The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty: June 16th-23rd
Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 356 (307, 365, 386, 375) *349
Sold: 192 (220, 197, 176, 203) *209
Sale To Listing Ratio: 54% (72%, 54%, 46%, 54%) *60%
Price Changes: 112 (122, 102, 81, 79) *62
Listings that went conditional/pending: 206 (227, 248, 262, 199) *258
Expired/Cancelled/Withdrawn: 56 (45, 44, 59, 34) *41
Total Active Halifax/Dartmouth Inventory: 1,178 (1,097, 1,077, 1,010, 1,008) +1,184
Absorption Rate in weeks: 6 (6, 6, 5, 5) *6
Single Family Home Stats
Active Single Family Home: 587 (522, 552, 483, 480) *468
Average Single Family Home List Price: $548,980 ($529k,$548k,$503k,$512k) *$408k
Average Single Family Home Selling Price: $587,237 ($577k,$599k,$570k,$576k) *$465k
Single Family Home Sale to List Ratio This Week: 107% (110%, 110%, 113%, 113%) *114%
Median Single Family Home List Price (6 mo): $449,949 ($450k,$450k,$450k,$450k) *$385k
Median Single Family Home Sold Price (6 mo):$545,000 ($545k,$545k,$540k,$541k)*$433k
Average Days on Market Single Family Home: 13 (9, 10, 9, 7) *16
Active Condos: 101 (102, 93, 91, 93) *99
Average Condo Listing Price: $367,468 ($587k, $418k, $408k, $380k) *$390k
Average Condo Selling Price: $384,181 ($603k, $450k, $442k, $422k) *$424k
Condo Sale to List Ratio This Week: 105% (103%, 108%, 108%, 111%) *109%
Median Condo List Price (6 mo): $389,900 ($390k, $390k, $390k, $389k) *$320k
Median Condo Sold Price (6 mo): $447,500 ($450k, $446k, $448k, $445k) *$350k
Average Days on Market Condos: 10 (12, 13, 7, 7) *9
Active Vacant Lots: 297 (287, 269, 255, 252) *463
Just like that, we have over 100 more listings on the market right now than we did at the same time last year, which is good news for buyers out there, but not so good for any Sellers that are trying to scramble to market in hopes of capitalizing on the fading market. There is still quite a bit of buyer interest out there, it just seems to be lacking in many areas of the city. Perhaps the uncertainty of things has made some take a step back, or the pending interest rate hikes have caused a further evaluation. Either way, the lack of buyer activity has been noticeable. Values remain strong this week, but you can start to see indications to support the notion of the correcting market. Things like the sales to list ratio, especially single family homes, who have seen a continued decline as the weeks march on. Overall, the air is being let out, and it is happening much faster than expected.
As touched on in previous posts, as sellers increase the pace on getting to market, inventory rises while demand wains. As this happens, the overbid strategy that has worked for the last couple of years is now becoming less and less useful. It works if you have a ton of buyers to draw from, but when the competition grows, this strategy will have to be put on ice. We have seen prices increase after a failed offer holdover window, causing listings to negotiate backwards like the good old days. This will continue to happen over and over until the market corrects and buyers set the tone for prices they are willing to absorb. Time will tell where it will all end up, so stay tuned to the blog to keep track of things! Thanks for stopping by!
The Weekly "Adogtable"
Meet Hawk. Breed: lab mix. Age: 3 yrs old. Neutered and up to date on vaccines. Perfect health House trained Not destructive No separation anxiety Can be left if you work No very fast learner Bonds quickly and loves his person. Very affectionate and gentle dog with his person once bonded. He lived with horses and with a cat. He was excited with the cat the first few days, then with safe intros over time he and the cat then learned to sleep and play together. He accepts visitors well but has never been around young children. Has been socialized with several respectful dogs (of his size and he has made friends with nice body language and he shares toys.
This "cuddly companion" is available through Good Bones Dog Rescue, a non profit rescue organization from Nova Scotia. More info about him and 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 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