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 May 8th - May 15th 2014
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 553 (649, 542, 466, 563) *570
Sold: 143 (147, 157, 127, 152) *176
Sale To List Ratio: 26% (23%, 29%, 27%, 25%) *31%
Listings that went conditional/pending: 158 (170, 160, 139, 133) *173
Expired/Cancelled/Withdrawn: 93 (124, 245, 59, 106) *106
Total Active Halifax/Dartmouth Inventory: 5,303 (5,187, 5,002, 5,040, 4,941) *5,369
Active Single Family Home: 3,624 (3,551, 3,424, 3,399, 3.307) *3,608
Average Single Family Home List Price: $323,895 ($311,592, $279,885, $289,440, $287,264) *303k
Average Single Family Home Selling Price: $313,500 ($300,759, $271,365, $280,883, $278,062) *296k
Average Days On Market Single Family Home: 103 (100, 89, 114, 97) *85
Active Condos: 535 (516, 487, 502, 497) *418
Average Condo Listing Price: $266,094 1($244,431, $257,451, $263,477, $269,868) *212k
Average Condo Selling Price: $259,006 ($237,388, $251,662, $255,762, $260,267) *205k
Average Days On Market Condos: 104 (118, 117, 126, 97) *48
Halifax/Dartmouth Absorption Rate (weeks): 132 (128, 125, 116, 107) *35
Happy anniversary! I could swear that I just implemented the conditional/pending statistic a few months ago, but here we are, one year later! So, If you remember when I first stuck that statistic up on the blog, you have been following my take on the market for over a year now! Time fly's doesn't it? New listings weren't as severe as last week but still had a healthy showing, which helped the sales to list ratio climb, even though the sales where down. Gains in all area of the inventory occurred this week, which added on another 4 weeks of duration to the absorption rate. Resale values hit a benchmark. For the first time in reporting history, single family homes sales average was 313k, besting the last record of 307k. There may have been a few higher priced homes that have skewed that statistic this week, and by no means should that be taken over the median home price. It would seem that the conditional stat is working out though. A few positive comments, and no one prompting me to get rid of it, tells me that it's here to stay. The two great things that it does is give a closer look at market activity in relation to sales, and show just how many agreements go south per week.
The Cogswell Interchange, a sprawling concrete blight on the northern edge of downtown Halifax, is one step closer to being torn down and replaced with a mixed-use development says THIS article. On Monday, the municipality’s executive standing committee endorsed the design for the new Cogswell District, which goes to regional council for approval next.
This little gem ominously titled "House Sellers Beware" was released earlier this week by CH. I wanted to post this one because it's been clogging my social media feeds for days by people, who I think, are promoting it the wrong way, and I wanted to see what my loyal readers thought. Every time I see it, it has some sort of message attached to it like "see, you get what you pay for", or some smart remark. I understand that some people like scare tactics with their marketing, as in, "unless you use a professional, you are headed for disaster" lament, but everyone has different reasons for trying things on their own, and should't be given the "I told you so" lecture for their attempt. Many people take on the role of their own professional and are successful because they have the experience and know who to approach to source answers, while others try, but exceed their capabilities or experience and seek professional help to get the task done. And others know the value of professionals, and do not hesitate to seek out, and hire the right person to get the job done. Not all services match the needs of all people, and we are in a time that services need to bend around the needs of people to make it a viable option. Just my thoughts...
Georgie is between 12-14 months old and a pit mix , he is very loving and dog friendly , he will soon be neutered and microchipped and looking for his new home with his best friend Leroy the Chi , Leroy is around 3 years old and also dog friendly , these 2 love each other and do everything together , if you can open your home and heart to 2 adorable boys then look no further
This "delightful duo" is available through Nova Scotia Pit Bull Rescue Society, 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.
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LET ME HELP YOU OUT
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. Thanks for stopping by!
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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