Halifax (HRM) Residential Market Statistic Update For Week of July 25th August 1st 2013
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 441 (459, 544, 499, 554) *459
Sold: 148 (164, 153, 130, 127) *126
Sale To List Ratio: 34% (36%, 28%, 26%, 23%) *28%
Expired/Cancelled/Withdrawn: 294 (130, 117, 103, 260) *206
Total Active Halifax/Dartmouth Inventory: 5,486 (5,648, 5,648, 5,556, 5,526)
Active Single Family Home: 3,643 (3,712, 3,724, 3,671, 3,635) *2958
Average Single Family Home List Price: $308,613 ($305,097, $285,954, $286,137, $297,740) *299k
Average Single Family Home Selling Price: $294,715 ($295,748, $274,839, $275,133, $288,192)*292k
Average Days On Market Single Family Home: 103 (99, 79, 102, 80) *94
Active Condos: 436 (445, 442, 445, 451) *260
Average Condo Listing Price: $322,600 ($333,495, $301,963, $289,425, $280,050) *240k
Average Condo Selling Price: $310,653 ($320,961, $288,279, $281,285, $271,566) *232k
Average Days On Market Condos: 109 (75, 109, 60, 85) *49
Halifax/Dartmouth Absorption Rate (weeks): 40 (43, 43, 38, 38) *28
Everything is down this week...well almost. The bloated inventory decreased in size for the second consecutive week, and with any hopes, will continue the trend in to the fall (no pun intended). Not a whole lot of activity to report this week, sales are still down, days on market are getting longer and the "buying season" is long gone. Still, bursts of activity are happing in spans of days. Everyone talks about it like it's some sort of phenomena, the phone will be quiet for days and BAM! inquiries and showings for a week then nothing again. Buyers are reluctant to commit and it's beginning to cause sellers to loose the "selling confidence". One thing for sure is that my peers are feeling the same pressure as I am when it comes to selling clients listings. It's a challenging place to sell to say the least, but even more difficult when you sit on a product that is overpriced and expect buyers to just accept that fact. The kool-aid is not being swallowed by buyers and it will take the competitiveness, or motivation of sellers to get the job done. According to this weeks stats, and the way you interpret them, 34% of sellers who listed this week will sell their home... Make sure to come back tomorrow for the August monthly wrap up!
The feature aDOGtable this week is Max. Max is a happy pup, and great with kids, as he grew up with them since he was a pup. We’re not sure of his status with cats. He is good with other dogs, loves to snuggle and get belly rubs, and loves to play. Max is neutered, vaccinated and housebroken and does well in the house when you’re not there.
Details about this rescue and others (including ways to donate) can be found by clicking the picture :)
Are you familiar with ViewPoint Realty? How about the ViewPoint real estate map? Its a great tool for all your real estate research needs and when you are ready to buy or sell, its the competitive edge over your competition!
Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? I can provide you with a complimentary comparative market analysis or you can 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 and friend me on Facebook and Google+ :) Please note that these opinions and comments are solely mine and mine alone.
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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