The Halifax Real Estate Blog Weekly Market Rant and Statistics Update By Jeremiah Wallace (Every Thursday)
Halifax (HRM) Residential Market Statistic Update For Week of January 9th to January 16th 2014
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 389 (378, 101, 119, 303) *394
Sold: 51 (49, 26, 51, 90) *78
Sale To List Ratio: 13% (13%, 26%, 43%, 30%) *20%
Expired/Cancelled/Withdrawn: 114 (113, 502, 95, 353) *136
Total Active Halifax/Dartmouth Inventory: 4,347 (4,238, 4,087, 4,483, 4,727) *3,697
Active Single Family Home: 2,800 (2,729, 2,632, 2,852, 3,031) *2,402
Average Single Family Home List Price: $286,360 ($287,474, $299,508, $310,477, $302,000) *291k
Average Single Family Home Selling Price: $280,295 ($267,447, $288,888, $298,157, $290,985) *280k
Average Days On Market Single Family Home: 113 (179, 125, 142, 127) *133
Active Condos: 415 (390, 371, 407, 417) *261
Average Condo Listing Price: $245,728 ($248,400, $253,233, $283,655, $300,515) *331k
Average Condo Selling Price: $240,664 ($237,100, $243,722, $279,561, $290,515) *323k
Average Days On Market Condos: 107 (135, 110, 70, 110) *125
Halifax/Dartmouth Absorption Rate (weeks): 75 (62, 57, 48, 56) *71
We hit a milestone this week on the blog! It has been a year since starting to report the total Halifax/Dartmouth inventory, which by my calculation is 650 more then last year. It's all areas of inventory that are up as well. Single family home inventory is up by 14% while condos increased by a whopping 37%! The sales to list ratio was down significantly again this week, but that's large in part to the time of the year. Mind you, last year at this time we where up by 7 points. Values are down a little this week, as are the days on market for both categories. Inquiries are starting to pick up however, and the warmer weather may be giving buyers a false start to the season. Whatever it it, here's to hoping we get some energy pumped into a slumping market, and get back on track to a healthier state. What's your predictions for the 2014 Halifax property year? 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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1/19/2014 11:20:16 am
I predict further declines in the Dartmouth/Halifax market. I see no reason why prices should continue to remain at these historically high levels. The fundamentals are poor.
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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..
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