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 June 16th - June 23rd 2016
(Previous weeks numbers in brackets)
*Previous Year's Stats
New Listings: 403 (356, 397, 382, 355) *351
Sold: 165 (168, 171, 171, 148) *165
Sale To Listing Ratio: 41% (47%, 43%, 45%, 42%) *47%
Price Changes: 287 (302, 329, 333, 245) *349
Listings that went conditional/pending: 170 (172, 203, 208, 184) *178
Expired/Cancelled/Withdrawn: 161 (114, 148, 231, 125) *90
Total Active Halifax/Dartmouth Inventory: 5,518 (5,455, 5,377, 5,319, 5,621) *5,798
Absorption Rate in weeks: 33 (33, 33, 33, 35) *33
Single Family Home Stats
Active Single Family Home: 3,652 (3,653, 3,605, 3,576, 3,571) *4,263
Average Single Family Home List Price: $296,328 ($311k, $307k, $297k, $295k) *$305k
Average Single Family Home Selling Price: $286,786 ($302k, $299k, $288k, $287k) *$291k
Single Family Home Sale to List Ratio This Week: 97% (97%, 97%, 97%, 97%) *96%
Median Single Family Home List Price: $259,900 ($279k, $285k, $276k, $280k) *$265k
Median Single Family Home Sold Price: $252,000 ($272k, $277k, $272k, $278k) *$258k
Average Days on Market Single Family Home: 73 (78, 80, 81, 95) *107
Active Condos: 504 (494, 486, 478, 474) *577
Average Condo Listing Price: $234,556 ($224k, $232k, $225k, $295k) *$249k
Average Condo Selling Price: $226,007 ($216k, $224k, $218k, $282k) *$239k
Condo Sale to List Ratio This Week: 96% (97%, 96%, 97%, 95%) *96%
Median Condo List Price: $217,900 ($210k, $232k, $200k, $282k) *235k
Median Condo Sold Price: $205,162 ($204k, $220k, $188k, $276k) *227k
Average Days on Market Condos: 176 (85, 75, 42, 133) *103
Active Vacant Lots: 1,094 (1,043, 1,030, 1,023, 1,027) *1,005
Activity remains steady this week as we tip into the first week of Summer. Not a huge bump in the overall inventory level for the time of year, but the new weekly additions reported higher than average (cresting above the 400 mark for the first time in a while) puffing up the stats for the week. Sales remain average, as does the majority of the other statistics, which may indicate the approach to the peak of the market year. Values across the board are holding fast but still reporting lower on average than the previous year, which makes me wonder if the long overdue price correction that was so sorely needed has actually taken effect. It could also be the price point of the homes that are selling dragging the average selling price down, and overall, it is still the first time Buyers range that is seeing the brunt of market activity. It seems there is definitely a shortage of affordable detached homes of good quality, and when they do show up they get snapped up quite quickly. Being so active in the field I have noticed that there are a lot of products that desperately need work or attention, but there seems to be a stand off between Buyer and Seller regarding who is to address the work. In any case, price is the overall driving factor and if the price is right, Buyers seem to take to getting things done. Interesting to see if that product remains dominant, but historically it has and my guess its that it will continue to do so. Thanks for stopping by!
Do not let this little lady be missed! Come on out to our shelter and spend some cuddle time with this adorable bully breed. Co-co is a darling Amstaff mix who is looking to find a home with someone able to help her loose some of her added weight, for her health. She would be best suited to be in a home with children 14 years of age or older. Due to the musical Amstaff sounds that Co-co likes to sing to staff we feel that she would be best in a single dwelling home (no apartments/condos please).
This "cuddly companion" is available through the Dartmouth SPCA, a non profit rescue organization from Dartmouth, 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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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 twelve years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah