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 27th - March 5th, 2020
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 275 (234, 255, 262, 246) *330
Sold: 170 (180, 132, 130, 114) *126
Sale To Listing Ratio: 62% (77%, 52%, 50%, 46%) *38%
Price Changes: 55 (71, 59, 77, 67) *100
Listings that went conditional/pending: 193 (194, 206, 188, 167) *166
Expired/Cancelled: 72 (45, 49, 58, 88) *102
Total Active Halifax/Dartmouth Inventory: 2,148 (2,135, 2,137, 2,156, 2,144) +3,150
Absorption Rate in weeks: 14 (15, 17, 19, 21) *26
Single Family Home Stats
Active Single Family Home: 1,102 (1,105, 1,102, 1,105, 1,092) *1,674
Average Single Family Home List Price: $322,582 ($342k,$345k,$333k,$352k) *$344k
Average Single Family Home Selling Price: $316,132 ($337k,$341k,$327k,$338k) *$337k
Single Family Home Sale to List Ratio This Week: 98% (98%, 99%, 98%, 96%) *98%
Median Single Family Home List Price (6 mo): $312,500 ($315k,$315k,$315k,$315k)*$290k
Median Single Family Home Sold Price (6 mo):$309,125 ($310k,$310k,$309k,$309k)*$280k
Average Days on Market Single Family Home: 66 (62, 75, 57, 67) *78
Active Condos: 131 (128, 135, 141, 143) *298
Average Condo Listing Price: $322,842 ($300k, $333k, $275k, $271k) *$226k
Average Condo Selling Price: $315,570 ($289k, $323k, $271k, $265k) *$215k
Condo Sale to List Ratio This Week: 98% (96%, 97%, 98%, 98%) 95%
Median Condo List Price (6 mo): $249,900 ($250k, $250k, $250k, $250k) *$240k
Median Condo Sold Price (6 mo): $242,000 ($241k, $242k, $243k, $242k) *$230k
Average Days on Market Condos: 44 (30, 43, 78, 60) *108
Active Vacant Lots: 762 (754, 754, 760, 764) *932
Alright, we are moving in the upwards direction in inventory finally! Not all products went in that direction this week though (Single Family Homes I'm looking at you), but there was, at least, overall inventory gain this week. Still a good 1,000 inventory gap between this year and last year, so product scarcity is a real issue for Buyers on the market right now. Likely see more inventory come to market in the coming weeks as we approach the peak inflation time of the year, but the question will be how high it will go. Given the sustained demand on most products in most areas, we are likely so continue the drought, but one never knows when the market will adjust. I've noticed some small cracks in the veneer in the last few weeks though, like the single family home six month median and average home selling prices taking a shave this week, as well as not having to compete in a multi-offer situation to win a bid! I'm sure these are not going to become common place just yet, but I was quite shocked to not have to "improve" an offer once submitted because 10 more offers followed up behind mine. It was a nice change, especially for my clients. Still, the Absorption Rate tells a different tale with yet another week of reduction, and elevated conditional sale stats are prevailing. Much like our weather, it's a mixed bag, so stay tuned to blog for your market forecast! Thanks for stopping by!
The Weekly Adogtable!
Small but mighty! Meet Yeti! This tiny abominable snowman will win your heart with his perpetual wink and his zest for life. Yeti's preferred lifestyle involves daily walks, long nap sessions on the couch, and a window to people-watch for the neighbours.
Yeti does have a chronic dry eye condition, which requires eye medications daily, and veterinary check ups every 4 to 6 months.
Yeti's ideal home would be:
- With or without animals (calm, quiet personalities only)
- With children 16+
- With people who are home most of the day
- With adopters who are financially prepared to manage his chronic dry eye condition.
This "cuddly companion" is available through Homeward Bound City Pound 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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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