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 September 19th - 26th, 2019
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 207 (265, 277, 246, 245) *285
Sold: 189 (192, 149, 147, 158) *174
Sale To Listing Ratio: 91% (72%, 54%, 60%, 65%) *61%
Price Changes: 124 (132, 121, 140, 115) *172
Listings that went conditional/pending: 187 (208, 168, 189, 194) *164
Expired/Cancelled: 57 (66, 71, 141, 67) *127
Total Active Halifax/Dartmouth Inventory: 3,094 (3,139, 3,157, 3,132, 3,194) +4,030
Absorption Rate in weeks: 18 (19, 19, 19, 18) *27
Single Family Home Stats
Active Single Family Home: 1,685 (1,716, 1,751, 1,744, 1,775) *2,258
Average Single Family Home List Price: $330,615 ($351k,$318k,$333k,$327k) *$308k
Average Single Family Home Selling Price: $323,449 ($342k,$312k,$327k,$321k) *$299k
Single Family Home Sale to List Ratio This Week: 98% (98%, 98%, 98%, 98%) *97%
Median Single Family Home List Price (6 mo): $308,500 ($309k,$309k,$306k,$305k)*$290k
Median Single Family Home Sold Price (6 mo):$302,400($303k,$303k,$302k,$300k)*$282k
Average Days on Market Single Family Home: 52 (54, 86, 60, 53) *53
Active Condos: 210 (220, 213, 205, 203) *329
Average Condo Listing Price: $255,849 ($275k, $285k, $293k, $280k) *$213k
Average Condo Selling Price: $249,316 ($267k, $276k, $287k, $276k) *$206k
Condo Sale to List Ratio This Week: 98% (98%, 97%, 98%, 98%) 97%
Median Condo List Price (6 mo): $249,900 ($250k, $250k, $250k, $250k) *$230k
Median Condo Sold Price (6 mo): $244,450 ($243k, $244k, $243k, $243k) *$221k
Average Days on Market Condos: 34 (46, 68, 27, 114) *79
Active Vacant Lots: 936 (930, 916, 946, 937) *1,071
Another good week of inventory reduction this week that almost pushed the spread to a 1000 product unit difference from last year to now, pretty impressive. There was a time during the Summer that appeared as though the inventory gap would narrow, and possibly close between the two years, but as the year pressed on it is now more evident than ever that it's not going to happen. This reduction could have been helped a bit by the below average new listing additions, solid sales report and relentless buyer activity, although you would expect a bit of balance from the fewer listings that retreated from the market this week compared to last, but that is also not the case. Because of the lack of listings this week, the sales to list ratio smashed a record with and whopping 91% showing, and reduced the absorption rate to 18 weeks, something that isn't common around this time of year.
Values stabilized this week, and we actually witnessed the reversal of the surging single family home 6 month median price reduce for the first time since the Spring. Now, it was a small reduction, but it was still a reduction none the less. Rewind to February and the median price for SFH's reported roughly $20k less across a six month spread, which is no small stat based on that large of a window. Condo's also felt the increase as well, with a $20k variance in value from last year at this time. There was a couple key weeks later in the Spring that contributed to the value surge, and I reported on the incredible amount increase in key times of the Summer, sometimes by $5k in a single week! This was also the first year that the SFH 6 month median list and sales reported over $300k historically, and for this length. Values tend to trend in the upwards direction, so it will be surprising to see Halifax dip below the $300k mark again, but stay tuned to see if the pending Fall and Winter months have anything to say about it. Thanks for stopping by!
The Weekly Adogtable!!
This big guy is looking for a new place to call home. He can be a bit nervous at first, especially with men. However, give him some time and he will be asking you for some affection and treats as he sits and gives you a paw! Vito enjoys toys, in particular ones with a good squeak! If you are interested in meeting Vito, he is waiting for you to take him for a walk.
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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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