Halifax (HRM) Residential Market Statistic Update For Week of August 1st to August 8th 2013
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 431 (441, 459, 544, 499) *436
Sold: 124 (148, 164, 153, 130) *120
Sale To List Ratio: 29% (34%, 36%, 28%, 26%) *28%
Expired/Cancelled/Withdrawn: 118 (294, 130, 117, 103) *105
Total Active Halifax/Dartmouth Inventory: 5,507 (5,486, 5,648, 5,648, 5,556)
Active Single Family Home: 3,643 (3,643, 3,712, 3,724, 3,671) *2,981
Average Single Family Home List Price: $328,441 ($308,613, $305,097, $285,954, $286,137) *289k
Average Single Family Home Selling Price: $312,078 ($294,715, $295,748, $274,839, $275,133)*282k
Average Days On Market Single Family Home: 106 (103, 99, 79, 102) *76
Active Condos: 443 (436, 445, 442, 445) *265
Average Condo Listing Price: $298,465 ($322,600, $333,495, $301,963, $289,425) *267k
Average Condo Selling Price: $291,665 ($310,653, $320,961, $288,279, $281,285) *259k
Average Days On Market Condos: 85 (109, 75, 109, 60) *50
Halifax/Dartmouth Absorption Rate (weeks): 41 (40, 43, 43, 38) *30
Well that was unexpected. Just when I think the inventory has peaked for the year, it makes a comeback. All signs where pointing to the start of the seasonal decline but it would appear that the market has a different idea. Although there wasn't huge gains in single family homes and condo's, sales are failing to remove enough inventory to stop the gain. *RECORD BREAKER ALERT!! Highest average single family home list and sale prices! In a market where values should be reducing, we have record high selling prices instead. So a rather weird market week yet again but at least it's consistent! Sales are down, inventory bloated and property values remain high...higher then ever. Market activity has picked up in the last few weeks with the last minute shoppers, consumers who have been looking and enjoying the plethora of choices but now have to decide as the school year approaches. Still, lots to out there to sift through and lots of overpriced homes destined to stagnate on the market unless drastic measures are taken. Take the real estate survey below and tell me what your thoughts are about our market here in Halifax!
The feature aDOGtable this week is Chance. He's a very sweet boy and he loves, loves ,loves to play. He would love to have a big yard to run around in like a goof ball. He needs some training so obedience is manditory for him. He is being cared for currently by Homeward Bound City Pound.
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.
Newest blog post HERE
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