The Halifax Real Estate Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty (Every Thursday)
Halifax (HRM) Residential Market Statistic Update for the Week of July 28th - August 4th 2016
(Previous weeks numbers in brackets)
*Previous Year's Stats
New Listings: 305 (294, 319. 302, 332) *340
Sold: 123 (156, 138, 139, 128) *121
Sale To Listing Ratio: 40% (53%, 43%, 46%, 37%) *36%
Price Changes: 201 (247, 289, 290, 227) *302
Listings that went conditional/pending: 145 (179, 167, 171, 138) *117
Expired/Cancelled/Withdrawn: 284 (118, 119, 105, 306) *241
Total Active Halifax/Dartmouth Inventory: 5,389 (5,519, 5,528, 5,494, 5,470) *5,960
Absorption Rate in weeks: 39 (39, 39, 37, 35) *44
Single Family Home Stats
Active Single Family Home: 3,564 (3,637, 3,670, 3,665, 3,633) *4,085
Average Single Family Home List Price: $305,308 ($335k, $320k, 292k, $298k) *$319k
Average Single Family Home Selling Price: $294,211 ($319k, $291k, $282k, $287k) *$308k
Single Family Home Sale to List Ratio This Week: 96% (95%, 96%, 97%, 96%) *96%
Median Single Family Home List Price: $284,900 ($280k, $275k, $275k, $270k) *$264k
Median Single Family Home Sold Price: $274,000 ($275k, $265k, $268k, $265k) *$258k
Average Days on Market Single Family Home: 98 (86, 96, 87, 80) *100
Active Condos: 493 (504, 495, 483, 492, 504) *514
Average Condo Listing Price: $240,623 ($235k, $273k, $278k, $263k) *$271k
Average Condo Selling Price: $232,261 ($227k, $264k, $270k, $255k) *$262k
Condo Sale to List Ratio This Week: 97% (97%, 97%, 97%, 97%) *96%
Median Condo List Price: $226,900 ($229k, $230k, $230k, $255k) *260k
Median Condo Sold Price: $222,000 ($225k, $225k, $225k, $237k) *257k
Average Days on Market Condos: 94 (86, 46, 72, 84) *74
Active Vacant Lots: 1,060 (1,096, 1,084, 1,073, 1,074) *1,067
We all know that historically, Summer is one of the slower times of the year for the real estate market. The sun is shining, the temps are hot, and there's lots to do. Usually, this means the last thing most want to do is deal with showings on a regular basis, or beat the street looking for the next place to call home. That being said, priorities are the driving force for most when it comes to buying or selling, and sometimes, you don't really get the luxury to pick and choose when you buy or sell. Summer is a great time to do both! It's about the time when the Spring inventory packs it in, and those who don't "have to" sell retreat to rethink their strategy. It's also a time when that very same inventory starts to sharpen the pencil a bit in hopes that current buyers overlook the length they have been on market, enticed with a good price. For sellers, that means listing at this time of year might be advantageous for a couple of reasons. You're the new kid on the block, so that might be appealing to currently active buyers who have seen "everything" on the market, which might cause a bit of a buzz. The other thing is that inventory is on the decline around this time of year, so that means less competition! All good factors if you are thinking of Selling.
In any case, most are welcoming the current market from both sides, and of course, all (most) are enjoying the amazing weather we've had this Summer so far. Stay tuned to keep your eye on the market, or contact me if you have more questions! Thanks for stopping by!
Gus has come to us all the way from Ontario! Him and his road trip friends are what we like to call Pocket Pittbulls. They are approximately 25-30lbs in weight and a just bundles of love!
A home with adults only is best suited for this guy and obedience classes are mandatory to help him bond with his new family and set them off on the right foot.
Gus would also like to be the only pet in the home as he every much enjoys all of the attention he can get and would prefer not to share.
This "cuddly companion" is available through the the Nova Scotia SPCA, a non profit rescue organization from Dartmouth, 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 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!
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.
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