The Happy New Year Edition of the Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace of ViewPoint Realty
Halifax (HRM) Residential Market Statistic Update for the Week of December 29th 2016-January 5th, 2017
(Previous weeks numbers in brackets)
*Previous Year's Stats
New Listings: 218 (59, 145, 115, 194) *252
Sold: 65 (36, 90, 89, 96) *53
Sale To Listing Ratio: 30% (61%, 62%, 77%, 50%) *21%
Price Changes: 83 (36, 49, 96, 116) *133
Listings that went conditional/pending: 57 (37, 57, 81, 99) *75
Expired/Cancelled/Withdrawn: 476 (103, 191, 121, 385) *706
Total Active Halifax/Dartmouth Inventory: 4,081 (4,343, 4,394, 4,394, 4,554) *4,195
Absorption Rate in weeks: 58 (56, 47, 45, 43) *
Single Family Home Stats
Active Single Family Home: 2,387 (2,521, 2,556, 2,556, 2,690) *2,747
Average Single Family Home List Price: $364,623 ($331k, $314k, $286k, $299k) *$340k
Average Single Family Home Selling Price: $352,108 ($330k, $298k, $274k) *$321k
Single Family Home Sale to List Ratio This Week: 97% (99%, 95%, 96%, 96%) *95%
Median Single Family Home List Price (6 months): $279,900 ($280k, $280k, $280k, $280k) *$239k
Median Single Family Home Sold Price (6 months): $270,000 ($270k, $270k, $270k, $271k) *$238k
Average Days on Market Single Family Home: 111 (112, 97, 118, 90) *151
Active Condos: 396 (425, 435, 435, 449) *349
Average Condo Listing Price: $291,075 ($575k, $228k, $235k, $274k) *$310k
Average Condo Selling Price: $281,125 ($538k, $217k, $222k, $260k) *$283k
Condo Sale to List Ratio This Week: 97% (94%, 95%, 95%, 95%) 91%
Median Condo List Price (6 months): $234,900 ($235k, $235k, $230k, $230k) *214k
Median Condo Sold Price (6 months): $226,250 ($225k, $225k, $224k, $222k) *202k
Average Days on Market Condos: 99 (91, 131, 106, 63, 74) *209
Active Vacant Lots: 1,150 (1,126, 1,134, 1,134, 1,137) *874
Happy New Year everyone! As we put another year in the books, it will be one to look back on and reflect the progress that the market made in 2016. We witnessed some ups and downs, new mortgage rules, interest rate fluctuations and various other influencing factor changes. Overall though, the 2016 market saw the return of the buyer, which was a welcome change from recent years. It also saw an unusal listing reluctance from sellers, or some other factor(s) that kept property additions lower than recent years.
So far, the market year has reported averagely, with overall activity starting the slow recovery from the holiday season. All activity across the board is up this week, and in usual fashion, there was a ton of inventory that came off the market. This could be listing contracts that set to expire on the 1st of January, but the big question with these products is if they will end up returning to market to try again this year. Annually, January has a bit of an activity surge, then tapers off when winter has its full grip on the city. The overall inventory gap as narrowed at this point, but if things continue on the same trajectory as last year, we should see that gap widen even more this year. You'll have to stay tuned to see how 2017 turns out! Any predictions? Thanks for stopping by!
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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