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Halifax (HRM) Residential Market Statistic Update For Week of April 19th to April 26th 2012
New Listings: 519 (539, 463, 673, 552) Sold: 199 (189, 149, 166, 155) Sale to List Ratio: 38% (35%, 32%, 25%, 28%) Expired/Cancelled/Withdrawn: 64 (77, 79, 167, 64) Active Single Family Home: 2850 (2796, 2742, 2670, 2557) Average Single Family Home List Price: $285,936 ($298,168, $294,434, $288,845, $288,847) Average Single Family Home Selling Price: $280,799 ($294,101, $291,162, $281,360, $280,391) Average Days on Market Single Family Home: 81 (75, 85, 96, 83) Active Condos: 225 (223, 233, 249, 257) Average Condo Listing Price: $226,141 ($273,494, $266,329, $248.003, $264,309) Average Condo Selling Price: $222,575 ($268,400, $259,655, $243,167, $259,090) Average Days on Market Condos: 133 (97, 152, 102, 120) I jinxed it!! Last week I decided to boast about the condo stats and "how great they were doing" and "how they have been on a consecutive week down trend." Well, this week marks the end of that great streak, even if it WAS only an inventory gain of two. All in all the market appears to be in a healthy state of flux. Pockets of sellers markets can still be found in desired areas, mainly in Metro. The remaining market sits at a line between a balanced or a buyers trend. My prediction is set for a late summer/early fall market ramp up as we really start to see the influx of new and returning residents to begin with the ship building contract if there is to be a noticeable impact on our market. Only time and statistics will tell. Fortunately, I have you covered with all things Halifax real estate! Make sure to come back this week as both the April residential wrap up will be posted as well as the April multi-residential report. Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? 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 leave a public comment or question below. . Follow me on Twitter to keep up to the minute with all things Halifax real estate @HalifaxRealEst Newest blog post HERE Weekly Residential Market Statistic Update For Week of April 12th to April 19th 2012
New Listings: 539 (463, 673, 552, 476) Sold: 189 (149, 166, 155, 166) Sale to List Ratio: 35% (32%, 25%, 28%, 35%) Expired/Cancelled/Withdrawn: 77 (79, 167, 64, 63) Active Single Family Home: 2796 (2742, 2670, 2557, 2433) Average Single Family Home List Price: $298,168 ($294,434, $288,845, $288,847, $293,979) Average Single Family Home Selling Price: $294,101 ($291,162, $281,360, $280,391, $288,039) Average Days on Market Single Family Home: 75 (85, 96, 83, 86) Active Condos: 223 (233, 249, 257, 253) Average Condo Listing Price: $273,494 ($266,329, $248.003, $264,309, $243,105) Average Condo Selling Price: $268,400 ($259,655, $243,167, $259,090, $238,820) Average Days on Market Condos: 97 (152, 102, 120, 94) If you own a condo in Halifax and are thinking of selling it, now might be the time. Condo values are at an all time high, demand is way up and inventory is low and only getting lower. With entry level single family home prices and lacking availability in desired areas, buyers are finding themselves considering location over property and opting for budget wise condominiums. Some bigger condo projects are being developed and others are still being planned but the question remains if and when they hit the market, how high will the demand be at that point or will the lacking inventory cause a frenzy for these desired units. Clearly, this is one more element of the Halifax real estate market that we will have to keep a watchful eye on! Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? 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 leave a public comment or question below. . Follow me on Twitter to keep up to the minute with all things Halifax real estate @HalifaxRealEst Newest blog post HERE Weekly Residential Market Statistic Update For Week of April 5th to April 12th 2012
New Listings: 463 (673, 552, 476, 437) Sold: 149 (166, 155, 166, 169) Sale to List Ratio: 32% (25%, 28%, 35%, 28%) Expired/Cancelled/Withdrawn: 79 (167, 64, 63, 93) Active Single Family Home: 2742 (2670, 2557, 2433, 2368) Average Single Family Home List Price: $294,434 ($288,845, $288,847, $293,979, $302,404) Average Single Family Home Selling Price: $291,162 ($281,360, $280,391, $288,039, $296,761) Average Days on Market Single Family Home: 85 (96, 83, 86, 117) Active Condos: 233 (233, 249, 257, 253) Average Condo Listing Price: $266,329 ($248.003, $264,309, $243,105, $249,592) Average Condo Selling Price: $259,655 ($243,167, $259,090, $238,820, $244,333) Average Days on Market Condos: 152 (102, 120, 94, 63) Looks like the listing blitz continues with the 7th consecutive week of over 400 new listings. Sales made a healthy recovery this week adding a 7% gain on last weeks stats. Inventory climbs closer and closer to the 3000 mark but it still remains lower then the last 8 years. The feature statistic this week is the average list and sale price ratio for single