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 Week of May 21st - May 28th 2015
(Previous weeks numbers in brackets)
*Previous Year's Stats
New Listings: 707 (606, 654, 665, 590) *542
Sold: 186 (132, 167, 160, 143) *172
Sale To Listing Ratio: 26% (22%, 25%, 24%, 24%) *32%
Listings that went conditional/pending: 217 (186, 176, 150, 174, 150) *176
Expired/Cancelled/Withdrawn: 96 (132, 164, 174, 66) *82
Total Active Halifax/Dartmouth Inventory: 5,650 (5,486, 5,337, 5,205, 5,095) *5,563
Active Single Family Home: 3,826 (3,718, 3,610, 3,491, 3,402) 3,761
Average Single Family Home List Price: $305,734 ($337k, $295k, $291k, $294k) $315k
Average Single Family Home Selling Price: $293,238 ($328k, $286k, $284k) $304k
Single Family Home Sale to List Ratio This Week: 96% (98%, 97%, 96%, 97%)
Average Days on Market Single Family Home: 115 (120, 110, 100, 112) *122
Active Condos: 565 (563, 556, 463, 557) *554
Average Condo Listing Price: $255,822 ($256k, $260k, $257k, $258k) *$240k
Average Condo Selling Price: $249,374 ($248k, $256k, $250k, $250k) *$243k
Condo Sale to List Ratio This Week: 98% (97%, 98%, 97%, 97%)
Average Days on Market Condos: 144 (140, 140, 90, 140) *117
Absorption Rate in weeks: 35 (46, 46, 47, 44)
Active Vacant Lots: 941 (888, 864, 854, 853)
Watch out, big numbers coming through! We have a blog smasher this week, with the highest new listing addition in a single week so far, a whopping 707!! Even more surprising was the peak of the year sales stat with a decent 182 sold properties, and another high number, conditional/pending status changes which also peaked this week. So what does that mean for the overall outlook? Well, values took a not of a hit, inventory is still over last year in all products, and days on market remain relatively unchanged, however, the absorption rate took a solid dive this week in reflection of these stats. I think what we are seeing here is much of what was anticipated, a little bit of catch up from the seemingly endless winter. Some solid stats for May so far though, and I anticipate them to be reflected in the monthly wrap up for May, which will be released early next month. Have a great week, and thanks for stopping by!
THE WEEKLY ADOGTABLE
Mahogany is a delightful 7 year old Amstaff searching for her new home! She has been great with everyone she has met, and even though she is a little older, is very lively! Mahogany LOVES her ball, so much that she even takes it out for walks with her. She would do well in a home with children, as she is very well behaved. She is cautious of cats, but we believe they could work in a home together if the introduction is done properly. Mahogany isn't tested with dogs yet, this will be done as soon as possible so stay tuned! She is currently on medications for some skin issues, with potential allergies - a hypoallergenic diet is recommended!
This "Girly girl" is available through Homeward Bound City Pound, a non profit rescue organization from Dartmouth, Nova Scotia. More info about her, other adoptable's looking for their furever home, and ways to help or donate can be found by clicking HERE.
LET ME HELP YOU OUT
Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? I can provide you with a complimentary comparative market analysis or you can contact me to advise you on your best plan of action for your property transaction and get the most advanced real estate system working for you. Feel free to contact me with questions or comments. Follow me on Twitter to keep up to the minute with all things Halifax real estate @HalifaxRealEst and friend me on Facebook and Google+ :) Please note that these opinions and comments are solely mine and mine alone.
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Looking for a little extra help finding that "needle in a haystack"? The innovators at my brokerage, ViewPoint Realty, have introduced another forward-thinking information tool for your property search needs. Its called "neighbourhoods" and it will break down some stats and give you a more focused tool on the area(s) you are looking for. Check it out at viewpoint.ca and get more info now! Just another way Viewpoint Realty is advancing the property buying and selling process.
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Jeremiah Wallace, CD
Jeremiah has been involved with many aspects of the Real Estate industry for over fourteen years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah