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Expired/Cancelled/Withdrawn: 59 (106, 80, 185, 75) *91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.
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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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4/24/2014 01:26:23 pm
The weather has definitely been dreary. I also see a lot of downside to the existing condo market as record resale inventory, new builds, and affordable rental apartments all compete for the same demographic. With this in mind, there is only one way for condo prices to go. Prices will have to drop significantly and new builds will have to slow down if balance is to return. As a lot of potential move up buyers are stuck in their condos, this will definitely cool down the single family home sales as well. The domino effect will move through the entire market.
4/28/2014 09:15:35 am
I agree. This website is golden in terms of its honest assessment of the current RE situation. There is no question that Halifax is in the middle of a serious downturn in regard to real estate prices and sales. I just don't see it changing as more and more older people downsize from their homes into apartments and list their homes on the market. At the same time developers continue to build new homes out in the sprawl and contribute to the overall absorption rate. 2 years and 2 months now? That is big. Given more people leaving NS than coming I just don't see the mechanism that will correct the current situation. Too much inventory and that inventory increases every single month. A trend I fear will continue for years to come based on demographics.
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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..
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