The Halifax Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty (Every Thursday)
Halifax (HRM) Residential Market Statistic Update for the Week of August 25th - September 1st, 2016
(Previous weeks numbers in brackets)
*Previous Year's Stats
New Listings: 306 (228, 306, 316, 305) *279
Sold: 132 (153, 142, 148, 123) *125
Sale To Listing Ratio: 43% (67%, 46%, 47%, 40%) *45%
Price Changes: 210 (215, 200, 259, 201) *266
Listings that went conditional/pending: 147 (148, 167, 164, 145) *141
Expired/Cancelled/Withdrawn: 302 (115, 154, 115, 284) *293
Total Active Halifax/Dartmouth Inventory: 5,260 (5,377, 5,412, 5,421, 5,389) *5,830
Absorption Rate in weeks: 37 (38, 38, 38, 39) *44
Single Family Home Stats
Active Single Family Home: 3,426 (3,531, 3,556, 3,570, 3,564) *3,938
Average Single Family Home List Price: $283,407 ($316k, $278k, $275k, $305k) *$293k
Average Single Family Home Selling Price: $272,605 ($302k, $265k, $262k) *$278k
Single Family Home Sale to List Ratio This Week: 96% (96%, 95%, 95%, 96%) *95%
Median Single Family Home List Price: $259,888 ($265k, $253k, $240k, $285k) *$260k
Median Single Family Home Sold Price: $245,000 ($260k, $243k, $230k, $274k) *$248k
Average Days on Market Single Family Home: 94 (101, 102, 90, 98) *104
Active Condos: 479 (490, 502, 507, 493) *484
Average Condo Listing Price: $267,129 ($340k, $207k, $242k, $241k) *$249k
Average Condo Selling Price: $257,207 ($330k, $199k, $234k, $232k) *$239k
Condo Sale to List Ratio This Week: 96% (97%, 96%, 97%, 97%) *96%
Median Condo List Price: $249,900 ($260k, $184k, $210k, $227k) *230k
Median Condo Sold Price: $244,250 ($251k, $180k, $205k, $222k) *223k
Average Days on Market Condos: 77 (96, 61, 65, 94) *97
Active Vacant Lots: 1,090 (1,087, 1,088, 1,072, 1,060) *1,097
It has been quite the Summer! The usually sleepy Summer market has proven to be much more active than initially anticipated... for Buyers anyways. Sellers have really taken a step back from the market it appears, as the entire year has seen fewer weekly additions than recent previous years have reported. This could be influenced by the previous years markets, as Sellers flooded the market without knowing their current market environment, so Sellers in todays market might be better prepared to face the current conditions. One could almost speculate that the worst of our down trend is in the past, but the Halifax market is anything but predictable. All signs are pointing to a more balanced market, with Buyer activity holding fast and new product additions listing more competitively (somewhat). With the school year starting, activity around this time of year almost screeches to a halt for a few weeks, but that doesn't mean in stops for everyone. There are still many Buyers out there looking for properties, and with the inventory rapidly decreasing, the lack of selection and availability is becoming a real problem in some areas. Still, there does seem to be a lack of engagement from Buyers, but I can't help but think that some are waiting for the perfectly matched property that may never come? Buyer's mentality is "buyer's market", but that might not be quite accurate. Sure, it's still a "buyer's market", but not in some areas, and certainly not what it has been over the last few years. I know I will keep watching as things develop, so stay tuned and stay informed!
Meet Nova. This sweet girl is just 7 months old. Shes vaccinated, spayed and microchipped. She is dog friendly but NO cats, and also comes fully house broken. She is also on parasite control. She loves doggy daycare but would prefer in her forever home to be the only pet as she is an attention hound and gets jealous if tehr wis just her and one pet.
This "cuddly companion" is available through Good Bones Dog Rescue, 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
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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