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 January 26th-February 2nd, 2017
(Previous weeks numbers in brackets)
*Previous Year's Stats
New Listings: 316 (265, 225, 254, 218) *265
Sold: 85 (96, 82, 66, 65) *101
Sale To Listing Ratio: 27% (36%, 36%, 26%, 30%) *38%
Price Changes: 133 (109, 106, 107, 83) *152
Listings that went conditional/pending: 129 (101, 100, 83, 57) *117
Expired/Cancelled/Withdrawn: 191 (101, 124, 133, 476) *132
Total Active Halifax/Dartmouth Inventory: 4,172 (4,171, 4,106, 4,105, 4,081) *4,183
Absorption Rate in weeks: 51 (54, 66, 64, 58) *49
Single Family Home Stats
Active Single Family Home: 2,434 (2,423, 2,388, 2,402, 2,387) *2,703
Average Single Family Home List Price: $282,364 ($285k, $304k, $319k, $365k) *$274k
Average Single Family Home Selling Price: $271,380 ($273k, $293k, $306k, $352k) *$261k
Single Family Home Sale to List Ratio This Week: 96% (96%, 96%, 96%, 97%) *95%
Median Single Family Home List Price (6 months): $279,900 ($280k, $280k, $280k, $280k) *$250k
Median Single Family Home Sold Price (6 months): $267,500 ($270k, $270, $270k, $270k) *$240k
Average Days on Market Single Family Home: 113 (92, 117, 101, 111) *131
Active Condos: 398 (406, 393, 383, 396, 425) *375
Average Condo Listing Price: $353,950($272k, $220k, $206k, $291k) *$241k
Average Condo Selling Price: $344,550 ($266k, $209k, $198k, $281k) *$233k
Condo Sale to List Ratio This Week: 97% (98%, 95%, 96%, 97%) 97%
Median Condo List Price (6 months): $229,900 ($230k, $230k, $230k, $235k) *219k
Median Condo Sold Price (6 months): $222,500 ($222k, $225k, $225k, $226k) *209k
Average Days on Market Condos: 219 (97, 126, 92, 99, 91) *140
Active Vacant Lots: 1,099 (1,099, 1,084, 1,173, 1,150) *874
I'm not sure if anyone else has the same feeling, but can you believe it's February already? Time seems to be flying this year so far, but Buyers and Sellers aren't wasting any time getting into the 2017 market. 316 new property products hit the market this week, which is up significantly from last week, and last year at this time. Another interesting stat this week was the expired/cancelled/withdrawn pile, with a staggering post of 191! Of course, there is the end/beginning month contract anomaly to consider, so that could have influenced that and the new listing report this week. Values remain steady this week with a typical gain spread from last year. Which is always a welcomed sight for home buyers to see that their purchase will potentially increase in value over time, and Sellers to know that they may see their investment pay off in the end. The overall inventory level has drawn surprisingly close to this time last year, which is quite discouraging after seeing the gap widen in better favour throughout 2016. The third quarter of last year didn't have a stellar showing, and might have caused a bit of a lag going into 2017. Thankfully, it doesn't appear that trend will stick, since activity is increasing week to week, and possibly earlier than last year. Only time will tell, so be sure to check in to stay on top of the market here in Halifax by tuning into the Halifax Real Estate Blog! 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 twelve years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah