The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty
Halifax (HRM) Residential Statistic Update for the Week of August 24th - August 31st, 2017
(Previous weeks numbers in brackets)
*Previous Year's Stats
New Listings: 242 (298, 284, 287, 307) *306
Sold: 137 (151, 154, 140, 142) *132
Sale To Listing Ratio: 57% (51%, 54%, 49%, 46%) *43%
Price Changes: 181 (189, 229, 196, 196) *210
Listings that went conditional/pending: 159 (149, 184, 151, 191) *147
Expired/Cancelled/Withdrawn: 120 (94, 131, 115, 290) *302
Total Active Halifax/Dartmouth Inventory: 4,644 (4,817, 4,778, 4,804, 4,805) *5,260
Absorption Rate in weeks: 32 (33, 32, 32, 30) *37
Single Family Home Stats
Active Single Family Home: 2,872 (2,974, 2,956, 2,974, 2,968) *3,426
Average Single Family Home List Price: $302,242 ($268k,$282k,$310k,$325k) *$283k
Average Single Family Home Selling Price: $291,622 ($259k,$278k,$303k,$314k) *$273k
Single Family Home Sale to List Ratio This Week: 97% (97%, 95%, 97%, 97%) *96%
Median Single Family Home List Price (6 mo): $279,400 ($279k,$280k$280k,$280k)*$260k
Median Single Family Home Sold Price (6 mo): $270,671 ($270k,$271k,$271k,$272k)*$245k
Average Days on Market Single Family Home: 72 (75, 82, 70, 81) *94
Active Condos: 419 (420, 423, 440, 451) *479
Average Condo Listing Price: $246,030 ($259k, $266k, $276k, $279k) *$267k
Average Condo Selling Price: $236,180 ($250k, $258k, $271k, $277k) *$357k
Condo Sale to List Ratio This Week: 96% (97%, 97%, 98%, 97%) 96%
Median Condo List Price (6 mo): $242,400 ($245k, $242k, $235k, $235k) *$250k
Median Condo Sold Price (6 mo): $230,000 ($232k, $230k, $225k, $225k) *$244k
Average Days on Market Condos: 88 (101, 82, 82, 68) *77
Active Vacant Lots: 1,150 (1,196, 1,173, 1,158, 1,158) *1,090
I think I read it best on Twitter this week; "someone should issue Summer a speeding ticket!". Where has the time gone? The September long weekend marks the last squeeze of Summer one can muster, and with lots going on this weekend, it would be well worth it to get out and explore! Sellers may have received the memo, but buyers are still out in full force. New listings this week reported below average but sales remained steady, and there was just under 160 properties that received and accepted offers this week. The market seems to be maintaining its steady pace as the balanced market trend continues, which has caused some frustration for buyers and the need to revisit properties that have been sitting for awhile to create more options. I've discussed the need to price property properly in other posts, but whilst I'm on the topic, the market switch has changed something for these properties. Mostly, initially overpriced property tends to sit on the market, and subsequently chase the market as an attempt to correct to current conditions occurs. Usually, if sellers quickly adjust to the market conditions (which can fluctuate as we have seen), then there is a greater chance of getting sold. Those who tend to drag feet in adjusting, also tend to drag out longer on the market. After awhile, these properties become somewhat of a concern for potential buyers at first glance, with the mentality of "this property seems priced well (now), why has it been on the market for so long?". New market conditions and lack of availability has given these properties a second chance at things. This has been noticed week over week with the fewer listings that expire or cancel from the market (comparably). Still interesting times out there, so stay tuned to make sure you're on top of things! Thanks for stopping by!
The Weekly Adogtable!
No aggression but he is very fearful but warms up. Quiet, not a barker. Good with cats. No food/toy protection. Calm with other dogs. Playful with toys- can take toys out of his mouth with no issues. Polite on leash. Listens well, walks well on leash. Prefers women. Fearful of loud sounds. Loves to play fetch, brings back ball. Needs a calm environment.
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!
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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Newest Blog post HERE
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..