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 October 6th - 13th, 2016
(Previous weeks numbers in brackets)
*Previous Year's Stats
New Listings: 223 (321, 278, 378, 273) *265
Sold: 125 (139, 141, 135, 132) *87
Sale To Listing Ratio: 56% (43%, 51%, 36%, 48%) *33%
Price Changes: 187 (226, 229, 215, 250) *215
Listings that went conditional/pending: 119 (139, 144, 158, 117) *113
Expired/Cancelled/Withdrawn: 119 (420, 130, 133, 286) *161
Total Active Halifax/Dartmouth Inventory: 5,133 (5,161, 5,368, 5,378, 5,296) *5,693
Absorption Rate in weeks: 38 (37, 44, 45, 42) *49
Single Family Home Stats
Active Single Family Home: 3,210 (3,267, 3,433, 3,449, 3,430) *3,822
Average Single Family Home List Price: $287,019 ($336k, $344k, $297k, $306k) *$255k
Average Single Family Home Selling Price: $278,220 ($323k, $323k, $285k) *$242k
Single Family Home Sale to List Ratio This Week: 97% (96%, 94%, 96%, 97%) *95%
Median Single Family Home List Price (6 months): $274,900 ($287k, $282k, $266k, $279k) *$245k
Median Single Family Home Sold Price (6 months): $268,000 ($270k, $267k, $255k, $270k) *$228k
Average Days on Market Single Family Home: 112 (87, 96, 103, 98) *113
Active Condos: 488 (471, 477, 476, 478) *475
Average Condo Listing Price: $169,600 ($308k, $315k, $274k, $309k) *$253k
Average Condo Selling Price: $163,483 ($299k, $311k, $263k, $299k) *$230k
Condo Sale to List Ratio This Week: 96% (97%, 98%, 97%, 97%) *91%
Median Condo List Price (6 months): $239,900 ($320k, $305k, $222k, $312k) *240k
Median Condo Sold Price (6 months): $234,900 ($308k, $303k, $215k, $310k) *226k
Average Days on Market Condos: 31 (177, 81, 121, 66) *101
Active Vacant Lots: 1,157 (1,145, 1,167, 1,168, 1,112) *1,108
A very mixed week this week. I'm assuming we will see the current activity reflected over the next couple of weeks, but it appears that some buyers are coming of the fence and trying to get into a property before the new mortgage rules take effect. Good information HERE for those thinking that they may feel the brunt of the changes, which most predict will be the first time home buyer market.
Not a whole lot of new additions this week, but sales remained average for the week causing an above average sales to list ratio report. As mentioned, although buyer activity seems average as reported, the streets are buzzing with busy buyers looking to get into their home before the white stuff fly's. Overall, product value reported lower than the yearly average, but this does seem to be a trend for this time of year. The absorption rate gained a week this week, but we are well below the peak amounts reported last year. Overall, it's been a solid year thus far in our market. Although sale prices have lowered, products are moving and inventory is down. I predicted that a price correction could be a key recovery factor, but there are far too many other elements that make a market, which complicates any guaranteed projections. Just have to watch the ebb and flow, which can be done right here! Thanks for stopping by!
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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