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 16th to January 23rd 2014
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 345 (389, 378, 101, 119) *330
Sold: 55 (51, 49, 26, 51) *78
Sale To List Ratio: 16% (13%, 13%, 26%, 43%) *24%
Expired/Cancelled/Withdrawn: 89 (114, 113, 502, 95) *98
Total Active Halifax/Dartmouth Inventory: 4,411 (4,347, 4,238, 4,087, 4,483) *3,749
Active Single Family Home: 2,828 (2,800, 2,729, 2,632, 2,852) *2,427
Average Single Family Home List Price: $262,263 ($286,360, $287,474, $299,508, $310,477) *338k
Average Single Family Home Selling Price: $245,527 ($280,295, $267,447, $288,888, $298,157) *326k
Average Days On Market Single Family Home: 125 (113, 179, 125, 142) *136
Active Condos: 436 (415, 390, 371, 407) *272
Average Condo Listing Price: $269,900 ($245,728, $248,400, $253,233, $283,655) *324k
Average Condo Selling Price: $262,450 ($240,664, $237,100, $243,722, $279,561) *313k
Average Days On Market Condos: 126 (107, 135, 110, 70) *104
Halifax/Dartmouth Absorption Rate (weeks): 102 (75, 62, 57, 48) *62
Just like the weather, the market is cold and dreary. Still not catching up to pace last years numbers, the start of the year has been lagging. Once again sales are down this week which wreaked havoc on the sales to list ratio, and ultimately the absorption rate. Nothing is holding back the inventory, and as more and more listings flood the market, the selling challenge continues. So from last year (which wasn't a great year) to this year, our inventory is up in all areas, are sales are even lower. Average selling prices seem to be dipping a little lower however, and the spread from list to sale price was larger then usual. Uncertain times ahead as investors, property owners, potential buyers, analysts try to figure out the Halifax market enigma. The challenge of deciding whether or not to invest or sell becoming increasingly difficult as time wears on, with some people not having that option and having to roll the dice. Here's to hoping the warmer weather will not only take the snow, but our January market blues as well! 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 fourteen years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah