The Halifax Real Estate Blog weekly market news report and statistics update (every Thursday)
Halifax (HRM) Residential Market Statistic Update For Week of May 30th-June 6th 2013
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 593 (530, 545, 570, 606) *554
Sold: 184 (176, 160, 176, 172) *193
Sale To List Ratio: 31% (33%, 29%, 31%, 28%) *34%
Expired/Cancelled/Withdrawn: 209 (86, 79, 106, 97) *162
Total Active Halifax/Dartmouth Inventory: 5,485 (5,484, 5,419, 5,369, 5,213)
Active Single Family Home: 3659 (3675, 3647, 3608, 3505) *2962
Average Single Family Home List Price: $290,481 ($304,362, $303,352, $303,040, $296,250) *272k
Average Single Family Home Selling Price: $282,512 ($297,972, $296,297, $295,780, $288,403) *265k
Average Days On Market Single Family Home: 86 (89, 97, 85, 80) *78
Active Condos: 436 (439, 423, 418, 404) *261
Average Condo Listing Price: $283,912 ($324,576, $236,769, $211,677, $263,420) *257k
Average Condo Selling Price: $275,449 ($318,884, $233,352, $204,671, $258,366) *226k
Average Days On Market Condos: 95 (88, 63, 48, 44) *80
Halifax/Dartmouth Absorption Rate (weeks): 34 (35, 35, 35, 38) *25.3
Have we peaked?? Looks like the majority of the stats this week took a loss, except the inventory. That being said, both condo and single family homes reduced inventory this week halting the average 50+ listings that have been added weekly over the past few months. Still, as proven by the stats in May (see below), our inflated inventory and lack of buyers is making the selling process a complicated one for many people in the HRM. Now I could sit here and fluff over the reasons why, or what you can do differently if you happen to be trying to sell your home with no luck, but I would be the broken record and the "obvious" point which you may be aware of...PRICE! I briefly touched on some facts a few weeks ago with regards to this topic but its one that I address on a daily basis. While enhancements, renovations, staging and every other trick in the book makes your home more marketable (professionally done that is) and it may help sell you listing sooner and for more money, or at least thats the theory. No amount of staging is going to sell a home that is $30,000 over priced. Many people have a figure in mind or "what they need" to get out of their home to break even or turn a profit, but as I mentioned before its market condition and the consumers that drive the price. And unfortunately, we are in a buyers market...
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 :) Please note that these opinions and comments are solely mine and mine alone.
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6/7/2013 05:23:58 am
What was going on in the market last year that the avg selling price was only $265K? Seems materially different than the last few months of data.
6/7/2013 08:58:40 am
Well, this time last year things where on the decline after people clued in that the ship building contract announcement had caused an over inflation of property prices and market uncertainty. It would appear that properly priced and affordable homes ended up selling that week to cause the overall value reduction.
6/7/2013 03:19:57 pm
6/7/2013 05:23:55 pm
It's too bad that its a feature about our market that's not doing very well, but a privilege non the less.
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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