The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty (Thursdays)
3Halifax (HRM) Residential Statistic Update for the Week of March 5th-12th, 2020
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 336 (275, 234, 255, 262) *251
Sold: 158 (170, 180, 132, 130) *146
Sale To Listing Ratio: 47% (62%, 77%, 52%, 50%) *58%
Price Changes: 55 (55, 71, 59, 77) *100
Listings that went conditional/pending: 224 (193, 194, 206, 188) *169
Expired/Cancelled: 73 (72, 45, 49, 58) *61
Total Active Halifax/Dartmouth Inventory: 2,169 (2,148, 2,135, 2,137, 2,156) +3,160
Absorption Rate in weeks: 14 (14, 15, 17, 19) *25
Single Family Home Stats
Active Single Family Home: 1,147 (1,102, 1,105, 1,102, 1,105) *1,700
Average Single Family Home List Price: $392,563 ($323k,$342k,$345k,$333k) *$337k
Average Single Family Home Selling Price: $389,994 ($316k,$337k,$341k,$327k) *$330k
Single Family Home Sale to List Ratio This Week: 99% (98%, 98%, 99%, 98%) *98%
Median Single Family Home List Price (6 mo): $314,900 ($313k,$315k,$315k,$315k)*$289k
Median Single Family Home Sold Price (6 mo):$310,000 ($309k,$310k,$310k,$309k)*$280k
Average Days on Market Single Family Home: 59 (66, 62, 75, 57) *55
Active Condos: 137 (131, 128, 135, 141) *260
Average Condo Listing Price: $369,974 ($323k, $300k, $333k, $275k) *$295k
Average Condo Selling Price: $375,489 ($316k, $289k, $323k, $271k) *$285k
Condo Sale to List Ratio This Week: 101% (98%, 96%, 97%, 98%) 97%
Median Condo List Price (6 mo): $251,200 ($250k, $250k, $250k, $250k) *$240k
Median Condo Sold Price (6 mo): $248,000 ($242k, $241k, $242k, $243k) *$232k
Average Days on Market Condos: 78 (44, 30, 43, 78) *51
Active Vacant Lots: 743 (762, 754, 754, 760) *939
Alright! We have some inventory adding up finally. Large jumps in product inventory this week, with single family homes seeing the most significant gain. I imagine the weekly gain helped pad the numbers this week, but I don't see it lasting too long with the amount of pending sales that we seem to be taking on the regular. Both of those stats reported the highest of the season so far. I'm sure there was a few sales this week that took the single family home values over the top, but I think this is the first week that I have ever seen these numbers so close to the $500k mark. Taking a quick look, I didn't see any stand out, "over the top" listings to skew the average, so maybe there was just a few more listings that reported above the value norm this week. Still trekking along quite nicely, but the general question is how the Coronavirus will affect the national and local real estate markets. With mortgage rates dropping and Spring upon us, the local market will surly keep buzzing with activity. Some may argue that we will dive deeper into a Sellers market with the potential that sellers keep their homes off the market "just in case" causing even less to choose from, but people will need to move, so the demand will remain. It will certainly be a challenge, but with a few tweaks to the process, for now, we will certainly persevere. Stay tuned to the blog for your real estate updates, and thanks for stopping by!
The Weekly Adogtable!
Currently weighing 60 pounds Blue doesn't realize just how big he has gotten. He will run into you in his haste for attention. He LOVES to meet people and was living with children (although he was quite rough with them).
Good with cats
Selective but playful with dogs
Pulls on leash (no leash skills, but we're working on this). He jumps up and is mouthy (typical puppy behavior) but he does not resource guard. Blue is crate trained and has slight separation anxiety (is improving).
Blue loves to play ball and tug and is vocal when he sees someone or another dog.
This "cuddly companion" is available through Good Bones Dog Rescue, 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