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 November 21st - 28th, 2019
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 154 (151, 211, 221, 195) *191
Sold: 149 (141, 157, 174, 153) *98
Sale To Listing Ratio: 97% (93%, 74%, 79%, 79%) *67%
Price Changes: 103 (84, 95, 96, 142) *73
Listings that went conditional/pending: 138 (155, 158, 188, 183) *109
Expired/Cancelled: 62 (60, 69, 199, 83) *75
Total Active Halifax/Dartmouth Inventory: 2,601 (2,657, 2,721, 2,722, 2,788) +3,622
Absorption Rate in weeks: 17 (17, 17, 17, 18) *35
Single Family Home Stats
Active Single Family Home: 1,336 (1,372, 1,437, 1,444, 1,484) *1,975
Average Single Family Home List Price: $373,224 ($381k,$389k,$347k,$352k) *$342k
Average Single Family Home Selling Price: $364,652 ($371k,$375k,$340k,$344k) *$335k
Single Family Home Sale to List Ratio This Week: 98% (97% 96%, 98%, 98%) *98%
Median Single Family Home List Price (6 mo): $309,900 ($310k,$310k,$310k,$310k)*$286k
Median Single Family Home Sold Price (6 mo):$305,000 ($305k,$304k,$305k,$305k)*$280k
Average Days on Market Single Family Home: 66 (66, 83, 66, 58) *82
Active Condos: 187 (195, 194, 190, 184) *333
Average Condo Listing Price: $291,981 ($240k, $239k, $225k, $266k) *$241k
Average Condo Selling Price: $289,702 ($234k,$232k, $224k, $259k) *$235k
Condo Sale to List Ratio This Week: 99% (98%, 97%, 99%, 98%) 98%
Median Condo List Price (6 mo): $245,000 ($249k, $248k, $250k, $250k) $230k
Median Condo Sold Price (6 mo): $238,750 ($239k, $239k, $240k, $240k) *$225k
Average Days on Market Condos: 35 (57, 57, 46, 67) *64
Active Vacant Lots: 874 (880, 878, 868, 897) *1,031
And just like that, another market month is in the books. Generally a slow month year to year, November this year decided to change a few things and really prove this current market climate has some legs. The inventory hits keep on coming with another decent week of reductions, but this annual trend will continue until it hits the the floor at the end of December, so this is not out of the ordinary. The question is, will it get back up again in the new year, or will it stay down for the count? If we have another year like this year in 2020, things could get get quite dicey for buyers. It was already challenging enough for buyers to find an option this year, with many areas seeing prices skyrocketing over multi-offer situations (something that Halifax is generally not as susceptible as the big markets tend to be), and the rock bottom vacancy rate compounded the issue. Woes that are likely to continue into the new year if things don't start changing sometime soon, I mean, just look at that sales to list ratio again this week. I think we will get a really good idea of how the market will perform right out of the gate next year. January usually sets the signal fire for listings to come to market and give notice to buyers that the search must press on. We will have to wait to see which way the scales tip in the new year, and the blog will have you covered with updates as things go! Thanks for stopping by!
The Weekly Adogtable
Up to date on vaccines + Bordetella Dewormed. Up to date on Flea and tick medications. 60lbs + (low weight) Very friendly with people. Energetic and attentive Loves the water, loves to play ball Not recommended with young kids due to food obsession. Good on leash. Not good with small dogs noted prey drive. Not good with unneutered male dogs nor dominant males. Good with female dogs. House trained Knows basic commands: sit, shake, laydown and roll over.
This "cuddly companion" is available through Good Bones Dog Rescue, 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.
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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