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 August 4th - August 11th 2016
(Previous weeks numbers in brackets)
*Previous Year's Stats
New Listings: 316 (305, 294, 319. 302) *357
Sold: 148 (123, 156, 138, 139) *143
Sale To Listing Ratio: 47% (40%, 53%, 43%, 46%) *40%
Price Changes: 259 (201, 247, 289, 290) *288
Listings that went conditional/pending: 164 (145, 179, 167, 171) *162
Expired/Cancelled/Withdrawn: 115 (284, 118, 119, 105) *126
Total Active Halifax/Dartmouth Inventory: 5,421 (5,389, 5,519, 5,528, 5,494) *6,015
Absorption Rate in weeks: 38 (39, 39, 39, 37) *44
Single Family Home Stats
Active Single Family Home: 3,570 (3,564, 3,637, 3,670, 3,665) *4,096
Average Single Family Home List Price: $275,047 ($305k, $335k, $320k, 292k) *$320k
Average Single Family Home Selling Price: $261,899 ($319k, $291k, $282k) *$293k
Single Family Home Sale to List Ratio This Week: 95% (96%, 95%, 96%, 97%) *92%
Median Single Family Home List Price: $239,900 ($285k, $280k, $275k, $275k) *$288k
Median Single Family Home Sold Price: $230,000 ($274k, $275k, $265k, $268k) *$269k
Average Days on Market Single Family Home: 90 (98, 86, 96, 87) *122
Active Condos: 507 (493, 504, 495, 483, 492) *517
Average Condo Listing Price: $242,264 ($241k, $235k, $273k, $278k) *$246k
Average Condo Selling Price: $234,270 ($232k, $227k, $264k, $270k) *$231k
Condo Sale to List Ratio This Week: 97% (97%, 97%, 97%, 97%) *94%
Median Condo List Price: $210,000 ($227k, $229k, $230k, $230k) *239k
Median Condo Sold Price: $205,000 ($222k, $225k, $225k, $225k) *249k
Average Days on Market Condos: 65 (94, 86, 46, 72) *89
Active Vacant Lots: 1,072 (1,060, 1,096, 1,084, 1,073) *1,091
Although we are currently starting our decent into the lower inventory months of the year, this week proved there's still life in the "ol market" yet, so to speak. Quite the contrasting stories we have this week, where the season is saying "hey, it's Summertime... lets slow it down a bit", and Buyers are like "we actually have a different idea". Weekly new additions are still trending much lower than last year, and with sales reporting slightly healthier, there has been a decent adjustment to the time it would take to sell all off the inventory if no more properties were added (absorption rate). One of the oddities of the week is the much lower than average values for single family homes. I knew the entry level product was top dog for movement, but this week dominated, taking that sales value way down. I'm curious if the Summer encourages a different Buyer, in any case, there is still good activity out there.
So there's some ups and downs, a few unexpected stats and a few reliable ones. The August market feels much the same as April market, just a bit warmer. Thanks for stopping by!
Finnigan is a docile and loving little Westie hoping to find a new home with his brother Declan. These boys grew up together since they were puppies and we just can't think to separate them! Finnigan is more relaxed of the two, but enjoys going for walks to explore. These senior boys get along well enough with other dogs, but aren't interested in making any new besties - they have each other!
If you're interested in meeting Finnigan and Declan, come on by today!
This "cuddly companion" is available through Homeward Bound City Pound, 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