The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace (Every Thursday, Except Next Thursday, As The Blog Will Be Down For Maintenance)

7/10/2014

Halifax (HRM) Residential Market Statistic Update For Week of July 3rd - July 10th 2014
(Previous weeks numbers in brackets)
*Last year this week

New Listings: 544 (478, 477, 490, 578) *499
Sold: 161 (128, 163, 168, 168) *130
Sale To Listing Ratio: 26% (27%, 35%, 34%, 29%) *26%
Listings that went conditional/pending: 154 (147, 157, 159, 162)
Expired/Cancelled/Withdrawn: 111 (300, 81, 96, 106) *103
Total Active Halifax/Dartmouth Inventory: 5,715 (5,660, 5,777, 5,717, 5,676) *5,556
Active Single Family Home: 3,900 (3,856, 3,941, 3,897, 3,861) *3,671
Average Single Family Home List Price: $307,591 ($290,741, $307,957, $303,555, $300,326) *286k
Average Single Family Home Selling Price: $297,796 ($282,092, $296,001, $293,003, $291,173) *275k
Average Days on Market Single Family Home: 87 (86, 93, 84, 104) *102
Active Condos: 549 (555, 549, 545, 562) *442
Average Condo Listing Price: $228,121 ($255,377, $249,333, $250,893, $252,998) *289k
Average Condo Selling Price: $221,774 ($248,588, $232,150, $241,033, $243,573) *281k
Average Days on Market Condos: 89 (80, 98, 77, 69) *60
Active Vacant Lots: 912 (903, 938, 934, 928)

MARKET RANT
It would appear that last weeks decline in the inventory was just slow reflex to get back on the market. Listing piled onto the market this week confirming the theory of the whole first of the month expire/re-list dance. Inventory struck back with a vengeance, and almost spiked us back to the peak of the year that we witnessed two weeks ago. I guess only time will tell if there is still "gain" left in the inventory this year, or see it start to taper off finally. Much like the featured article last week, values for single family homes remained high this week, despite the command for correction. We need some action, and less talk about the "things to come", even then, I believe the majority of upgrading buyers will still be hesitant until a real turn around is made. Guess we will just have to continue playing the waiting game.

WEEKLY ADOGTABLE
Saskia is around 2 years old and fully vetted , she is a sweet goofy girl that get's along well with other dogs , we are not sure about cats at the moment. She isn't too big weighing around 55lb. We are accepting applications now!

This "Goofy Gal" is available through Nova Scotia Pit Bull Society, a non profit rescue organization from Halifax, Nova Scotia. More info about her, 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 Realty, 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's now more rewarding then ever to become a ViewPoint Client, just 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!

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 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. Thanks for stopping by!

Newest Blog post HERE

Mike

7/10/2014 12:28:45 pm

Interesting numbers this week. Almost what I expected but I didn't see the number of cancellations as being that high. Comparing that number to two weeks previous and to last year I think it shows a growing sense of disappointment in the activity in the market and people are starting to give up. I would be interested to see if there is some way of quantifying that to price range. If it is lower end listings (could the increase in price be reflective of more lower end listings cancelling?) then to me this would be a bad sign because those are the people who start the chain of step ups. However, this may be a good thing because fewer lower end homes to choose from will hopefully encourage first time home buyers to get into the market before the inventory starts to decline in that price point.

I definitely agree with your point (as I have said in the past) people need to trust that the market prices are stable and that the price correction that everyone is waiting for is just not going to happen.

I do caution people to watch out for listings that are simply people shoving listings on the market to try to make a profit. An example is houses listed at 289,000 when you can get a similar property for 239,900 on the same street. There are lots of bargains to be had.

I would also like to continue to put a plug in for all the military families struggling to sell their properties in this very quiet market. For people looking at homes, chances are if you see a military uniform in the closet, you will see a home priced very competitively.

And for all the people thinking that buying a home privately is a good way to get a bargain, remember that the real estate agents also contribute to the local economy and can save you a lot of problems down the road.

Comments are closed.

stats. news. insight.

The Halifax Real Estate Blog Weekly Market Rant and Statistics Update, by Jeremiah Wallace (Every Thursday, Except Next Thursday, As The Blog Will Be Down For Maintenance)

Jeremiah Wallace, CD

Listings

Archives

Categories