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 September 6th-13th, 2018
(Previous weeks numbers in brackets)
*Previous Year's Stats
New/Back to Market Listings: 227 (208, 294, 255, 241) *322
Sold: 141 (126, 147, 146, 167) *156
Sale To Listing Ratio: 62% (61%, 50%, 57%, 69%) *48%
Price Changes: 161 (143, 158, 153, 165) *222
Listings that went conditional/pending: 165 (135, 179, 158, 130) *180
Expired/Cancelled/Withdrawn: 89 (201, 142, 113, 68) *121
Total Active Halifax/Dartmouth Inventory: 4,031 (4,027, 4,194, 4,200, 4,213) +4,637
Absorption Rate in weeks: 29 (27, 26, 26, 25) *33
Single Family Home Stats
Active Single Family Home: 2,288 (2,287, 2,392, 2,410, 2,420) *2,874
Average Single Family Home List Price: $336,224 ($333k,$318k,$314k,$301k) *$284k
Average Single Family Home Selling Price: $323,292 ($323k,$308k,$303k,$292k) *$276k
Single Family Home Sale to List Ratio This Week: 96% (97%, 97%, 96%,97%) *97%
Median Single Family Home List Price (6 mo): $289,900 ($289k,$289k,$289k,$287k)*$279k
Median Single Family Home Sold Price (6 mo):$282,900 ($282k,$281k,$281k,$280k)*$270k
Average Days on Market Single Family Home: 67 (66, 69, 71, 66) *78
Active Condos: 330 (331, 357, 379, 377) *412
Average Condo Listing Price: $253,862 ($256k, $287k, $277k, $247k) *$220k
Average Condo Selling Price: $244,293 ($249k, $282k, $267k) *$209k
Condo Sale to List Ratio This Week: 96% (97%, 97%, 97%, 98%) 95%
Median Condo List Price (6 mo): $229,900 ($230k, $230k, $230k, $230k) *$240k
Median Condo Sold Price (6 mo): $221,000 ($223k, $221k, $221k, $223k) *$230k
Average Days on Market Condos: 122 (74, 118, 132, 56) *117
Active Vacant Lots: 1,069 (1,067, 1,084, 1,060, 1,071) *1,133
I'm starting to wonder if the lacking buyer activity is actually sellers market influenced, by the lack of inventory and selection out there? Although things are still moving along, there seems to be some supply issues in key product types and areas. The Halifax peninsula is an obvious, but the big shortage seems to be in the starter home price bracket, which ranges from $180-$250k (approx). This price range of inventory is not only being snapped up in the core areas, but well beyond and deep into the municipalities. Seems to be a buyer backlog at this price point, and one that has yet to see pressure relief. This time of year generally sees less activity and a declining inventory, but that generally means that buyers have less competition and more of a selection. Not this year. The sales to list ratio has been reporting significantly higher in the last few weeks compared to last year, and the cause seems to be the continued lack of new listings, coupled with solid sales numbers. The sellers market in the city has been felt this year for sure, and it appears as though the reach is starting to increase. Stay tuned to see what the Fall market will bring! Thanks for stopping by, and don't forget to hit the like button below!
The Weekly Adogtable!
Meet Otis! This lifelong bachelor is looking to enjoy his retirement years in a quiet home with a family who can give him the patience and and bonding time that he needs. Otis is famous at Homeward Bound for his "grumpy old man" personality, so a calmer environment would be just the ticket for this senior fella!
Otis would be best suited to a home:
-Without other pets
-With children over the age of 12 years
This "cuddly companion" is available through Homeward Bound City Pound, 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 Wallace, CD
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..
Photo's by Jeremiah