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 June 13th - 20th, 2019
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 340 (343, 335, 336, 377) *306
Sold: 205 (206, 234, 225, 227) *217
Sale To Listing Ratio: 60% (60%, 70%, 67%, 60%) *71%
Price Changes: 173 (164, 161, 174, 145) *190
Listings that went conditional/pending: 254 (256, 231, 260, 266) *220
Expired/Cancelled: 57 (82, 137, 72, 61) *80
Total Active Halifax/Dartmouth Inventory: 3,381 (3,366, 3,363, 3,409, 3,410) +4,273
Absorption Rate in weeks: 16 (15, 15, 16, 16) *21
Single Family Home Stats
Active Single Family Home: 1,904 (1,905, 1,886, 1,894, 1,904) *2,479
Average Single Family Home List Price: $348,896 ($350k,$346k, $350k,$348k) *$335k
Average Single Family Home Selling Price: $342,415 ($345k,$337k,$343k,$342k) *$323k
Single Family Home Sale to List Ratio This Week: 98% (98%, 98%, 98%, 98%) *96%
Median Single Family Home List Price (6 mo): $299,900 ($300k,$300k,$300k,$300k)*$290k
Median Single Family Home Sold Price (6 mo):$296,000 ($295k,$295k,$296k,$295k)*$280k
Average Days on Market Single Family Home: 59 (44, 54, 51, 52) *58
Active Condos: 250 (246, 252, 261, 267) *424
Average Condo Listing Price: $286,596 ($270k, $292k, $282k, $250k) *$239k
Average Condo Selling Price: $277,069 ($255k, $288k, $280k, $256k) *$229k
Condo Sale to List Ratio This Week: 97% (95%, 99%, 99%, 98%) 96%
Median Condo List Price (6 mo): $249,900 ($249k, $250k, $250k, $246k) *$238k
Median Condo Sold Price (6 mo): $240,000 ($240k, $240k, $241k, $240k) *$228k
Average Days on Market Condos: 66 (45, 72, 50, 37)*87
Active Vacant Lots: 948 (943, 949, 965, 955) *998
If you think that this weeks stats report looks surprisingly similar to last weeks, you would be correct. Not too much variation from this week to last, in fact, it's hardly any. New listings, sales, price changes, listings that went pending, basically the lot stayed on par this week with last. The variations that did occur were minor, that they really aren't worth mentioning. Seems we might be a bit down on sales compared to the amount of listings that are accepting offers, so I wonder if there might be a higher average of agreements falling apart on the various factors that make up a buyers due diligence.
One of these factors that has become a bit notorious this year is financing and the failure to obtain a mortgage. From the mortgage specialists I have been in talks with, many buyers will do a soft pre-approval with their chosen traditional lender (bank), but sometimes they (bank) don't dig too far into the workings of the approval, therefor leaving surprises to be had during the course of due diligence. Their are some buyers out there that do not have their pre-approval in place for one reason or another as well, so that can quickly halt a transaction once the action commences. Of course, the second biggest showstopper, if not the first "deal breaker" during due dilligence, is the inspection.
All buyers have a different threshold of risk and what conditions are expected when buying a home. Having a major discovery through one of the possible several inspections can leave buyers with hands out, and sellers turning out pockets. Then the question of how the buyer or seller can fund a large fix, should one be discovered, is posed. Some might look to the sales proceeds for such a thing, but that is unfortunately not an option anymore. Cash back, or credit on closing is a thing of the past, and certainly another topic to discuss another day. I invite any mortgage specialist to reach out with their take on cash back or credits on closing, and possible options, including purchase plus mortgages, to deal with big/small items instead of a price reduction to be featured on the blog in a finance post! Thanks for stopping by!
The Weekly Adogtable!
Annie Banannie is waiting to meet you!
Do not let her shy and quiet demeanor fool you! This girl is full of energy and LOVES to welcome you home when she sees you. Once she gets the zoomies out of her system she mellows out and is happy to just curl up on an Annie approved bed :)
This girl is picky with her doggy friends and with this the staff at the shelter do require a meet and greet once your application has been approved to ensure everyone will be happy in the home. At only 2 years young Annie has already undergone 2 surgeries and we are hoping that it is the last of them. She had a tail amputation done by her previous owners due to injuring her tail, and she also had a foreign body removal done. With this Annie is looking for a committed owner who will help to keep any potential ingestable items out of her reach in the home.
A home with children over the age of 12 years old will be best.
This "cuddly companion" is available through The Nova Scotia SPCA, 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!
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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Newest Blog post HERE
Jeremiah Wallace, CD
Jeremiah has been involved with many aspects of the Real Estate industry for over twelve years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah