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Expired/Cancelled/Withdrawn: 109 (88, 159, 72, 71) *69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
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!
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MORE ABOUT CALYPSO
Prefers a home without: Dogs, Cats, Young Children • House trained • Spayed/Neutered • Shots Current
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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.
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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