The Halifax Real Estate Blog Weekly Market Rant and Statistics Update by Jeremiah Wallace of ViewPoint Realty
Halifax (HRM) Residential Market Statistic Update For Week of October 29th 2015 - November 5th 2015
(Previous weeks numbers in brackets)
*Previous Year's Stats
New or Back to Market Listings: 291 (257, 240, 265, 328) *411
Sold: 98 (118, 106, 87, 117) *108
Sale To Listing Ratio: 34% (46%, 44%, 33%, 36%) *26%
Price Changes: 250 (274, 289, 215, 243)
Listings that went conditional/pending: 126 (107, 124, 113, 144) *90
Expired/Cancelled/Withdrawn: 729 (428, 208, 161, 344) *373
Total Active Halifax/Dartmouth Inventory: 5,407 (5,667, 5,668, 5,693, 5,720) *5,267
Absorption Rate in weeks: 53 (53, 52, 49, 45) 52
Single Family Home Stats
Active Single Family Home: 3,593 (3,792, 3,817, 3,822, 3,860) *3,472
Average Single Family Home List Price: $295,017 ($$274k, $291k, $255k,, $250k) *$277k
Average Single Family Home Selling Price: $291,617 ($263k, $269k, $243k, $242k) *$267k
Single Family Home Sale to List Ratio This Week: 99% (96%, 92%, 95%, 97%) *97%
Median Single Family Home List Price: $279,575 ($255k, $258k, $245k, $250k)
Median Single Family Home Sold Price: $269,575 ($261k, $241k, $228k, $248k)
Average Days on Market Single Family Home: 115 (85, 87, 113, 71) *124
Active Condos: 445 (466, 468, 475, 461) *465
Average Condo Listing Price: $440.175 ($286k, $323k, $243k, $262k) *$265k
Average Condo Selling Price: $429,775 ($279k, $316k, $230k, $251k) *$256k
Condo Sale to List Ratio This Week: 98% (97%, 98%, 91%, 96%) *97%
Median Condo List Price: $284,900 ($240k, $300k, $240k, $240k)
Median Condo Sold Price: $279,950 ($229k, $289k, $226k, $229k)
Average Days on Market Condos: 76 (115, 90, 101, 92) *191
Active Vacant Lots: 1,073 (1,101, 1,084, 1,108, 1,102) *1,005
And I thought last weeks expiries were high! I do believe that 729 properties that either expired,cancelled or withdrew from the market have broken that record. With the "abandon ship' call, the properties that jumped from the market this week took a good bite out of the bloated inventory level. All other areas seem to be holding fast to annual trend with all areas of the inventory level declining, fewer sales and fewer listings. Sale prices hold steady around the $300k mark, and pay no attention to the average Condo sales value this week, as a couple of the higher priced units from a property on South Park Street have skewed that stat. Interestingly enough, however, out of the 12 condos that did sell this week, 5 of them are from two buildings on South Park Street. Lots of price changes again this week as property owners attempt to get competitive in hopes of a end of year enticement, which would definitely assist with selling as the property selection grows leaner by the week, and the buyer activity is still prevalent. Soon, the shift to buying presents, not houses will happen, and with it, even less activity. Of course there is more at play then that, but the holiday season marks the final stretch of the market year.
If you missed the October monthly stats wrap up, scroll down to get caught up!
Next Tuesday marks Remembrance Day across Canada, and I would encourage each 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
Marshall is a fun, young shepherd mix looking for his new home! He LOVES to play with just about anything, and gets along with other dogs nicely :) We are recommending Marshall go to a home with children over 10 where he can be a bit jumpy due to his high energy. We would like Marshall's new owners to enrol him in obedience classes for some basic manners, this will ensure he reaches his full potential! If you're interested in Marshall, pop on by today
This "cuddly companion" is available through Homeward Bound City Pound, a non profit rescue organization from Halifax, Nova Scotia. More info about him, 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 property 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.
Are you familiar with ViewPoint Realty? How about the ViewPoint Realty interactive real estate map? It's a powerful tool for all your property research needs and when you are ready to buy or sell, its the competitive edge over your competition! Not to mention, it's now more rewarding then ever to become a ViewPoint client, just click HERE to find out more. More savings and more information, sign up today! Or, click HERE to go right to the map and get property shopping!
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. Check it out at viewpoint.ca and get more info now! Just another way Viewpoint Realty is advancing the property buying and selling process.
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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