The Halifax Real Estate Blog Weekly Market Rant and Statistics Update (Every Thursday) by Jeremiah Wallace
Halifax (HRM) Residential Market Statistic Update For Week of April 10th - April 17th 2014
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 563 (531, 553, 387, 422) *573
Sold: 152 (107, 115, 97, 122) *153
Sale To List Ratio: 27% (20%, 21%, 25%, 29%) *26%
Listings that went conditional/pending: 133 (148, 137, 110, 136)
Expired/Cancelled/Withdrawn: 106 (80, 185, 75, 109) *83
Total Active Halifax/Dartmouth Inventory: 4,941 (4,820, 4,680, 4,611, 4,541) *4,933
Active Single Family Home: 3,307 (3,185, 3,084, 3.037, 2,960) *3,287
Average Single Family Home List Price: $287,264 ($272,308, $296,066, $287,785, $301,034) *310k
Average Single Family Home Selling Price: $278,062 ($264,936, $286,066, $277,215, $290,534) *302k
Average Days On Market Single Family Home: 97 (103, 100, 89, 112) *80
Active Condos: 497 (494, 472, 475, 470) *371
Average Condo Listing Price: $269,868 ($244,845, $268,471, $236,232, $250,670) *296k
Average Condo Selling Price: $260,267 ($237,433, $259,771, $230,776, $241,520) *289k
Average Days On Market Condos: 97 (121, 92, 112, 92) *107
Halifax/Dartmouth Absorption Rate (weeks): 107 (102, 106, 102, 101) *40
Almost a mirror image from last years numbers this week. Lots of new inventory on the market this week, and sales had a decent improvement from the last few weeks performance. It's actually amazing just how close the stats are this week compared to last year, difference being single digits in some cases. A few days of sunshine may have helped out this week, with the sun came an increased amount of inquires and activity around the market. Still, much like last year, the general feeling is of reluctant curiosity, and an weary attitude towards the unchanging position of our market. There was however, a couple more articles of interest that I wanted to share with my readers again this week.
The first article is the second of it's kind in as many weeks. Its actually hot on the heels of the article I looked for feedback on from my faithful readers, and again, I would like to see what your thoughts are about it. It's another "fluff" spot on our market here in Halifax with regards to improvements in the forecast, even though there is no indicators provided. There is another, more realistic view on the market that is worth a read as well. Although some points may be a tad off line, the acknowledgement of the true state of the market is in my opinion, a bit more refreshing.
And lastly, for all those people who think that "we have enough condo's, so stop building them", well guess what? more condo's! Gear towards the budget savvy, these units will be available for purchase starting at just under $200k, did I mention that they are located in the north end? While some people find the price tag intriguing, others are not so optimizing about the "all in" cost of the units, as price per sqft, and condo fees may make buyers dig a little deeper into their pockets then expected.
Anyways, always happy to hear your thoughts on things, so feel feel to leave a comment below. Thanks for stopping by and have a great Easter weekend!
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4/17/2014 03:09:33 pm
The stats are very close to last year, as you said. Two things are different though: prices are down and absorption time is up. This has been in the works for years, and I am surprised at how long it takes for the market to turn. It turned, though. Some time last summer.
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Jeremiah Wallace, CD
Jeremiah has been involved with many aspects of the Real Estate industry for over fourteen years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
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