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 5th - October 12th, 2017
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 233 (315, 267, 272, 322) *223
Sold: 131 (124, 148, 143, 156) *125
Sale To Listing Ratio: 56% (40%, 55%, 53%, 48%) *56%
Price Changes: 166 (190, 219, 218, 222) *187
Listings that went conditional/pending: 109 (162, 149, 165, 180) *119
Expired/Cancelled/Withdrawn: 117 (301, 111, 130, 121) *199
Total Active Halifax/Dartmouth Inventory: 4,519 (4,500, 4,613, 4,602, 4,637) *5,133
Absorption Rate in weeks: 33 (32, 33, 33, 33) *38
Single Family Home Stats
Active Single Family Home: 2,753 (2,750, 2,837, 2,833, 2,874) *3,210
Average Single Family Home List Price: $354,286 ($289k,$299k,$298k,$284k) *$287k
Average Single Family Home Selling Price: $335,601 ($277k,$289k,$290k,$276k) *$278k
Single Family Home Sale to List Ratio This Week: 95% (96%, 97%, 97%, 97%) *97%
Median Single Family Home List Price (6 mo): $275,000 ($275k,$279k,$279k,$279k)*$275k
Median Single Family Home Sold Price (6 mo): $269,950 ($270k,%270k,$270k,$270k)*$270k
Average Days on Market Single Family Home: 78 (94, 70, 69, 78) *112
Active Condos: 413 (407, 416, 413, 412) *488
Average Condo Listing Price: $263,000 ($294k, $264k, $244k, $220k) *$170k
Average Condo Selling Price: $253,164 ($281k, $255k, $231k, $209k) *$163k
Condo Sale to List Ratio This Week: 96% (96%, 97%, 95%, 95%) 96%
Median Condo List Price (6 mo): $244,900 ($245k, $245k, $240k, $240k) *$240k
Median Condo Sold Price (6 mo): $235,500 ($236k, $235k, $230k, $230k) *$235k
Average Days on Market Condos: 121 (115, 146, 82, 117) *31
Active Vacant Lots: 1,111 (1,106, 1,123, 1,126, 1,133) *1,157
Thanksgiving weekend can be grouped in with other holidays that affect weekly reporting, such as Christmas and Remembrance Day (which is approaching). These holidays tend to sway some of the stats from a typical weekly report, given that a good number of buyers and sellers are otherwise preoccupied. I thought I would take this week to talk about the statistic labels, and where along the line they switch.
As you probably already know, when you see a listing online (viewpoint.ca), or in another form of advertising, you are viewing an "active" listing. Once that active listing (Seller(s) receives and accepts an offer, then that status should change to "conditional/pending" within days of acceptance. Since the accepted offer has conditions that will need to be met during an outline laid out in said agreement, it is considered conditional. These conditions range from financing approval, to inspections, lawyer review of the documents and many more. Generally, this is a process that will last a couple weeks, which is the reason the property you are tracking might have this status for a little while. Once the conditions have all been met after the agreed time (say two weeks), the status will then change to "sold", even though the buyer(s) are unlikely to have possession of the property at this point. That is reserved for closing day, which can be quite varied based on buyer and seller situations, but typically ranges 30-90 days from the offer date. Once closing date comes and goes, all labels are removed until the next time the property is listed and returns to an "active" status. Of course, the history is still available and visible on websites such as viewpoint.ca, which is a great tool! The status changes are good to know, especially if you are tracking property and when pondering the above stats. Hope that helps clear some things up for the curious, and I thank you for stopping by!
The Weekly Adogtable!
He is energetic. Has no resource guarding isues at all. A very happy boy, social and friendly with humans (does jump up). He is k with dogs but needs to be cat tested. No kids under 8 because he jumps up. Can be vocal when excited playing.
Underweight. Knows basic commands
This "cuddly companion" is available through Good Bones Dog Rescue, a non profit rescue organization from Halifax, Nova Scotia. More info about her and other adoptable's looking for their furever home, and ways to help or donate can be found by clicking HERE
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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