Halifax (HRM) Residential Market Statistic Update For Week of May 24th to May 31st 2012
New Listings: 513 (520, 563, 632, 468)
Sold: 194 (193, 199, 292, 172)
Sale to List Ratio: 38% (37%, 35%, 32%, 37%)
Expired/Cancelled/Withdrawn: 130 (104, 65, 69, 187)
Active Single Family Home: 2924 (2964, 2950, 2897, 2823)
Average Single Family Home List Price: $311,580 ($291,706, $296,277, $293,401, $294,469)
Average Single Family Home Selling Price: $303,709 ($286,217, $288,607, $289,016, $288,806)
Average Days on Market Single Family Home: 73 (76, 79, 60, 67)
Active Condos: 263 (256, 252, 240, 225)
Average Condo Listing Price: $246,963 ($284,242, $254,110, $255,601, $245,635)
Average Condo Selling Price: $237,642 ($280,175, $250,032, $250,116, $242,470)
Average Days on Market Condos: 57 (123, 84, 144, 48)
*Halifax/Dartmouth Absorption Rate (weeks): 22 (25.5)
Look at that average single family selling price! This is the first time that the average selling price has hit over the 300k mark. Back in early March of this year we had average listing prices over 300k but the selling price dipped back to the 200's. You also might be able to mark this week as the point in which the inventory should start to decline. If the annual trend is correct, it is this time (give or take a week) that the peak of the yearly inventory should deflate. Following suit to last week, an abnormally large about of listings where cancelled, withdrawn or simply expired, which aided in the result of the inventory drop. New listing addition and sold properties remain steady and average days on market hold strong in the last days of the spring market. Absorption rate fluctuated down 3 1/2 weeks giving a strong indicator to this weeks market health. So what does all this mean? If I was considering selling my property there are some positive indicators. Inventory is on the rapid decline= less competition and selection. Sales are as healthy as they have been all year= No lack of buyers despite inventory availability and home selling prices are at record highs= More return on your investment. Just simple math in my mind...
Don't miss the May monthly real estate wrap up tomorrow and be sure to check back next week for the multi-residential report. Thanks for stopping by!
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
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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..
Photo's by Jeremiah