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 August 21st To August 28th 2014
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 447 (411, 474, 497, 443) *382
Sold: 135 (134, 108, 106, 150) *145
Sale To Listing Ratio: 30% (33%, 23%, 21%, 34%) *38%
Listings that went conditional/pending: 128 (132, 143, 124, 135)
Expired/Cancelled/Withdrawn: 136 (128, 131, 233, 122) *136
Total Active Halifax/Dartmouth Inventory: 5,813 (5,783, 5,811, 5,763, 5,769) *5,478
Active Single Family Home: 3,879 (3,900, 3,927, 3,892, 3,899) *3,594
Average Single Family Home List Price: $323,502 ($296,581, $285,178, $315,732, $324,030) *294k
Average Single Family Home Selling Price: $310,691 ($286,384, $272,197, $304,200, $310,164) *292k
*Single Family Home Sale to List Ratio This Week: 96% (97%, 95%, 96%, 96%,)
Average Days on Market Single Family Home: 117 (114, 94, 93, 87) *98
Active Condos: 549 (545, 548, 543, 539) *411
Average Condo Listing Price: $242,855 ($255,770, $243,709, $247,339, $245,552,) *270k
Average Condo Selling Price: $233,122 ($248,052, $236,790, $241,005, $238,284) *265k
*Condo Sale to List Ratio This Week: 96% (97%, 97%, 97%, 97%)
Average Days on Market Condos: 86 (137, 114, 71, 70) *104
Absorption Rate in weeks: 48 (46, 46, 41, 40)*44
Active Vacant Lots: 1021 (968, 962, 962, 957)
And this is why we track more stats than ever! On quick review, you would probably notice that the inventory count actually went up this week when in fact, it should have kept declining. You will notice the one key area that has caused the confusion (which wasn't here last year), vacant lots. Whilst all other areas of inventory have declined this week, vacant lots decided to railroad the operation by adding a large sum of inventory to the market, masking the real event taking place which is the normal reduction of properties on the market. As we get closer and closer to the end of summer, many people decide to "wait it out" to fight another day. Selling a property can be a little too much to take with the other events that may be taking place, such as getting the little ones ready for the new year of school, or sending the not so little ones back to class. Either way, the market takes no prisoners and provides no sympathy. The lack of buyers means that properties have to be at the top of their game, list at a good price, and have the three most desirable words in real estate going for it "location, location, location". Having one of the three has proven success in the market, while those choosing to ignore the effort, also, get ignored. I would expect a high expired/cancelled/withdrawn stat next week.
My foster mum and dad say that I am a very sweet girl , I love to cuddle and give kisses , I walk very well on leash and stay by my fosters side , I saw lot's of different dogs when out walking and I don't pay any attention to them. I have seen my foster mum sending messages to the rescue updating them , and I saw something along the lines of "she is the perfect dog"….well that made me feel so special!
All in all I think I am a pretty special girl , I am fully vetted and ready to look for my new home.
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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