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 20th - 27th, 2020
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 234 (255, 262, 246, 204) *189
Sold: 180 (132, 130, 114, 125) *111
Sale To Listing Ratio: 77% (52%, 50%, 46%, 61%) *59%
Price Changes: 71 (59, 77, 67, 62) *82
Listings that went conditional/pending: 194 (206, 188, 167, 163) *167
Expired/Cancelled: 45 (49, 58, 88, 57) *54
Total Active Halifax/Dartmouth Inventory: 2,135 (2,137, 2,156, 2,144, 2,127) +3,075
Absorption Rate in weeks: 15 (17, 19, 21, X) *26
Single Family Home Stats
Active Single Family Home: 1,105 (1,102, 1,105, 1,092, 1,068) *1,629
Average Single Family Home List Price: $342,321($345k,$333k,$352k,$341k) *$334k
Average Single Family Home Selling Price: $336,931 ($341k,$327k,$338k,$340k) *$326k
Single Family Home Sale to List Ratio This Week: 98% (99%, 98%, 96%, 99%) *98%
Median Single Family Home List Price (6 mo): $314,900 ($315k,$315k,$315k,$315k)*$290k
Median Single Family Home Sold Price (6 mo):$310,000 ($310k,$309k,$309k,$309k)*$280k
Average Days on Market Single Family Home: 62 (75, 57, 67, 70) *69
Active Condos: 128 (135, 141, 143, 140) *259
Average Condo Listing Price: $300,094 ($333k, $275k, $271k, $241k) *$229k
Average Condo Selling Price: $288,732 ($323k, $271k, $265k, $236k) *$221k
Condo Sale to List Ratio This Week: 96% (97%, 98%, 98%, 98%) 96%
Median Condo List Price (6 mo): $249,900 ($250k, $250k, $250k, $250k) *$240k
Median Condo Sold Price (6 mo): $240,500 ($242k, $243k, $242k, $241k) *$231k
Average Days on Market Condos: 30 (43, 78, 60, 20) *93
Active Vacant Lots: 754 (754, 760, 764, 766) *911
Second straight week of inventory reduction, which is definitely a little backwards from the annual trend. Around this time of year it's not odd to have one or two weeks of plus and minus inventory levels, but having reduction weeks in consecutive fashion raises the eyebrows a bit. No doubt we are seeing reductions though, just look at those sales numbers compared to the listings hitting the market! Certainly the highest report of sales for the year so far, but I don't think the market has even begun to show its true potential. Another two weeks shaved off the absorption's rate, which is a match to the 2019 market year low...already. Working with several price ranges, areas and products, and I can attest to the challenges to all buyers right now. Of course, the main regions are impacted the most, but it seems as though no region in HRM is untouched by the current sellers market, and no product left behind either. Might be a bit of a stalemate in the highest price points, but even those are tending to slowly move if adjusted at all.
The Weekly Adogtable!
Meet Shiny: Found stray. Female, Sterilized 1 year old. Received basic vaccination + Bordetella Dewormed Not microchipped. Selective with other dogs, lacking confidence. Seems good w/ cats Good w/ kids. She can be vocal or destructive when left alone or feeling stuck (crate or closed room). She follows shelter staff everywhere and great customers! She is curious and very endearing. No bite history. Anxious disposition, was adopted and brought back twice because of this is.
This "cuddly companion" is available through Good Bones Dog Rescue, 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
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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 twelve years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah