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 May 11th - May 18th, 2017
(Previous weeks numbers in brackets)
*Previous Year's Stats
New Listings: 400 (420, 485, 432, 295) *452
Sold: 213 (203, 174, 167, 132) *174
Sale To Listing Ratio: 53% (48%, 36%, 37%, 45%) *39%
Price Changes: 209 (236, 228, 200, 145) *255
Listings that went conditional/pending: 203 (241, 230, 214, 159) *200
Expired/Cancelled/Withdrawn: 99 (93, 308, 144, 89) *102
Total Active Halifax/Dartmouth Inventory: 4,860 (4,776, 4,700, 4,755, 4,686) *5,241
Absorption Rate in weeks: 26 (28, 29, 31, 34) *33
Single Family Home Stats
Active Single Family Home: 2,971 (2,918, 2,850, 2,881, 2,817) *3,526
Average Single Family Home List Price: $338,790 ($330k, $357k, $330k, $350k) *$335k
Average Single Family Home Selling Price: $329,082 ($321k, $344k, $320k, $338k) *$325k
Single Family Home Sale to List Ratio This Week: 97% (97%, 97%, 97%, 97%) *97%
Median Single Family Home List Price (6 mo): $275,000 ($280k,$280k, $280k,$280k)*$300k
Median Single Family Home Sold Price (6 mo): $269,000 ($273k,$273k,$270k,$270k)*$292k
Average Days on Market Single Family Home: 65 (68, 86, 100, 86) *115
Active Condos: 504 (496, 500, 499, 468) *453
Average Condo Listing Price: $252,064 ($206k, $267k, $269k, $236k) *$308k
Average Condo Selling Price: $243,088 ($196k, $257k, $261k, $231k) *$301k
Condo Sale to List Ratio This Week: 96% (96%, 96%, 98%, 98%) 98%
Median Condo List Price (6 mo): $227,500 ($225k, $225k, $225k, $224k) *$265k
Median Condo Sold Price (6 mo): $216,100 $215k, ($216k, $215k, $215k) *$256k
Average Days on Market Condos: 98 (52, 70, 95, 162, 161) *64
Active Vacant Lots: 1,128 (1,104, 1,102, 1,125, 1,168) *1,016
And just like that...instant summer! What a gorgeous few days we've had in our fair city, and as the weather heats up, so does the market... for sellers anyways! Buyers this year may find themselves in unfamiliar market territory, where low ball offers aren't welcome and multiple offers are commonplace. Could have something to do with what I was calling a "late Spring to market", but it appears there may be more than meets the eye since the trend has continued into the nice weather. The assumption behind Sellers thoughts was, "if snow is still on the ground or it's cold outside, Buyers are staying away so I will wait to list". This causing a listing vacancy for the Buyers still actively pursuing their new property. Although it hasn't been the greatest Spring regarding sunny warm days, it has been a great year for Sellers, but one that isn't seeing the usual numbers of listings week over week, meaning fewer Sellers capitalizing on the demand. In the peak of the Spring season we have one of the highest sales to list ratio's of the year, but this is also largely due to the lower than average weekly additions. The other statistic really putting the stamp on the hot market is the sales to list ratio, which is the lowest report in several years and 7 weeks less then last year at this time and dropping. Inventory is rapidly declining, and if the Buyer activity stay up, and the listing activity stays down, we are sure to find ourselves in a Sellers market in no time. Certainly, there are areas of the market that are already in one. Thanks for stopping by!
Approx Age: 6 years
Nelly came to the Dartmouth SPCA through our Provincial Office early March. She is now ready to be adopted into her forever home!
She loves human attention. Nelly could hang out with her humans all day everyday. If you're willing to teach, she's willing to learn!
Since being at the shelter it has been noted that she has an extremely high prey drive. She also is very dog reactive. Due to this she would be best in a home with no other pets and no children.
Nelly would prefer to live in a rural setting. The country life is the life for her! Somewhere that she can enjoy the comforts of a home as oppose to an apartment. She would really enjoy going for walks where she wouldn't be able to interact with other dogs. Nelly would love it if you have some land where she can run on a lead. That way she could really enjoy herself. She would not be a dog suited for a dog park or populated walking trails.
She loves to play fetch. She's great at giving the ball back as well!
This "cuddly companion" is available through the Dartmouth SPCA, a non profit rescue organization from Halifax, 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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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