The Halifax Real Estate Blog Weekly Market Rant and Statistics Report by Jeremiah Wallace (Every Thursday)
Halifax (HRM) Residential Market Statistic Update For Week of March 20th-March 27th 2014
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 387 (422, 503, 484, 336) *446
Sold: 97 (122, 125, 98, 92) *144
Sale To List Ratio: 25% (29%, 26%, 20%, 27%) *32%
Listings that went conditional/pending: 110 (136, 139, 146, 107)
Expired/Cancelled/Withdrawn: 75 (109, 88, 159, 72) *43
Total Active Halifax/Dartmouth Inventory: 4,611 (4,541, 4,506, 4,400, 4,339) *4,542
Active Single Family Home: 3,037 (2,960, 2,938, 2,850, 2,775) *2,992
Average Single Family Home List Price: $287,785 ($301,034, $276,316, $275,268, $308,998) *288k
Average Single Family Home Selling Price: $277,215 ($290,534, $266,136, $268,132, $292.028) *281k
Average Days On Market Single Family Home: 89 (112, 108, 125, 124) *82
Active Condos: 475 (470, 461, 446, 455) *336
Average Condo Listing Price: $236,232 ($250,670, $232.800, $267,500, $247,887) *262k
Average Condo Selling Price: $230,776 ($241,520, $223,278, $253,966, $241,324) *254k
Average Days On Market Condos: 112 (92, 178, 131, 73) *71
Halifax/Dartmouth Absorption Rate (weeks): 102 (101, 94, 89, 58) *46
The Spring market has arrived, but it seems to be reflective of a winter market in both statistical and weather aspects. Although the cold weather has stuck around a little long this year, sellers haven't wasted any time on getting their properties on, or back on, the market. Once again, total inventory has risen beyond last years reports in all areas. Just looking at the condo figures alone, there are 142 more on the market this year then last, and 226 more then two years ago. Single family stats aren't as drastic in gains, but we have 45 more properties then last, and a whopping 480 then two years ago at this time. The things that haven't changed much in the last few years is the sales rate, and the inventory percentage gain. SFH values remain steady around the $285k mark, and condos average around $245k. The average shelf time for a property is still higher then last year, and the absorption rate has actually doubled from last year. Sounds like the same "doom and gloom" that you would expect to read on the blog, but the time of sugar-coating the truth about the market has long since passed. When the market does turn around have no doubts that I will be the first one pointing out the indicators, until then, I will report what is really happening out there. As long as readers such as you keep coming back to get the updates, I will gladly keep the reports coming! Thank you to all my loyal HREB visitors, old and new!
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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..
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