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 March 6th-March 13th 2014
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 503 (484, 336, 304, 333) *495
Sold: 125 (98, 92, 90, 107) *98
Sale To List Ratio: 26% (20%, 27%, 30%, 32%) *20%
Listings that went conditional/pending: 139 (146, 107, 96, 88)
Expired/Cancelled/Withdrawn: 88 (159, 72, 71, 78) *62
Total Active Halifax/Dartmouth Inventory: 4,506 (4,400, 4,339, 4,312, 4,277) *4,326
Active Single Family Home: 2,938 (2,850, 2,775, 2,743, 2,741) *2,832
Average Single Family Home List Price: $276,316 ($275,268, $308,998, $310,882, $313,026) *283k
Average Single Family Home Selling Price: $266,136 ($268,132, $292.028, $294,628, $305,798) *274k
Average Days On Market Single Family Home: 108 (125, 124, 130, 108) *117
Active Condos: 461 (446, 455, 462, 449) *319
Average Condo Listing Price: $232,800 ($267,500, $247,887, $263,776, $272,556) *241k
Average Condo Selling Price: $223,278 ($253,966, $241,324, $255,527, $268,300) *233k
Average Days On Market Condos: 178 (131, 73, 118, 127) *98
Halifax/Dartmouth Absorption Rate (weeks): 94 (89, 58, 56, 63) *50
One week away from the spring season, and listings continue to flood the already swollen inventory. Speaking of inventory, we have officially surpassed last year's totals in all areas. Condo's have been well above last year's totals for quite some time now, but single family made the leap this week. That being said, we smashed several inventory related last year with regards to the inflation, and if this keeps up, we will be on pace to smash even more this year. For only the second time this year we reached over 100 sales, but that was not enough to take a dent out of the huge addition of new/re-listed properties. In fact, the absorption rate is one of the highest weeks it's been since starting to track that statistic a few years ago, with a grand total of almost 2 years to sell off all the inventory at the sales rate, if inventory stopped being added today! Adding to sellers woes (especially condo sellers), is the average days on market. Almost 4 months for single family homes, and a shocking 6 months for condos. I've stressed a number of times on the blog the importance of pricing a property correctly, and choosing the right avenue to market your property for sale. It is more important then ever to get the right representation so you do not end up chasing the market, and become mixed in with the other "stale properties".
I didn't have to look to far to find what is becoming a trend here in Halifax; Currently listed in the low 700k's, and located in a desirable part of the city, this property has "chased the market" for almost 2 years.
Don't forget to visit ViewPoint.ca and look around at the history of the homes in your neighbourhood currently for sale, and what they are selling for. I pose a challenge to my readers this week to find a property that is currently on the site with a longer history (within HRM). The unfortunate thing is that I don't think it will be hard to beat. Send your findings to me direct at firstname.lastname@example.org, and I will post the winner next week! Thanks for stopping by and stay dry out there!
Jasper is a one year old 82 pound pit bull mix - so he is a big boy who loves life and loves to play and will love your active home. He loves other dogs his size, but little dogs will probably find him a bit too rambunctious as would cats - so a home without them would be best.
He is a happy, fun dog who just wants to have fun and is very people focused - you will have your best friend for life with Jasper - he's waiting for you!
MORE ABOUT JASPER
Prefers a home without: Cats • House trained • Spayed/Neutered • Shots Current
This peppy fella is available through No Chains ALL LOVE, a non profit rescue organization from Halifax, Nova Scotia. More info about him, other adoptable's looking for their furever home, and ways to help or donate can be found by clicking HERE.
Are you familiar with ViewPoint Realty? How about the ViewPoint 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 is now more rewarding then ever to become a ViewPoint Client. 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!
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