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 August 7th To August 14th 2014
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 474 (497, 443, 462, 544) *460
Sold: 108 (106, 150, 143, 161) *125
Sale To Listing Ratio: 23% (21%, 34%, 31%, 26%) *27%
Listings that went conditional/pending: 143 (124, 135, 148, 154)
Expired/Cancelled/Withdrawn: 131 (233, 122, 105, 111) *126
Total Active Halifax/Dartmouth Inventory: 5,811 (5,763, 5,769, 5,755, 5,715) *5,544
Active Single Family Home: 3,927 (3,892, 3,899, 3,918, 3,900) *3,658
Average Single Family Home List Price: $285,178 ($315,732, $324,030, $322,905, $307,591) *296k
Average Single Family Home Selling Price: $272,197 ($304,200, $310,164, $309,886, $297,796) *287k
*Single Family Home Sale to List Ratio This Week: 95% (96%, 96%, 95%)
Average Days on Market Single Family Home: 94 (93, 87, 97, 87) *105
Active Condos: 548 (543, 539, 549, 549) *439
Average Condo Listing Price: $243,709 ($247,339, $245,552, $243,014, $228,121) *263k
Average Condo Selling Price: $236,790 ($241,005, $238,284, $237,135, $221,774) *235k
*Condo Sale to List Ratio This Week: 97% (97%, 97%, 98%)
Average Days on Market Condos: 114 (71, 70, 67, 89) *74
Absorption Rate in weeks: 46 (41, 40, 39)*43
Active Vacant Lots: 962 (962, 957, 923, 912)
Just when you think you have things figured out, the market turns around and gives you a surprise. Instead of following the usual trend for this time of year, most areas of the market are full steam ahead, well, except for sales that is. Expecting another week of slow inventory gain, both single family homes and condo's burst back to life with a bump in their respective areas (single family homes more so). Surprisingly, the typical inventory gain and lacklustre sales to list ratio did not inflate those statistics either. Fairly close to last years stats, except the inventory, but all others seem to be hovering around the same ebb and flow ratio. There has been a little extra buzz in the last few weeks however, and it would appear that showings and inquiries are up across the board. Window shopping activity is one thing, but getting buyers to committed to walking through the door is another thing completely. An article I read recently summed up our market perfectly as "a buyers market with no buyers". Highly recommend the read.
TIP OF THE WEEK
Don't confuse tax assessment with a property appraisal.
Hope is fully vetted and around 2 years old , she is a very sweet girl and sailed through her evaluation with a trainer. Hope along with her sister Faith (also available) have been in boarding for 10 months , after a kind hearted lady witnessed their owner beating them and taking them off of him , she has supported them financially for the last 10 months but has not been able to find a home for them, she has contacted many rescues local to NY who have not been able to take them as they are full. Hope will arrive in foster August 10, we will update her bio as we get to know her but so far we know that she is dog and people friendly and has been exposed to cats but not actually lived with one.
This "Lovely Lady is available through Nova Scotia Pitbull 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 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 fourteen years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah