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 June 27th - July 4th, 2019
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 333 (357, 340, 343, 335) *335
Sold: 208 (221, 205, 206, 234) *174
Sale To Listing Ratio: 63% (62%, 60%, 60%, 70%) *52%
Price Changes: 167 (167, 173, 164, 161) *206
Listings that went conditional/pending: 201 (272, 254, 256, 231) *175
Expired/Cancelled: 192 (66, 57, 82, 137) *229
Total Active Halifax/Dartmouth Inventory: 3,348 (3,387, 3,381, 3,366, 3,363) +4,225
Absorption Rate in weeks: 16 (16, 16, 15, 15) *22
Single Family Home Stats
Active Single Family Home: 1,877 (1,907, 1,904, 1,905, 1,886) *2,457
Average Single Family Home List Price: $333,595 ($344k,$349k,$350k,$346k) *$308k
Average Single Family Home Selling Price: $328,961 ($337k,$342k,$345k,$337k) *$299k
Single Family Home Sale to List Ratio This Week: 99% (98%, 98%, 98%, 98%) *96%
Median Single Family Home List Price (6 mo): $299,900 ($300k,$300k,$300k,$300k)*$290k
Median Single Family Home Sold Price (6 mo):$298,750 ($298k,$296k,$295k,$295k)*$280k
Average Days on Market Single Family Home: 70 (58, 59, 44, 54) *69
Active Condos: 242 (248, 250, 246, 252) *408
Average Condo Listing Price: $307,792 ($295k, $287k, $270k, $292k) *$212k
Average Condo Selling Price: $300,852 ($286k, $277k, $255k, $288k) *$204k
Condo Sale to List Ratio This Week: 98% (97%, 97%, 95%, 99%) 96%
Median Condo List Price (6 mo): $249,900 ($250k, $250k, $249k, $250k) *$235k
Median Condo Sold Price (6 mo): $241,000 ($240k, $240k, $240k, $240k) *$225k
Average Days on Market Condos: 56 (67, 66, 45, 72)*69
Active Vacant Lots: 947 (955, 948, 943, 949) *994
I do believe that was it! The Spring surge has finally wained, and we are on to the Summer plunge market. Inventory across the board took a nosedive, but there are a couple factors that helped that happen this week. Firstly, it was the beginning/end month expiry/renewal churn, contract expiries, and the Canada Day long weekend. Canada Day does seem to be the unofficial marker for the inventory deflation, but this market has been anything predictable, so it's almost nice to see something fall back into line. Sales were down a bit this week as well, but the long weekend must have certainly played a roll, as do most holidays. Even buyer activity reported lower than the recent norm, but again, refer to the factors above. I guess the big question at this point is "where do we go from here"? Are we destined to slip back into the comfortable slow gain market like a well worn pair of slippers, or will we continue to forge ahead and embrace the change. Likely, this year will be the year we see things return to the former, but you never know! What I do know is that if it keeps on the way it has, Buyers will be in for a rough ride until it wains. Until then, we ride it out until we stabilize! Thanks for stopping by!
The Weekly Adogtable!
Children 16 years and up
A very energetic boy who is eager to learn new skills. He loves to explore his surroundings and would make an excellent hiking partner. If you would like to meet this young gentleman in training, come to the shelter and him for a walk. Odin is good with most dogs that have a similar play style as himself.
This "cuddly companion" is available through The Nova Scotia SPCA, 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