family homes. Coming in just over the $3k mark in difference from the two stats, this has been the smallest reduction spread in years! The usual reduction spread sits anywhere from $7-12k at any given time giving buyers some wiggle room for negotiations. Looks like sellers might be using the strength of the Halifax market to stand their ground on Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? Contact me to advise you on your best plan of action for any of your real estate transaction needs. Feel free to leave a public comment or question below. Contact me if you would like a guest spot or would like to advertise on the Halifax Real Estate Blog. Follow me on Twitter to keep up to the minute with all things Halifax real estate @HalifaxRealEst Newest blog post HERE Weekly Residential Market Statistic Update For Week of March 29th to April 5th 2012
New Listings: 673 (552, 476, 437, 463) Sold: 166 (155, 166, 169, 131) Sale to List Ratio: 25% (28%, 35%, 28%, 39%) Expired/Cancelled/Withdrawn: 167 (64, 63, 93, 82) Active Single Family Home: 2670 (2557, 2433, 2368, 2350) Average Single Family Home List Price: $288,845 ($288,847, $293,979, $302,404, $289,982) Average Single Family Home Selling Price: $281,360 ($280,391, $288,039, $296,761, $283,604) Average Days on Market Single Family Home: 96 (83, 86, 117, 97) Active Condos: 233 (249, 257, 253, 259) Average Condo Listing Price: $248,003 ($264,309, $243,105, $249,592, $246,056) Average Condo Selling Price: $243,167 ($259,090, $238,820, $244,333, $242,613) Average Days on Market Condos: 102 (120, 94, 63, 94) And I thought last week was a good addition! This week beats last weeks inventory addition by a long shot. I boasted about how we finally reached over the 500 mark in inventory addition last week but we blew that stat out of the water with almost 700 new listings this week! This is also caused by the beginning of the month expired/renewed listing trend. Listings usually have a 90 day run with their chosen agent so those listings that went up in January and didn't sell, have expired and have been re-listed. Even though condo inventory is low, actives take another dive going against the grain of single family homes and actually reduce in numbers again this week. Condo owners must be wondering if this might be an opportune time to cash their chips in the condo market and use that profit to jump into a single family time? I know I would be... Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? Contact me to advise you on your best plan of action for any of your real estate transaction needs. Feel free to leave a public comment or question below. Contact me if you would like a guest spot or would like to advertise on the Halifax Real Estate Blog. Follow me on Twitter to keep up to the minute with all things Halifax real estate @HalifaxRealEst Newest blog post HERE "I did not see that coming!!!" Looks like the residential inventory has carried forward its low showing to the month of March. Record lows of availability are being felt throughout key areas of the Halifax real estate market as buyers found themselves with a lack of choice in certain sectors. Condo and entry level properties are really feeling the demand.  Average sold price stays strong with a 3% jump over the highest March value month (2010) and 26% jump overall in the last 6 years. Two of the three ingredients of market indicators seem to be keeping pace with the last few month's trends which remains good news for sellers in the market.  Well, well, well. It would seem that the sales statistic wants to break the trend. This is the first time since November of last year and after the ship building announcement that the number of sales has fallen below any previous year. Coming in just below the 560 mark, sales had a mediocre and surprising showing this month.
Inventory remains low despite the volume of new listings and lack of sales this month. Sale values remain the highest they have ever been and key areas of the market are enjoying high demand and sales expedience. Sales had a surprising showing this month with low numbers and longer then usual days on market. It has been an interesting year so far and I don't expect the surprises to stop anytime soon. Seems the real estate market is just like the weather here in Halifax, hot one day and freezing the next! Make sure to come back on Thursdays for the weekly report and stay tuned for the Multi-Residential monthly market report coming soon. Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? Contact me to advise you on your best plan of action for any of your real estate transaction needs. Feel free to leave a public comment or question below. Contact me if you would like a guest spot or would like to advertise on the Halifax Real Estate Blog. Follow me on Twitter to keep up to the minute with all things Halifax real estate @HalifaxRealEst Newest blog post HERE |
Jeremiah Wallace, CDJeremiah 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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