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 December 1st -8th, 2016
(Previous weeks numbers in brackets)
*Previous Year's Stats
New Listings: 194 (243, 218, 227, 276) *197
Sold: 96 (99, 111, 117, 119) *84
Sale To Listing Ratio: 50% (41%, 51%, 52%, 43%) *43%
Price Changes: 116 (129, 165, 126, 161) *118
Listings that went conditional/pending: 99 (111, 116, 102, 123) *99
Expired/Cancelled/Withdrawn: 385 (340, 137, 140, 181) *154
Total Active Halifax/Dartmouth Inventory: 4,554 (4,641, 4,817, 4,859, 4,875) *4,850
Absorption Rate in weeks: 43 (42, 42, 43, 40) *45
Single Family Home Stats
Active Single Family Home: 2,690 (2,767, 2,904, 2,964, 2,994) *3,144
Average Single Family Home List Price: $298,459 ($321k, $318k, $296k, $318k) *$362k
Average Single Family Home Selling Price: $286,691 ($310k, $303k, $282k) *$346k
Single Family Home Sale to List Ratio This Week: 96% (97%, 96%, 95%, 96%) *96%
Median Single Family Home List Price (6 months): $279,900 ($280k, $280k, $280k, $280k) *$278k
Median Single Family Home Sold Price (6 months): $271.050 ($272k, $273k, $274k, $268k) *$276k
Average Days on Market Single Family Home: 90 (125, 94, 93, 116) *102
Active Condos: 449 (460, 480, 483, 482) *408
Average Condo Listing Price: $273,726 ($262k, $226k, $305k, $243k) *$219k
Average Condo Selling Price: $260,119 ($258k, $220k, $289k, $231k) *$208k
Condo Sale to List Ratio This Week: 95% (98%, 97%, 95%, 95%) 95%
Median Condo List Price (6 months): $229,900 ($230k, $230k, $230k, $235k) *247k
Median Condo Sold Price (6 months): $222,000 ($222k, $222k, $225k, $225k) *237k
Average Days on Market Condos: 63 (74, 96, 61, 160, 96) *91
Active Vacant Lots: 1,137 (1,137, 1,155, 1,138, 1,128) *1,036
Typical end of season report this week, if you can call the month of December typical that is. December year to year has a few factors affecting overall performance, but one really crucial one...Christmas. Although it's not the complete reason the real estate market hiberates for a few months, but I think it plays a major role. Talking with buyers and sellers, they agree that the holidays really do play a role in their strategy. Sellers sometimes use the time to take a break and enjoy the festive season without interuption of a showing and the like, and buyers scour for the Boxing Day deal from anyone that continues to sell during this time of year. In either case, it's a very real consideration for both parties in residential markets, and one that I can't imagine changing in the future. That being said, the stats overall are reporting eerily similar to last year at this time. We do have marked improvements in some areas like sales, inventory, and absorbtion rate, but it's really close. The big change this year is single family home inventory, reporting in at just under 450 products less! That's a significant change year to year, and it's being felt by buyers looking for this type of product. I'm hearing more and more from people I talk to and my buyer clients that selection is lessoning, and their wondering what's going on, especially at the first time home buyers price bracket. I don't imagine it can stay a buyers market forever, and the year we had has definilty made some changes that buyers may not be ready for. I'm interestested to to what will happen if we have another year like this one in the new year! If you are to, come back to check in! 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