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 8th - 15th, 2018
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 202 (268, 233, 225, 283) *223
Sold: 99 (111, 121, 117, 141) *135
Sale To Listing Ratio: 49% (41%, 50%, 52%, 50%) *61%
Price Changes: 101 (126, 165, 118, 124) *136
Listings that went conditional/pending: 134 (147, 140, 128, 140) *130
Expired/Cancelled/Withdrawn: 100 (203, 281, 101, 129) *130
Total Active Halifax/Dartmouth Inventory: 3,704 (3,732, 3,731, 3,884, 3,889) +4,142
Absorption Rate in weeks: 33 (31, 31, 31, 28) *32
Single Family Home Stats
Active Single Family Home: 2,042 (2,078, 2,089, 2,181, 2,163) *2,492
Average Single Family Home List Price: $328,840 ($336k,$292k,$305k,$327k) *$302k
Average Single Family Home Selling Price: $320,182 ($321k,$281k,$295k,$317k) *$290k
Single Family Home Sale to List Ratio This Week: 97% (96%, 96%, 97%, 97%) *96%
Median Single Family Home List Price (6 mo): $288,500 ($289k,$289k,$290k,$290k)*$280k
Median Single Family Home Sold Price (6 mo):$280,000 ($280k,$280k,$282k,$283k)*$270k
Average Days on Market Single Family Home: 101 (115, 63, 49, 71) *73
Active Condos: 312 (318, 313, 315, 317, 321) *397
Average Condo Listing Price: $286,000 ($253k, $287k, $262k, $235k) *$213k
Average Condo Selling Price: $281,207 ($246k, $277k, $253k, $228k) *$208k
Condo Sale to List Ratio This Week: 98% (97%, 96%, 96%, 97%) 98%
Median Condo List Price (6 mo): $234,900 ($233k, $230k, $230k, $225k) *$249k
Median Condo Sold Price (6 mo): $225,000 ($225k, $224k, $221k, $220k) *$240k
Average Days on Market Condos: 51 (87, 155, 101, 125) *76
Active Vacant Lots: 1,031 (1,023, 1,027, 1,064, 1,080) *1,003
Have we hit a ceiling, or is it just the time of year? That is the question many in the industry have pondered this week, including me! I want to say that annual trend has lead us here, and there really should be no surprise regarding the environment we find ourselves in, but there seems to be something else afoot. Usually, buyer activity wains around this time, but we still have a good surplus of buyers out there looking for properties that just aren't coming. That, or the listings that do come to market, especially on the peninsula, have come at a premium price forcing buyers to turn away on principal alone. Nova Scotia isn't an Ontario or British Columbia market by any means, and history would show that people here are not about to get wrapped up in the boom bust type market of such metropolises. If that means waiting out the storm of high prices, most are willing to wait, but some unfortunately cannot. I have talked before about people who were caught with the 2011/12 market, and it has become quite the bitter pill to swallow for buyers in that time who overpaid, now years later. There seems to be sellers testing the market at a premium to see if anyone bites, and those are the most dangerous for buyers to bite on, especially if they don't have someone who can help them navigate the market. Can't blame sellers though, the rule of thumb is to buy low and sell high, and that is just what this market has provided at this point. We will see how long it lasts, but it does seem like the wind is out of the sails this week. Thanks for stopping by, and don't forget, if you have any questions I'm just a call or click away. Thanks for stopping by!
The Weekly Adogtable!
Meet Mallick! Dog friendly with good bones once he can get his energy out. Energetic. Can be destructive if bored and not exercised enough so strong chew toys needed. Pulls on leash so needs a harness.Counter surfs. Playful. glutton w/ food. Loves to play ball. Enjoys going on walks. Really loves kids. Seems to be friendly w/ other dogs but excitable. Would need a tolerant and stable adult dog to teach him how to tailor his play somewhat. No cats because he growled at one yet, his former owner said he lived with one. Has skin allergies ( food related). Testing has proven no resource guarding with food nor toys.
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!
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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