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 November 24th - December 1st, 2016
(Previous weeks numbers in brackets)
*Previous Year's Stats
New Listings: 243 (218, 227, 276, 374) *232
Sold: 99 (111, 117, 119, 114) *116
Sale To Listing Ratio: 41% (51%, 52%, 43%, 31%) *50%
Price Changes: 129 (165, 126, 161, 195) *166
Listings that went conditional/pending: 111 (116, 102, 123, 123) *99
Expired/Cancelled/Withdrawn: 340 (137, 140, 181, 458) *525
Total Active Halifax/Dartmouth Inventory: 4,641 (4,817, 4,859, 4,875, 4,905) *5,893
Absorption Rate in weeks: 42 (42, 43, 40, 43) *44
Single Family Home Stats
Active Single Family Home: 2,767 (2,904, 2,964, 2,994, 3,034) *3,174
Average Single Family Home List Price: $320,682 ($318k, $296k, $318k, $291k) *$344k
Average Single Family Home Selling Price: $309,557 ($303k, $282k, $306k) *$336k
Single Family Home Sale to List Ratio This Week: 97% (96%, 95%, 96%, 96%) *95%
Median Single Family Home List Price (6 months): $279,900 ($280k, $280k, $280k, 275k) *$290k
Median Single Family Home Sold Price (6 months): $272,000 ($273k, $274k, $268k, $267k) *$283k
Average Days on Market Single Family Home: 125 (94, 93, 116, 115) *105
Active Condos: 460 (480, 483, 482, 480) *418
Average Condo Listing Price: $262,043 ($226k, $305k, $243k, $257k) *$350k
Average Condo Selling Price: $257,944 ($220k, $289k, $231k, $246k) *$326k
Condo Sale to List Ratio This Week: 98% (97%, 95%, 95%, 96%) 93%
Median Condo List Price (6 months): $229,900 ($230k, $230k, $235k, $235k) *245k
Median Condo Sold Price (6 months): $222,400 ($222k, $225k, $225k, $225k) *232k
Average Days on Market Condos: 74 (96, 61, 160, 96, 110) *150
Active Vacant Lots: 1,137 (1,155, 1,138, 1,128, 1,129) *1,035
Ah, the first week of the last month of the year. December 1st is notorious for a noticable drop in inventory, as Seller's concede the lack of sale to the holiday season. Most people who are selling at this point aren't really excited about the idea of a hot buyer coming in and asking for a quick close, and would rather tuck away until after the new year to try again. As you can see by the current active listings however, the majority aren't affected by the time of year, or maybe they think that Buyers might be considerate with their closing date... Suprising is the listing additions. Sure you could argue that property needs to be moved regardless of the time of year, and sure, there seems to be a surge of activity at this point, but new listings might find their hopeful Buyers distracted by the season. The market never rests though, and I can persoanllly attest to my buyer clients needs and their requirement to shop for a new home during this time of year is real. I will say though, they are forcasting for the new year. Have a great week, and 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