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 4th - May 11th, 2017
(Previous weeks numbers in brackets)
*Previous Year's Stats
New Listings: 420 (485, 432, 295, 402) *452
Sold: 203 (174, 167, 132, 174) *174
Sale To Listing Ratio: 48% (36%, 37%, 45%, 43%) *39%
Price Changes: 236 (228, 200, 145, 164) *255
Listings that went conditional/pending: 241 (230, 214, 159, 173) *200
Expired/Cancelled/Withdrawn: 93 (308, 144, 89, 115) *102
Total Active Halifax/Dartmouth Inventory: 4,776 (4,700, 4,755, 4,686, 4,686) *5,241
Absorption Rate in weeks: 28 (29, 31, 34, 34) *33
Single Family Home Stats
Active Single Family Home: 2,918 (2,850, 2,881, 2,817, 2,805) *3,526
Average Single Family Home List Price: $330,092 ($357k, $330k, $350k, $320k) *$335k
Average Single Family Home Selling Price: $321,220 ($344k, $320k, $338k, $309k) *$325k
Single Family Home Sale to List Ratio This Week: 97% (97%, 97%, 97%, 97%) *97%
Median Single Family Home List Price (6 mo): $279,900 ($280k, $280k,$280k,$275k)*$300k
Median Single Family Home Sold Price (6 mo): $273,000 ($273k,$270k,$270k,$268k)*$292k
Average Days on Market Single Family Home: 68 (86, 100, 86, 85) *115
Active Condos: 496 (500, 499, 468, 463) *453
Average Condo Listing Price: $205,535 ($267k, $269k, $236k, $249k) *$308k
Average Condo Selling Price: $196,214 ($257k, $261k, $231k, $234k) *$301k
Condo Sale to List Ratio This Week: 96% (96%, 98%, 98%, 95%) 98%
Median Condo List Price (6 mo): $225,000 ($225k, $225k, $224k, $224k) *$265k
Median Condo Sold Price (6 mo): $215,000 ($216k, $215k, $215k, $215k) *$256k
Average Days on Market Condos: 52 (70, 95, 162, 161, 70) *64
Active Vacant Lots: 1,104 (1,102, 1,125, 1,168, 1,164) *1,016
And the Spring market keeps on coming! Looks like that Buyer build up I was talking about still needs some relief! There is still fewer listings making their way to the market week over week again this year, but the amount of buyer activity has certainly increased, changing many aspects of the report. First point to note, the sales to list ratio is the highest it has been this year, which for the Spring market makes it somewhat of an anomaly. Usually, buyer activity is overshadowed by the sheer amount of properties that pour onto the market, however, this year seems to be quite the opposite. We have witnessed a trend of fewer listings coming to market this year, and that continues this week, which is strange given the time of year. Although, last year hit a skid with sellers and there was certainly reluctancy with listing into such a saturated market, which I get, but I'm quite surprised with the slow catch to the current buzz. Some are not however, and those that choose be informed are certainly cashing in. There is something to be said about making the effort as well, and those taking those few extra steps to make their property stand above the rest and make it more enticing to buyers have found welcomed results when listing, but certainly price and location are huge influences as well. Might be good to capitalize on the buzz if you were considering listing!
Thanks for stopping by, and a special shout out to Kenneth this week. for being the inspiration behind this weeks topic, and for being the quintessential client.
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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!
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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