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 October 18th - 25th, 2018
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 225 (283, 227, 272, 285) *249
Sold: 117 (141, 108, 138, 174) *136
Sale To Listing Ratio: 52% (50%, 48%, 51%, 61%) *55%
Price Changes: 118 (124, 173, 174, 172) *195
Listings that went conditional/pending: 128 (140, 157, 154, 164) *158
Expired/Cancelled/Withdrawn: 101 (129, 88, 274, 127) *112
Total Active Halifax/Dartmouth Inventory: 3,884 (3,889, 3,881, 3,894, 4,030) +4,438
Absorption Rate in weeks: 31 (28, 26, 25, 27) *34
Single Family Home Stats
Active Single Family Home: 2,181 (2,163, 2,171, 2,186, 2,258) *2,687
Average Single Family Home List Price: $305,246 ($327k,$318k,$346k,$308k) *$292k
Average Single Family Home Selling Price: $294,854 ($317k,$307k,$338k,$299k) *$282k
Single Family Home Sale to List Ratio This Week: 97% (97%, 96%, 98%, 97%) *97%
Median Single Family Home List Price (6 mo): $289,900 ($290k,$280k,$290k,$290k)*$275k
Median Single Family Home Sold Price (6 mo):$282,250 ($283k,$283k,$283k,$282k)*$267k
Average Days on Market Single Family Home: 49 (71, 81, 70, 53) *99
Active Condos: 315 (317, 321, 319, 329, 328) *402
Average Condo Listing Price: $262,400 ($235k, $225k, $244k, $213k) *$245k
Average Condo Selling Price: $253,000 ($228k, $222k, $238k, $206k) *$233k
Condo Sale to List Ratio This Week: 96% (97%, 99%, 97%, 97%) 95%
Median Condo List Price (6 mo): $229,900 ($225k, $227k, $230k, $230k) *$245k
Median Condo Sold Price (6 mo): $221,000 ($220k, $220k, $221k, $221k) *$240k
Average Days on Market Condos: 101 (125, 149, 112, 79) *125
Active Vacant Lots: 1,064 (1,080, 1,045, 1,043, 1,071) *1,193
The good news is that there hasn't been a significant change of overall activity, the bad news is that one of the important market indicators is rising at an alarming pace; the absorption rate. It's quite typical for this statistic to slowly increase as the market heads towards the slow season, but we have gained six weeks in a short span of three, It usually takes a few weeks to confirm market change, or to see if that weekly report was just an anomaly, but it's looking like we are on pace to slow down to last years tempo. If you compare last year to this one, you will see stats that are starting to get closer and closer as the weeks go on. I've been eyeing the inventory levels over the year, and have noticed a gap closing trend beginning in the Summer, but we are quite ahead this year. Now, we are still a far cry from last years market (which wasn't that bad actually), and every market has its ups and downs. the 2018 market year has been a good one in most aspects, so it shouldn't be that much of a surprise that things have to move in the opposite direction sometimes. Makes for a balanced market, which is ideal for both buyer and seller. See how the rest of the year turns out by tuning into the blog often! Thanks for stopping by, and don't forget to hit the "like" button at the bottom of the post!
The Weekly Adogtable!
Meet Diego! Found stray Male +/- 1 year old. Will be neutered shortly. Vaccinated. Needs time and patience, acts like a puppy Nervous in a new environment, smells everything. OK with touching all ove.r Excited and maybe dominant w/ other dogs. Gobbles food so needs a slow release bowl and does not like anyone to bother him when he eats. Jumps a lot .Energetic. Knows basic commands. Pulls on leash. Has an ear infection. On treatment.
This "cuddly companion" is available through Homeward Bound City Pound, 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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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