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 13th - 20th, 2016
(Previous weeks numbers in brackets)
*Previous Year's Stats
New Listings: 299 (223, 321, 278, 378) *240
Sold: 111 (125, 139, 141, 135) *106
Sale To Listing Ratio: 37% (56%, 43%, 51%, 36%) *44%
Price Changes: 222 (187, 226, 229, 215) *289
Listings that went conditional/pending: 155 (119, 139, 144, 158) *124
Expired/Cancelled/Withdrawn: 171 (119, 420, 130, 133) *208
Total Active Halifax/Dartmouth Inventory: 5,099 (5,133, 5,161, 5,368, 5,378) *5,668
Absorption Rate in weeks: 40 (38, 37, 44, 45) *52
Single Family Home Stats
Active Single Family Home: 3,158 (3,210, 3,267, 3,433, 3,449) *3,817
Average Single Family Home List Price: $293,125 ($287k, $336k, $344k, $297k) *$292k
Average Single Family Home Selling Price: $282,932 ($278k, $323k, $323k) *$269k
Single Family Home Sale to List Ratio This Week: 97% (97%, 96%, 94%, 96%) *92%
Median Single Family Home List Price (6 months): $274,900 ($275k, $287k, $282k, $266k) *$258k
Median Single Family Home Sold Price (6 months): $267,500 ($268k, $270k, $267k, $255k) *$241k
Average Days on Market Single Family Home: 109 (112, 87, 96, 103) *87
Active Condos: 486 (488, 471, 477, 476) *468
Average Condo Listing Price: $180,266 ($170k, $308k, $315k, $274k) *$323k
Average Condo Selling Price: $170,166 ($164k, $299k, $311k, $263k) *$316k
Condo Sale to List Ratio This Week: 94% (96%, 97%, 98%, 97%) 98%
Median Condo List Price (6 months): $238,900 ($240k, $320k, $305k, $222k) *300k
Median Condo Sold Price (6 months): $230,500 ($235k, $308k, $303k, $215k) *289k
Average Days on Market Condos: 68 (31, 177, 81, 121) *90
Active Vacant Lots: 1,156 (1,157, 1,145, 1,167, 1,168) *1,084
Might be on the downward trend of market inventory in our fair city, but that doesn't mean activity has completely come to a halt. Beginning to mid September witnessed a drastic drop in overall activity, but October has slowly been clawing back to positive generation. For the past few weeks, the stats have reported on par with stats from this time last year, which if you have been following the blog since then, that would be right around the time things started to slowly change in the marketplace. What seemed like a "no end to the market woes in sight" mantra, turned into a hopeful optimism for the new year. That hope materialized, with many positive returns in 2016. We witnessed the inventory finally stop its record breaking advance, and we also saw the return of Buyers. The buzz of activity could be in part to the new mortgage rules, and people who tried to get in before they were implemented, and if that's the case, we should start to feel the effect of that change in the coming months. So far, however, activity actually picked up this week, with 26 more properties coming under contract then that of last year. You definitely don't want to miss how the year will end up, so stay tuned to stay on top of everything Halifax real estate! Thanks for stopping by!
Louie is a 4 year old Mastiff-Retriever mix boy, he is neutered and vaccinated and weighs just shy of 80 pounds. Louie is a puppy in a big dog's body and thinks he's a lap dog. He is great with other dogs and doesn't even mind horses and chickens. He is very interested in cats, perhaps too interested for comfort, so we don't recommend a home with cats that are not dog savvy. Louie likes to destroy his blankets and beds in the kennel so we do not recommend him to be loose in the house and will need an active family, perhaps a runner or jogger or just someone who likes long walks. He's just a big goofball and wants to be loved all the time.
This "cuddly companion" is available through the Litters n' Critters, 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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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