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 October 31st - November 7th, 2019
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 221 (195, 262, 212, 283) *268
Sold: 174 (153, 172, 142, 158) *111
Sale To Listing Ratio: 79% (79%, 66%, 67%, 56%) *41%
Price Changes: 96 (142, 137, 137, 157) *126
Listings that went conditional/pending: 188 (183, 204, 185, 183) *147
Expired/Cancelled: 199 (83, 75, 94, 85) *203
Total Active Halifax/Dartmouth Inventory: 2,722 (2,788, 2,902, 2,934, 2,989) +3,732
Absorption Rate in weeks: 17 (18, 18, 18, 17) *31
Single Family Home Stats
Active Single Family Home: 1,444 (1,484, 1,555, 1,609, 1,625) *2,078
Average Single Family Home List Price: $347,390 ($352k,$339k,$317k,$353k) *$336k
Average Single Family Home Selling Price: $339,957 ($344k,$333k,$314k,$346k) *$321k
Single Family Home Sale to List Ratio This Week: 98% (98%, 98%, 99%, 98%) *96%
Median Single Family Home List Price (6 mo): $309,900 ($310k,$310k,$310k,$309k)*$289k
Median Single Family Home Sold Price (6 mo):$305,000 ($305k,$305k,$304k,$302k)*$280k
Average Days on Market Single Family Home: 66 (58, 65, 58, 60) *115
Active Condos: 190 (184, 193, 199, 207) *318
Average Condo Listing Price: $224,580 ($266k, $273k, $228k, $258k) *$253k
Average Condo Selling Price: $224,421 ($259k, $276k, $226k, $243k) *$246k
Condo Sale to List Ratio This Week: 100% (98%, 98%, 99%, 94%) 97%
Median Condo List Price (6 mo): $249,900 ($250k, $250k, $250k, $250k) $233k
Median Condo Sold Price (6 mo): $240,000 ($240k, $240k, $240k, $241k) *$225k
Average Days on Market Condos: 46 (67, 72, 61, 38) *87
Active Vacant Lots: 868 (897, 918, 891, 906) *1,023
It happened! The long wait to see if the overall inventory gap would spread wider that 1000 unit difference is over, it happened! Another strong sales week and higher than average expired listings caused a decent drop in the numbers this week, which in turn gave the green light to finally mark the anticipated gap spread amount. Another unusual happening this week is the further reduction of the absorption rate. Of course, given the formula of low inventory + solid sales = lower absorption rate, but usually the reduced activity of the year keeps this stat level, or increasing slightly week to week heading into Winter. It's a very significant difference with this stat from last year, and it's actually reporting back to the numbers of the late Spring, which was the lowest point of the year. The fact that we shaved off 14 weeks of the absorption rate in a short 12 months is surprising, especially given that I have tracked an entire year that fluctuated maybe 2-3 weeks in total. Definitely an indicator that we are in as strong of a sellers market that we have seen in a long time, just how long is the question. Historically, we should see the further reduction of inventory until we hit the lowest time of year, Christmas, but given the way things have been this year, I'm not so sure that trend will hold up. Make sure to stop by the blog to see if we trend in a different direction this year! Thanks for stopping by!
Sunday is Remembrance Day across Canada, and I would encourage every Canadian to get out and attend one of the many ceremonies across the city, which can be found HERE. Still not sure where to go and when to be there? Simply head to your closest Canadian Legion by 10:30am on the 11th to take in the day.
The Weekly Adogtable
"Tink" is a bit nervous at first and may even bark when she first meets you but give her some time to warm up and she is so sweet. She came to us when her owner became ill and unfortunately could no longer care for her. Tink really missed her owner at first and was pretty scared but then she found some new friends and is now behaving like a dog again. If you would like to meet Tink, please go slow and allow her to come to you. She will soon let you know that you can be best friends. Children 16 yrs and older.
This "cuddly companion" is available through the NS 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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Looking for a little extra help finding that "needle in a haystack"? The innovators at my brokerage, ViewPoint Realty, have introduced another forward-thinking information tool for your property search needs. Its called "neighbourhoods" and it will break down some stats and give you a more focused tool on the area(s) you are looking for. We also offer mortgage and insurance solutions too! Check it out at viewpoint.ca and get more info now! Just another way Viewpoint Realty is advancing the property buying and selling process.
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