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 April 24th - May 1st 2014
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 542 (466, 563, 531, 553) *683
Sold: 157 (127, 152, 107, 115) *166
Sale To List Ratio: 29% (27%, 25%, 20%, 21%) *24%
Listings that went conditional/pending: 160 (139, 133, 148, 137)
Expired/Cancelled/Withdrawn: 245 (59, 106, 80, 185) *125
Total Active Halifax/Dartmouth Inventory: 5,002 (5,040, 4,941, 4,820, 4,680) *5,084
Active Single Family Home: 3,424 (3,399, 3.307, 3,185, 3,084) *3,423
Average Single Family Home List Price: $279,885 ($289,440, $287,264, $272,308, $296,066) *294k
Average Single Family Home Selling Price: $271,365 ($280,883, $278,062, $264,936, $286,066) *286k
Average Days On Market Single Family Home: 89 (114, 97, 103, 100) *74
Active Condos: 487 (502, 497, 494, 472) *384
Average Condo Listing Price: $257,451($263,477, $269,868, $244,845, $268,471) *294k
Average Condo Selling Price: $251,662 ($255,762, $260,267, $237,433, $259,771, $230,776) *286k
Average Days On Market Condos: 117 (126, 97, 121, 92) *72
Halifax/Dartmouth Absorption Rate (weeks): 125 (116, 107, 102, 106) *39
Some strange times on the market this week. Some anomaly has caused the overall inventory to actually reduce this week. You point your finger at the expired/cancelled/withdrawn pile, as those numbers came in rather high this week. It's odd to think that so many listings have expired by this point in the year, mainly because the usual REALTOR® commitment is for three months, and some for six. Either way you slice it, that would mean commitments where signed in February or November, and it's now time to decide what to do. Questions like "should I resign and keep trying", "hire another company to see if it's not the listing agent I'm using", or "maybe I should take it off the market and wait until the market improves", all things to consider if you haven't sold by the time your contract is up. So the sales to list ratio was up this week, sales looked better then they have in a while, and we had a slight inventory reduction. We also witnessed shrinking in the average days on market and overall values for both products and higher conditional pending listings. All good signs in my opinion, if the trend can continue. The only stat that did not improve this week was the absorption rate, which added another 9 weeks to the overall duration.
Looks like the CMHC continues to tighten its grip on insuring certain Canadians with their mortgage applications. Not likely that it will affect the broad audience of applicants, but people like myself, who are self employed, will have a few more hurtles to navigate on the way to property acquisition. Full article can be found HERE
Might have a couple more twin towers in the Halifax skyline. The proposed development, a 500,000-square-foot, twin-tower development spanning the block bounded by Granville, George, Hollis and Duke streets was appealed, but rejected by regional council earlier this week. More details can be found HERE
Chance is a handsome 2 year old Pitbull/Lab, weighing roughly 65lbs. Even though he may be unsure when he first meets a new dog, Chance would do best in a home with a larger, calm, friendly dog who could help him continue to grow with his socialization. Chance would really excell in a home where he will have guidance, boundries, and a strong leader. He is a very sweet boy who loves to play, cuddle, and just be a dog. No cats or chickens for Chance, and since he is still learning how to socialize, he would not do well as a dog-park dog, but a home where he will continue to get proper socialization would be ideal. Chance is neutered, vaccinated, and parasite treated.
This spunky 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. 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 twelve years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah