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 April 6th - April 13th, 2017
(Previous weeks numbers in brackets)
*Previous Year's Stats
New Listings: 402 (416, 306, 289) *518
Sold: 174 (141, 112, 117) *144
Sale To Listing Ratio: 43% (34%, 37%, 41%) *37%
Price Changes: 164 (166, 156, 116) *190
Listings that went conditional/pending: 173 (176, 145, 163) *184
Expired/Cancelled/Withdrawn: 115 (230, 73, 78) *104
Total Active Halifax/Dartmouth Inventory: 4,686 (4,596, 4,577, 4,490) *4,867
Absorption Rate in weeks: 34 (38, 43, 43) *39
Single Family Home Stats
Active Single Family Home: 2,805 (2,733, 2,696, 2,639) *3,277
Average Single Family Home List Price: $319,464 ($298k, $313k, $314k) *$292k
Average Single Family Home Selling Price: $309,333 ($287k, $305k, $306k) *$278k
Single Family Home Sale to List Ratio This Week: 97% (97%, 97%, 97%, 97%) *95%
Median Single Family Home List Price (6 mo): $275,000 ($275k, $278k,$279k) *$260k
Median Single Family Home Sold Price (6 mo): $267,500 ($266k,$268k,$268k)*$248k
Average Days on Market Single Family Home: 85 (115, 89, 86) *100
Active Condos: 463 (466, 465, 452) *434
Average Condo Listing Price: $247,878 ($224k, $252k, $334k) *$292k
Average Condo Selling Price: $234,253 ($215k, $244k, $320k) *$278k
Condo Sale to List Ratio This Week: 95% (96%, 97%, 96%) 95%
Median Condo List Price (6 mo): $223,500 ($220k, $225k, $225k) *$260k
Median Condo Sold Price (6 mo): $214,950 ($215k, $215k, $218k) *$248k
Average Days on Market Condos: 161 (70, 56, 87, 146) *100
Active Vacant Lots: 1,164 (1,154, 1,174, 1,161) *933
Well that escalated quickly! Buyer activity was being tracked as "decent and increasing" over the last few weeks, and this week is no exception. Another good spell of offers have been accepted this week, which should lead to similar strength sales in the coming weeks, but there is the period of due diligence to wade, which could be as short as 4 days, or as long as a few months! Many new buyers, and even seller, aren't always aware of the due diligence period criteria, and what happens during that time. It used to be the golden three; financing, insurance, inspection, but now there is a variety of different conditions included in the standard offer documents, as well as other conditions that may vary from realtor to realtor. I personally have a two page "Schedule" that takes care of things I've learned over the years, which helps protect my clients from things that might not be a consideration during the excitement of the offer process. It is still a "buyer beware" atmosphere out there, but with new documents and realtors specializing in buyer representation, there is a power shift when represented by the right person ;) Thanks for stopping by!
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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 real estate 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. Don't forget to bookmark my page, and visit often!
Are you familiar with ViewPoint Realty? How about the ViewPoint Realty interactive real estate map? It's a powerful tool for all your property research needs and when you are ready to buy or sell, its the competitive edge over your competition! Not to mention, it's now more rewarding then ever to become a ViewPoint client, just click HERE to find out more. More savings and more information, sign up today! Or, click HERE to go right to the map and get property shopping!
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