The Halifax Real Estate Blog Weekly Market Rant And Statistics Update by Jeremiah Wallace (Ever Thursday)
Halifax (HRM) Residential Market Statistic Update For Week of March 27th-April 3rd 2014
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 553 (387, 422, 503, 484) *490
Sold: 115 (97, 122, 125, 98) *133
Sale To List Ratio: 21% (25%, 29%, 26%, 20%) *27%
Listings that went conditional/pending: 137 (110, 136, 139, 146)
Expired/Cancelled/Withdrawn: 185 (75, 109, 88, 159) *165
Total Active Halifax/Dartmouth Inventory: 4,680 (4,611, 4,541, 4,506, 4,400) *4,594
Active Single Family Home: 3,094 (3.037, 2,960, 2,938, 2,850) *3,037
Average Single Family Home List Price: $296,890 ($287,785, $301,034, $276,316, $275,268) *279k
Average Single Family Home Selling Price: $286,066 ($277,215, $290,534, $266,136, $268,132) *275k
Average Days On Market Single Family Home: 100 (89, 112, 108, 125) *92
Active Condos: 472 (475, 470, 461, 446) *337
Average Condo Listing Price: $268,471 ($236,232, $250,670, $232.800, $267,500) *274k
Average Condo Selling Price: $259,771 ($230,776, $241,520, $223,278, $253,966) *265k
Average Days On Market Condos: 92 (112, 92, 178, 131) *70
Halifax/Dartmouth Absorption Rate (weeks): 106 (102, 101, 94, 89) *42
"April showers bring May flowers", but what does April snow bring? Apparently more listings! April 1st is not just a day to pull a prank on someone, it's also what many folks believe to be the start of the Spring market. The lead up to the Spring market actually started a few weeks back, with some of the early birds catching the proverbial worm, and giving others a taste of what challenges may await them. I would got out on a limb and say that the first couple weeks of April is traditionally the highest listing addition time of the year. Might have to run the stats a little more to confirm, but just looking back two years ago, there was 500+ a week for April (one week in the high 600's), and last year much the same. 2012 and 13 both had their 600+ inventory gain next week, so I will be anxious to see if we see that same rate on the next report! All other statistics are tracking the same as they have been as of late. Mid-low sales, loads of inventory, long days on market, and an ever gaining absorption rate. Looks like some warmer weather is in the forecast for now, so lets hope the warmer climate has the same effect on the market. Thanks for stopping by!
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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