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 31st To August 7th 2014
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 497 (443, 462, 544) *431
Sold: 106 (150, 143, 161, 128) *124
Sale To Listing Ratio: 21% (34%, 31%, 26%, 27%) *29%
Listings that went conditional/pending: 124 (135, 148, 154, 147)
Expired/Cancelled/Withdrawn: 223 (122, 105, 111, 300) *118
Total Active Halifax/Dartmouth Inventory: 5,763 (5,769, 5,755, 5,715, 5,660) *5,507
Active Single Family Home: 3,892 (3,899, 3,918, 3,900, 3,856) *3,643
Average Single Family Home List Price: $315,732 ($324,030, $322,905, $307,591, $290,741) *328k
Average Single Family Home Selling Price: $304,200 ($310,164, $309,886, $297,796, $282,092) *312k
*Single Family Home Sale to List Ratio This Week: 96% (96%, 95%)
Average Days on Market Single Family Home: 93 (87, 97, 87, 86) *106
Active Condos: 543 (539, 549, 549, 555) *443
Average Condo Listing Price: $247,339 ($245,552, $243,014, $228,121, $255,377) *298k
Average Condo Selling Price: $241,005 ($238,284, $237,135, $221,774, $248,588) *292k
*Condo Sale to List Ratio This Week: 97% (97%, 98%)
Average Days on Market Condos: 71 (70, 67, 89, 80) *85
Absorption Rate in weeks: 41 (40, 39)*41
Active Vacant Lots: 962 (957, 923, 912, 903)
Fairly typical stat report this week, as it appears that the peak of inventory may be on the way down. Not a great sales week, but with the August long weekend flowing over to Monday, it's understandable that most people have relaxation, not real estate on the agenda. Hard to predict if the highest point in the market has been hit yet, but it seems like there is marginal gain/loss in either direction this week, confusing the stat trajectory. Usually, the end/beginning of the month expire/re-list dance is much higher, but as mentioned, there is no doubt that one of the highlight summer long weekends had a little to do with that. Don't forget to check out the monthly stat reports for July by scrolling down, interesting times indeed!
TIP OF THE WEEK
Inspections. Always insist on a building inspection(s) when purchasing a property. If you are considering an acreage, know that you will most likely need the services of three; water, building, and septic inspectors. Further, you may need the help of an environmental inspection as well to test for radon, contamination, or any other hazards that are associated with property.
Cheeko is a loving 1 year old, 50lb AmStaff/ Boxer mix.
Poor Cheeko has not had a very good life. He is settling in well in his foster home, but this is his 6th home in his short life, so he will need someone who is committed to him for the rest of his life! Cheeko is taking weekly obedience classes so he can learn to be the best puppy he can be. He is doing well with crate and house training, and is learning his basic commands and how to walk well on lead. It is obvious that Cheeko was abused in his past as he is very fearful of things like brooms, and sometimes even men, but he is a good boy who warms up well with a little confidence from his people.
Cheeko's favorite thing to do is roll around in the grass. He is kid/cat/dog friendly but he seems to have an endless amount of energy when he plays and thus will need a patient owner who is committed to teach him how to settle.
Cheeko is neutered, vaccinated, and parasite treated. He is a lovely young boy who will make an excellent dog for an active family who is willing to commit to his training.
This "Dashing Devil" is available through Buddies Bully Rescue, 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 contact me with questions or comments. 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