Halifax (HRM) Residential Market Statistic Update For Week of February 13th-February 20th 2014
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 336 (304, 333, 405, 341) *389
Sold: 92 (90, 107, 61, 76) *104
Sale To List Ratio: 27% (30%, 32%, 15%, 22%) *27%
Listings that went conditional/pending: 107 (96, 88, 129, 88)
Expired/Cancelled/Withdrawn: 72 (71, 78, 168, 90) *42
Total Active Halifax/Dartmouth Inventory: 4,339 (4,312, 4,277, 4,440, 4,499) *4,045
Active Single Family Home: 2,775 (2,743, 2,741, 2,850, 2,869) *2,652
Average Single Family Home List Price: $308,998 ($310,882, $313,026, $306,392, $304,586) *277k
Average Single Family Home Selling Price: $292,028 ($294,628, $305,798, $296,392, $286,986) *271k
Average Days On Market Single Family Home: 124 (130, 108, 98, 106) *110
Active Condos: 455 (462, 449, 442, 438) *312
Average Condo Listing Price: $247,887 ($263,776, $272,556, $267,556, $242,886) *216k
Average Condo Selling Price: $241,324 ($255,527, $268,300, $230,212, $262,450) *208k
Average Days On Market Condos: 73 (118, 127, 107, 104) *62
Halifax/Dartmouth Absorption Rate (weeks): 58 (56, 63, 55, 52) *47
No big surprises on the market this week, but interesting enough is the fact that new listing additions are down again this week compared to last year. Total inventory is still well above what was reported last year, but the gap seems to be lessening as the weeks press on. Product values remain steady, and the average wait to sell a home is still 4 months or so. Last week, I took a poll and received some great feedback and a lot of good comments. Not surprised (as my readers are smart :), every reader that submitted unanimously agreed that searching for, buying, or offering on a property is redundant without having at least an accepted offer on the property that is currently owned. Many weighed in on the factors involved with such a step with things such as duel mortgage payments, depreciation, uncertainty, and the real risk of bankruptcy. So even with such an overwhelmingly one sided response, I wonder why there is so many people in this predicament? I must talk with at least one person a week who is considering the endeavour, or already involved in the scenario. There is the human factor of "getting caught up in the moment", or the ever popular "impulse buy", but such important decisions need to be weighed, contemplated, advised, contemplated more, then decided upon. If you need a voice of reason to stop you before you make that secondary property purchase without selling the one you currently own, please give me a call and I will be happy to go over all the factors with you. Thanks for stopping by, and be sure to come back later this week for the monthly wrap up for February!
Fudd is 5 year old Pitbull looking for a new home. His family had to move to Ontario and left him behind with friends who can no longer care for him due to their busy schedule.
Fudd is a big boy who loves all things little; children, kitties, and small dogs included! Fudd is afraid or larger dogs with long fur and men in uniforms, but he loves just about everything else.
Please 'Share' Fudd so we can help find him his forever home ASAP! Contact Buddy's Bully Rescue for more information.
This peppy fella is available through Buddy's Bully 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.
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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