The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty (Thursdays)
Halifax (HRM) Residential Statistic Update for the Week of January 31st - February 7th, 2019
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 250 (175, 193, 220, 223) *289
Sold: 119 (94, 92, 72, 64) *101
Sale To Listing Ratio: 48% (54%, 48%, 33%, 29%) *35%
Price Changes: 103 (75, 61, 90, 86) *89
Listings that went conditional/pending: 133 (133, 120, 122, 105) *89
Expired/Cancelled/Withdrawn: 168 (98, 88, 87, 94) *155
Total Active Halifax/Dartmouth Inventory: 3,074 (3,091, 3,122, 3,139, 3,133) +3,553
Absorption Rate in weeks: 33 (38, X, X, X) *36
Single Family Home Stats
Active Single Family Home: 1,671 (1,648, 1,670, 1,692, 1,683) *1,903
Average Single Family Home List Price: $323,853 ($237k,$330k,$378k,$359k) *$323k
Average Single Family Home Selling Price: $315,215 ($349k,$297k,$366k,$350k) *$311k
Single Family Home Sale to List Ratio This Week: 97% (98%, 90%, 97%, 98%) *96%
Median Single Family Home List Price (6 mo): $289,250 ($289k,$285k,$285k,$285k)*$275k
Median Single Family Home Sold Price (6 mo):$280,000 ($280k,$270k,$280k,$279k)*$270k
Average Days on Market Single Family Home: 76 (77, 65, 76, 108) *95
Active Condos: 242 (241, 246, 249, 253) *359
Average Condo Listing Price: $306,554 ($231k, $255k, $285k, $236k) *$221k
Average Condo Selling Price: $295,081 ($227k, $241k, $284k, $229k) *$216k
Condo Sale to List Ratio This Week: 96% (98%, 95%, 99%, 97%) 98%
Median Condo List Price (6 mo): $239,900 ($240k, $240k, $239k, $235k) *$239k
Median Condo Sold Price (6 mo): $230,2500 ($232k, $230k, $230k, $225k) *$233k
Average Days on Market Condos: 102 (120, 77, 114, 112) *87
Active Vacant Lots: 900 (942, 945, 936, 936) *963
Alright folks, we're going backwards! For the third consecutive week there is another inventory reduction, which is certainly unusual for this time of year. Big inventory falloff this week was vacant land, posting a 45 unit reduction. Single family homes had a marginal gain, and condos also had a one point gain, so it would seem the massive land slide would be the main factor in this weeks inventory reduction. Still, previous weeks had various products contributing to the decline of inventory, which again, should be increasing at this point. This week did feel a bit different though. There was a good amount of new listings this week, so that was a bit different, but activity seemed to be down just slightly overall. Bit higher than expected price changes, so maybe we are leaning back to the market of 2012, where listings started to come to market a bit overpriced to see if there was any takers. Not hard to guess how that went!
Although markets tend to fluctuate, Haligonians, and most certainly Nova Scotians in general, are not about to get caught up in overinflation, or overpaying (mostly). I've touched on this throughout the years, and it is clear through the stats that Nova Scotians tend to wait out prices to sustain the marginal value increase year to year. Even in the most dire market conditions, sellers have a tendency to hang on, if possible, and on the other side of that coin, buyers are reluctant to overpay, even in a sellers market. I think it's an amazing trait, and one that keeps us less susceptible to huge market variations, and a bit easier to predict how things will trend. Never know though, so make sure to stay tuned to the blog to stay on top of all things Halifax real estate! Thanks for stopping by!
The Weekly Adogtable
Hunter is a ~2 year old neutered male amstaff/shepard mix.
He would prefer a home with children 16 years and older.
Obedience is an recommended choice for his new owner(s).
Hunter needs to go to a home with no other animals. He is a hyper boy who does not respect the space of others.
Hunter is a young ball of energy. He enjoys going for walks, running in the backyard, and playing with toys. He is very eager to learn new tricks everyday, with some treats as motivation of course. Hunter is looking for an active home because he is always on the go and rarely takes a break. Help Hunter burn off some energy and take him for a walk today.
This "cuddly companion" is available through the NSSPCA, a non profit rescue organization from Halifax, 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!
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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