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 July 24th - July 31st 2014
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 443 (462, 544, 478) *441
Sold: 150 (143, 161, 128, 163) *148
Sale To Listing Ratio: 34% (31%, 26%, 27%, 35%) *34%
Listings that went conditional/pending: 135 (148, 154, 147, 157)
Expired/Cancelled/Withdrawn: 122 (105, 111, 300, 81) *294
Total Active Halifax/Dartmouth Inventory: 5,769 (5,755, 5,715, 5,660, 5,777) *5,486
Active Single Family Home: 3,899 (3,918, 3,900, 3,856, 3,941) *3,643
Average Single Family Home List Price: $324,030 ($322,905, $307,591, $290,741, $307,957) *309k
Average Single Family Home Selling Price: $310,164 ($309,886, $297,796, $282,092, $296,001) *297k
*Single Family Home Sale to List Ratio This Week: 96% (95%)
Average Days on Market Single Family Home: 87 (97, 87, 86, 93) *103
Active Condos: 539 (549, 549, 555, 549) *436
Average Condo Listing Price: $245,552 ($243,014, $228,121, $255,377, $249,333) *323k
Average Condo Selling Price: $238,284 ($237,135, $221,774, $248,588, $232,150) *310k
*Condo Sale to List Ratio This Week: 97% (98%)
Average Days on Market Condos: 70 (67, 89, 80, 98) *109
Absorption Rate in weeks: 40 (39)*40
Active Vacant Lots: 957 (923, 912, 903, 938)
On the heels of a record breaker last week, we ended up breaking another one...single family homes values!! again. Marginal improvements in some of the key areas including a slight gain in sales, reduction of inventory gain, lower days on market, pretty much everything...except vacant lot gain. Although there was a slight improvement in the market this week, the total inventory bumped again, climbing to peak levels. Traditionally, the inventory will ebb and flow over the next few months around the same numbers, but anything goes as of late and it's time for us to snap out of this funk right? right?? Investors and analysts alike are projecting that we are in for the long haul, where other, glass half full types, look at any nominal improvement as the great wave of change. With the Irving shipbuilding contract taking longer than expected to ramp up, the general market attitude remains reluctant. And with the currently low buyer and seller confidence, the feeling is that even the mighty Irving contract is not enough to put this ship back on course.
TIP OF THE WEEK
Before starting your home search, it's always a great idea to get pre-approved by a mortgage specialist from your financial institution, or a mortgage broker. It really helps you dial in the price range that you should be looking at, and without it, you may be looking at properties that are over budget.
Derby is a handsome 3 year old, 70lb dark blue pitty looking for his perfect match! He is a gentle love bug who loves to snuggle and relax in the sun. Derby would like a home with an active family where he well get plenty of mental and physical stimulation. He loves children and would do best with a family with older children as he tends to get excited, but with basic obedience he would be a fantastic dog to have around. Obedience classes will be mandatory for anyone wishing to adopt and if a foster home is found in the HRM area, training classes will be provided. Derby is simply looking for an active friend to call his own who will help teach him the good in the world. Derby is not good with other cats and since he tends to have bad manners with other dogs, a pet free home would be best. Derby is kennel trained, vaccinated, and neutered.
This "Handsome Hulk" is available through Buddies Bully Rescue, a non profit rescue organization from Halifax, Nova Scotia. More info about her, 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 fourteen years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah