price: $255,789 ($250k, $250k, $241k, $241k) *$259k
*Condo Sale to List Ratio This Week: 98% (97%, 97%, 97%, 97%)
Average Days on Market Condos: 140 (90, 140, 77, 109) *104
Absorption Rate in weeks: 46 (47, 44, 46, 47)
Active Vacant Lots: 864 (854, 853, 831, 839)
Although we are seeing listings pile onto the late spring market, the buyer activity is enough to keep things quite solid across the board. Hello everyone, and welcome to another weekly market rant! Despite the larger than normal inventory gains this week, the current buyer buzz is keeping things afloat by solid contributions in the areas that count, namely, writing offers. A staggering 176 properties have accepted an offer on their property this week, which should keep our confirmed sales chugging along quite nicely in a few weeks. Values are up across the board, but days on market do not seem to be flinging much, in fact, they are still reflecting a saggy market with a showing of just over 3 months for the average property to sell. The same hard tactics apply in the current market, but new listings can probably feel the difference this year if they had attempt the market in the last few years. All signs are pointing in a good direction, and there is a lot of positive speculation (as always), but as we know, numbers don't lie. Stay tuned for the direction that we will go this year, although, many people are still reluctant and hesitant to get onboard, but lets not forget, it took a while for the fact that we where/are in a turbulent market to hit home as well.
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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 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 fourteen years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah