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 February 14th - February 21st, 2019
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 218 (248, 250, 175, 193) *240
Sold: 129 (114, 119, 94, 92) *105
Sale To Listing Ratio: 59% (46%, 48%, 54%, 48%) *44%
Price Changes: 81 (80, 103, 75, 61) *106
Listings that went conditional/pending: 135 (153, 133, 133, 120) *160
Expired/Cancelled/Withdrawn: 69 (75, 168, 98, 88) *69
Total Active Halifax/Dartmouth Inventory: 3,117 (3,096, 3,074, 3,091, 3,122) +3,606
Absorption Rate in weeks: 27 (30, 33, 38, X) *48
Single Family Home Stats
Active Single Family Home: 1,656 (1,657, 1,671, 1,648, 1,670) *1,934
Average Single Family Home List Price: $313,098 ($331k,$324k,$237k,$330k) *$334k
Average Single Family Home Selling Price: $303,327 ($324k,$315k,$349k,$297k) *$297k
Single Family Home Sale to List Ratio This Week: 97% (98%, 97%, 98%, 90%) *96%
Median Single Family Home List Price (6 mo): $285,450 ($290k,$289k,$289k,$285k)*$277k
Median Single Family Home Sold Price (6 mo):$280,000 ($280k,$280k,$280k,$270k)*$270k
Average Days on Market Single Family Home: 79 (66, 76, 77, 65) *87
Active Condos: 261 (254, 242, 241, 246) *368
Average Condo Listing Price: $265,906 ($293k, $307k, $231k, $255k) *$250k
Average Condo Selling Price: $255,753 ($285k, $295k, $227k, $241k) *$243k
Condo Sale to List Ratio This Week: 96% (97%, 96%, 98%, 95%) 97%
Median Condo List Price (6 mo): $239,900 ($240k, $240k, $240k, $240k) *$239k
Median Condo Sold Price (6 mo): $232,000 ($232k, $230k, $232k, $230k) *$232k
Average Days on Market Condos: 71 (60, 102, 120, 77) *69
Active Vacant Lots: 920 (918, 900, 942, 945) *981
Another slight increase in the inventory, no thanks to the single family home product. Seems as though condo and vacant land increases helped slightly, but it's quite hard to get inventory gain with such a high performing sales market. One of the most impressive figures to watch week over week thus far is the absorption rate, which is plummeting at a record pace. From last year at this time to now, there is a five month slash to sell all products at this rate if the inventory stopped today. Currently, it would take just under seven months to sell off everything currently active on the market, where last year would have taken an entire year. That's a fairly substantial marker for such a small window, and it seems to be getting lower with each passing week. With the cooling of the weather and the white stuff making an appearance, it will be interesting to see if has a reciprocal effect on the market. I think there may be a small impact, but I don't think this train is stopping at the station any time soon. Stay tuned to the blog to find out how things shape up, and thanks for stopping by!
The Weekly Adogtable!
Chyna is as beautiful as they come. She is a lover who just wants to hang out with her humans and snuggle. She enjoys walking, carrying around her toys and eating treats. She loves to sit in front of the window and watch people go by. She is non-reactive with other dogs outside however should be an only pet and would benefit from socialization. The ideal home would be older children (12+) and someone who likes to cuddle.
This "cuddly companion" is available through Marleys Hope, 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 fourteen years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah