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 May 16th - May 23rd, 2019
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 377 (351, 401, 378, 329) *336
Sold: 227 (203, 209, 197, 206) *195
Sale To Listing Ratio: 60% (58%, 52%, 52%, 63%) *58%
Price Changes: 145 (181, 177, 171, 139) *165
Listings that went conditional/pending: 266 (232, 261, 273, 186) *195
Expired/Cancelled: 61 (56, 62, 121, 69) *90
Total Active Halifax/Dartmouth Inventory: 3,410 (3,375, 3,300, 3,268, 3,312) +4,229
Absorption Rate in weeks: 16 (17, 16, 16, 18) *23
Single Family Home Stats
Active Single Family Home: 1,904 (1,897, 1,878, 1,828, 1,860) *2,480
Average Single Family Home List Price: $348,169 ($367k,$350k,$356k,$336k) *$322k
Average Single Family Home Selling Price: $341,770 ($359k,$344k,$348k,$329k) *$313k
Single Family Home Sale to List Ratio This Week: 98% (98%, 98%, 98%, 98%) *97%
Median Single Family Home List Price (6 mo): $299,900 ($299k, $299k,$295k,$290k)*$285k
Median Single Family Home Sold Price (6 mo):$295,000 ($292k,$290k,$287k,$283k)*$280k
Average Days on Market Single Family Home: 52 (44, 59, 53, 65) *50
Active Condos: 267 (260, 261, 258, 257) *408
Average Condo Listing Price: $249,999 ($317k, $276k, $274k, $243k) *$285k
Average Condo Selling Price: $245,772 ($311k, $272k, $266k, $236k) *$279k
Condo Sale to List Ratio This Week: 98% (98%, 98%, 97%, 97%) 98%
Median Condo List Price (6 mo): $246,250 ($248, $245k, $248k, $246k) *$236k
Median Condo Sold Price (6 mo): $239,900 ($241k, $239k, $241k, $241k) *$225k
Average Days on Market Condos: 37 (43, 46, 60, 65) *88
Active Vacant Lots: 955 (943, 934, 931, 936) *983
Looks like we are finally in the full swing of the Spring market, to include increasing inventory! (finally). I actually had this conversation with a colleague of mine today, regarding the Halifax real estate market, and we discussed the overall picture and what led us to this point. If you have been following my blog, you will know that each step of this market conversion has been tracked and discussed on a weekly basis since the beginning. I have also weighed in on factors surrounding the current state of affairs on several posts, but have never quite been able to pinpoint the source of this change. We do know a few things. 1. Irving did spark a need for housing from the contracts granted by the federal government, it just took some time to have a real impact. 2. Sellers seemed reluctant to come to market. This was understandable given the fallout from the initial ship building announcement, where most sellers around that time were met with a soft market that carried on for several years afterwards. Due to the lack of supply, eventually, that would be one of the key factors in the market change. 3. Surge of buyers. Wether it was caused by a lack of choice, or maybe standards that had been held too high, at some point, the buyers market had tuned over to a balanced, then sellers market in many areas in a very short time. The question of where these buyers have come from and where the sellers have gone are key questions. Of course, Halifax is an awesome place to live, and it's also one of the more affordable places to buy property, especially if you compare our ocean frontage prices with the east coast. Of course there are several more factors that have brought us here, and one of the more important questions to consider is when things will change. Make sure to stay tuned to find out, and thanks for stopping by!
The Weekly Adogtable!
Meet Nala! This stunning young lady is hoping that you will choose her for a walk so she can show you what a sweetheart she is.
She can be a little bouncy when meeting new people as she is just too happy.
She loves her squeaky toys and is hoping you will be the one to play with her always.
This "cuddly companion" is available through the Nova Scotia SPCA, a non profit rescue organization from Halifax, Nova Scotia. More info about her 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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Looking for a little extra help finding that "needle in a haystack"? The innovators at my brokerage, ViewPoint Realty, have introduced another forward-thinking information tool for your property search needs. Its called "neighbourhoods" and it will break down some stats and give you a more focused tool on the area(s) you are looking for. We also offer mortgage and insurance solutions too! Check it out at viewpoint.ca and get more info now! Just another way Viewpoint Realty is advancing the property buying and selling process.
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