The Halifax Real Estate Blog Weekly Market Rant and Statistics Report by Jeremiah Wallace

Halifax (HRM) Residential Market Statistic Update For Week of March 13th-March 20th 2014
(Previous weeks numbers in brackets)
*Last year this week

New Listings: 422 (503, 484, 336, 304) *484
Sold: 122 (125, 98, 92, 90) *99
Sale To List Ratio: 29% (26%, 20%, 27%, 30%) *20%
Listings that went conditional/pending: 136 (139, 146, 107, 96)
Expired/Cancelled/Withdrawn:  109 (88, 159, 72, 71) *69
Total Active Halifax/Dartmouth Inventory:  4,541 (4,506, 4,400, 4,339, 4,312) *4,453
Active Single Family Home: 2,960 (2,938, 2,850, 2,775, 2,743) *2,922
Average Single Family Home List Price:  $301,034 ($276,316, $275,268, $308,998, $310,882) *322k
Average Single Family Home Selling Price:  $290,534 ($266,136, $268,132, $292.028, $294,628) *314k
Average Days On  Market Single Family Home: 112 (108, 125, 124, 130) *113
Active Condos:  470 (461, 446, 455, 462) *322
Average Condo Listing Price:  $250,670 ($232.800, $267,500, $247,887, $263,776) *275k
Average Condo Selling Price:  $241,520 ($223,278, $253,966, $241,324, $255,527) *259k
Average Days On Market Condos:  92 (178, 131, 73, 118) *67
Halifax/Dartmouth Absorption Rate (weeks):  101 (94, 89, 58, 56) *49

MARKET RANT
Biggest thing of note this week is the crazy climb of the absorption rate. It has officially doubled from last year, and does not look to be slowing down anytime soon. That's in part to the flood of additional listings we get every week, and the lack of those listings selling. So, to put in perspective, we are three weeks shy of the absorption rate taking two years to "absorb" all of the listings at the is sales rate, if all listing activity stopped. Average days on market sits just under four months still, and property value took a bump this week. The sales to list ratio got a little healthier this week, it just overshadowed by the number of new additions to the inventory. Weather woes may not be helping potential buyers get out there and take a look around either, and it seems the mood of the weather coincides with the mood of the market. Make sure to check out the February monthly wrap up by scrolling down! Thanks for stopping by!

WEEKLY ADOGTABLE
Hi guys, my name is Calypso. I am a sweet girl who loves to give kisses! I am quite laid back, but still like to play - the girls say I sound like a little piggy when I get excited. I would like a home with no other animals, and no children. Come visit me today! Weight 29kg/65lbs
MORE ABOUT CALYPSO
Prefers a home without: Dogs, Cats, Young Children • House trained • Spayed/Neutered • Shots Current

This sweet lady is available through Homeward Bound City Pound,  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.

ViewPoint Realty
Are you familiar with ViewPoint Realty? How about the ViewPoint real estate map? Its a great tool for all your real estate research needs and when you are ready to buy or sell, its the competitive edge over your competition! Not to mention it is now more rewarding then ever to become a ViewPoint Client. Click HERE to find out more. More savings and more information, sign up today! Or, click HERE to go right to the map and get property shopping!

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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