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 January 29th - February 5th 2015
(Previous weeks numbers in brackets)
*Previous Year's Stats
New Listings: 426 (447, 325, 363, 364) *405
Sold: 95 (67, 67, 60, 38) *61
Sale To Listing Ratio: 22% (15%, 21%, 17%, 10%) *15%
Listings that went conditional/pending: 105 (105, 87, 64, 64) *129
Expired/Cancelled/Withdrawn: 269 (215, 83, 92, 101) *168
Total Active Halifax/Dartmouth Inventory: 4,293 (4,349, 4,284, 4,212, 4,117) *4,440
Active Single Family Home: 2,821 (2,830, 2,785, 2,737, 2,679) $2,850
Average Single Family Home List Price: $287,079 ($281K, $281k, $318k, $299k) $306k
Average Single Family Home Selling Price: $275,703 ($270k, $272k, $305k, $286) $297k
*Single Family Home Sale to List Ratio This Week: 96% (96%, 97%, 96%, 96%)
Average Days on Market Single Family Home: 120 (109, 125, 144, 115) *98
Active Condos: 412 (410, 393, 384, 377) *442
Average Condo Listing Price: $233,920 ($230k, $227k, $241k, $239k) *$268k
Average Condo Selling Price: $222,655 ($220k, $216k, $232k, $230k) *$259k
*Condo Sale to List Ratio This Week: 95% (96%, 95%, 96%, 96%)
Average Days on Market Condos: 105 (134, 112, 145, 122) *107
Absorption Rate in weeks: 60 (75, 73, 68, 70) *44
Active Vacant Lots: 800 (848, 844, 835, 809)
Well that's different. Leading into the usually swelling inventory months approaching spring, the last thing you would expect is an inventory reduction, but here we are. Although the end/beginning month expire/re-list would certainly have something to do with a good portion of those numbers, there is no denying that there was a little extra activity that caused the drop. With a small condo gain and only a few single family homes removed from the contest, it looks like vacant land largely contributed to this little wrinkle this week. New additions this week where down slightly but still high, and sales actually had a decent showing for this time of year. Looking at the conditional/pending pile, we may actually be in for another week of positive activity. Interesting indeed, and I would anticipate out market to provide hot topic for the remainder of the year. We are still far from a full recovery, and the absorption rate (currently sitting at 15 months) tells the tale. Absorption rate is calculated in months and can generally be interpreted as follows:
However, markets can change in the blink of an eye, and that is a general statement not taking into consideration the complexities of vast location, demographics and economy. For those scratching their heads regarding what the absorption rate is and why it matters, I have included the definition below;
*"Absorption rate is a measure of how long it would take for a location to sell all of the homes it currently has on the market. It doesn’t take into account any new homes coming on the market in the future, but just asks “If I were to sell every home on the market today, how long would it take me?” It is used to determine if it is a buyer’s market, seller’s market, or balanced market."
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LET ME HELP YOU OUT
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 property transaction and get the most advanced real estate system working for you. Feel free to contact me with questions or comments. 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