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 April 3rd - April 10th 2014
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 531 (553, 387, 422, 503) *616
Sold: 107 (115, 97, 122, 125) *109
Sale To List Ratio: 20% (21%, 25%, 29%, 26%) *18%
Listings that went conditional/pending: 148 (137, 110, 136, 139)
Expired/Cancelled/Withdrawn: 80 (185, 75, 109, 88) *104
Total Active Halifax/Dartmouth Inventory: 4,820 (4,680, 4,611, 4,541, 4,506) *4,791
Active Single Family Home: 3,185 (3,084, 3.037, 2,960, 2,938) *3,187
Average Single Family Home List Price: $272,308 ($296,066, $287,785, $301,034, $276,316) *293k
Average Single Family Home Selling Price: $264,936 ($286,066, $277,215, $290,534, $266,136) *287k
Average Days On Market Single Family Home: 103 (100, 89, 112, 108) *93
Active Condos: 494 (472, 475, 470, 461) *353
Average Condo Listing Price: $244,845 ($268,471, $236,232, $250,670, $232.800) *293k
Average Condo Selling Price: $237,433 ($259,771, $230,776, $241,520, $223,278) *281k
Average Days On Market Condos: 121 (92, 112, 92, 178) *191
Halifax/Dartmouth Absorption Rate (weeks): 102 (106, 102, 101, 94) *112
Well, at least the weather is improving! We didn't crest above the 600 new addition mark as the previous 2 years this week, but we still managed a healthy gain once more on the market. Sales have somewhat stabilized and are averaging around 115 in a week, but with 531 new listings, makes it a bit of a challenge to get noticed. The sales to list ratio fell another point this week, but strangely enough, the absorption rate declined. Values for both products remain steady, but the both experienced smaller averages this week, which has been the ebb and flow of sale prices this year so far. So not a whole lot of change to the market, and certainly no indicators of improvements. One thing we have going for us this week is our location!
According to a recent zombie survival analysis, Halifax would be the fourth best place to live out the remainder of your days during a zombie apocalypse. Certainly the ocean would be of great help, and our vastly dispersed, and rural population. Coming in at number one was Edmonton, AB, with cold climate and military to stave off the hoards of hungry "walkers", and Windsor, ON coming in "dead" last. Is that something to add to the features list of your listing? most certainly not. But it is food for thought for all of those living on the peninsula! haha.
Another bit of news that I wanted to toss at my readers this week, is the article posted in the CH regarding our market here in Halifax. If you have time, give it a read! I would be interested to hear what my HREB readers have to say about it. 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