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)
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Expired/Cancelled/Withdrawn: 111 (300, 81, 96, 106) *103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)
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.
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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