The Halifax Real Estate Blog Weekly Market Rant and Property Report by Jeremiah Wallace (Every Thursday)
Halifax (HRM) Residential Market Statistic Update For Week of April 17th - April 24th 2014
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 466 (563, 531, 553, 387) *552
Sold: 127 (152, 107, 115, 97) *147
Sale To List Ratio: 27% (25%, 20%, 21%, 25%) *27%
Listings that went conditional/pending: 139 (133, 148, 137, 110)
Expired/Cancelled/Withdrawn: 59 (106, 80, 185, 75) *91
Total Active Halifax/Dartmouth Inventory: 5,040 (4,941, 4,820, 4,680, 4,611) *5,037
Active Single Family Home: 3,399 (3.307, 3,185, 3,084, 3.037) *3,356
Average Single Family Home List Price: $289,440 ($287,264, $272,308, $296,066, $287,785) *320k
Average Single Family Home Selling Price: $280,883 ($278,062, $264,936, $286,066, $277,215) *311k
Average Days On Market Single Family Home: 114 (97, 103, 100, 89) *90
Active Condos: 502 (497, 494, 472, 475) *386
Average Condo Listing Price: $263,477($269,868, $244,845, $268,471, $236,232) *288k
Average Condo Selling Price: $255,762 ($260,267, $237,433, $259,771, $230,776) *280k
Average Days On Market Condos: 126 (97, 121, 92, 112) *120
Halifax/Dartmouth Absorption Rate (weeks): 116 (107, 102, 106, 102) *40
Just when the weather started looking up, well, you know the rest. Cold, wet, and dreary, that about sums up the recent climate here in Halifax. Soon enough things will return to bright and sunny days, and hopefully, an improved market. Not a big change in the stats this week, other then the usual. More listings have been added to the total inventory, and almost ten more weeks have been added to the absorption rate...yikes. The addition of new condo products is certainly not helping re-sale units, which have now reached a peak at 502 units this week. Looking back two years ago, there was only 225 units available, which is a 123% change to this year. That's a pretty impressive change for a single product, could you imagine if we witnessed an increase like that in residential re-sale homes, or new construction? It would cause severe damage to the already weak market, and give almost no chance of a mid term recovery.
Just when you thought that new home prices where a bit high, well, they are about to get higher thanks to the Halifax Regional Water Commission. This article explains a new levy imposed by the commission, upping the cost to a proposed $6,000 in application costs. Not the greatest news for consumers of the product, and surely a fee that is quite unwelcome by builders as well.
More water woes! Have you heard about the new "ditch tax" here in HRM? Well, apparently quite a few have and are fighting made over a charge to their property that is not even applicable. There is some other bits of info for you to mull over as well if you decide to pop over and have a read.
Meet Gear! His current foster has done a lot of work with him, and is now a great walker, and has gained confidence when meeting new people. He would do best in a home with a female dog, or laid back dog. No children, as he is still quite nervous of them. He is fine with cats.
This spunky fella is available through PitProject Rescue, a non profit rescue organization from Halifax, Nova Scotia. More info about him, other adoptable's looking for their furever home, and ways to help or donate can be found by clicking HERE.
Are you familiar with ViewPoint Realty? How about the ViewPoint Realty, 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! Not to mention it's now more rewarding then ever to become a ViewPoint Client, just click HERE to find out more. More savings and more information, sign up today! Or, click HERE to go right to the map and get property shopping!
LET ME HELP YOU OUT
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. Thanks for stopping by!
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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