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 May 1st - May 8th 2014
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 649 (542, 466, 563, 531) *606
Sold: 147 (157, 127, 152, 107) *172
Sale To List Ratio: 23% (29%, 27%, 25%, 20%) *28%
Listings that went conditional/pending: 170 (160, 139, 133, 148)
Expired/Cancelled/Withdrawn: 124 (245, 59, 106, 80) *97
Total Active Halifax/Dartmouth Inventory: 5,187 (5,002, 5,040, 4,941, 4,820) *5,213
Active Single Family Home: 3,551 (3,424, 3,399, 3.307, 3,185) *3,505
Average Single Family Home List Price: $311,592 ($279,885, $289,440, $287,264, $272,308) *296k
Average Single Family Home Selling Price: $300,759 ($271,365, $280,883, $278,062, $264,936) *288k
Average Days On Market Single Family Home: 100 (89, 114, 97, 103) *80
Active Condos: 516 (487, 502, 497, 494) *404
Average Condo Listing Price: $244,431($257,451, $263,477, $269,868, $244,845) *263k
Average Condo Selling Price: $237,388 ($251,662, $255,762, $260,267, $237,433) *258k
Average Days On Market Condos: 118 (117, 126, 97, 121) *44
Halifax/Dartmouth Absorption Rate (weeks): 128 (125, 116, 107, 102) *38
Lots of background activity this week. Although the total inventory level reported lower than last year, both condo and single family home inventory are beyond last years heights (condo's by a lot). The reason for the discrepancy is large in part to the products that I do not include in the weekly wrap up, like mini-home's and vacant land. Vacant land in HRM makes up the majority of the discrepancy, with 815 pieces currently being offered for sale. Huge inventory addition this week with 649 new additions, the largest addition of the year so far! Sales took a 10 unit hit, but looking at the conditional/pending stat, we should see that stat bounce back in a couple weeks. Average single family home values reported strong this week, while Condo values took a bit of a downward trajectory. And days on market for both products grew longer this week, with single family homes seeing the majority of the addition with 21 additional days to sell. There's no stopping the absorption rate it appears. Eclipsing last years measly 38 weeks, our market has now ballooned to record heights of 128 weeks to sell of everything that is currently listed. So, although the market appears to be trending the same as last year, statistics like that should be a cause for concern.
Residential resale is not the only affected product. This article is an analysis from the recent release of the CMHC new housing starts in April. ""Declines in both single-detached and multi-family starts in April contributed to a slowing pace of residential construction in Halifax", said Guillaume Neault, Senior Market Analyst with CMHC's Atlantic Business Centre. "Weaker demographic and economic fundamentals contributed largely to the reduced demand for housing," added Neault."
Shannon Park in Dartmouth may look a little different over the next few years according to this article. Although it is not certain exactly what the newly sold site will be developed into, it has been sold, and at a steal! "The Department of National Defence has unloaded Shannon Park, a former military community in Dartmouth, in a three-way deal that sets aside land for a potential stadium, a Mi'kmaq land claim and a school." During the initial considerations, a residential development was also being considered.
Sweet Chico (formerly Elmer) is back through no fault of his own and looking for his perfect foster or forever home. Chico is roughly 1 year old and around 50lbs. He loves loves loves to play with other dogs and would benefit from a home with another playful dog with good manners who will teach him how to settle when playtime if over. He is, so far, ok with cats, and loves children, but would do best with older children due to his roughly energetic play style. Chico will need a home where he will get lots of physical and mental exercise, as well as daily training. He is so loving, house trained, crate trained, neutered, and vaccinated. Obedience classes will be mandatory for Chico, who is adoptable through the Hants County SPCA.
This "good listener" is available through HCSPCA, a non profit rescue organization from Hants County, 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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5/8/2014 10:34:14 am
Thanks for doing this blog, I check it every week.
5/8/2014 03:17:25 pm
It is so scary to see all these new listings coming onto the market. For all of us trying to sell our houses 650 new listings is going to really hurt us. Every week the absorption rate increases by months. The market sells around 170 houses a week and adds 600 new listings. At this rate the absorption rate will be 3 years by mid summer.
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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