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 14th To August 21st 2014
(Previous weeks numbers in brackets)
*Last year this week

New Listings: 411 (474, 497, 443, 462) *365
Sold: 134 (108, 106, 150, 143) *135
Sale To Listing Ratio: 33% (23%, 21%, 34%, 31%) *37%
Listings that went conditional/pending: 132 (143, 124, 135, 148) 
Expired/Cancelled/Withdrawn:  128 (131, 233, 122, 105) *123
Total Active Halifax/Dartmouth Inventory:  5,783 (5,811, 5,763, 5,769, 5,755) *5,520
Active Single Family Home: 3,900 (3,927, 3,892, 3,899, 3,918) *3,622
Average Single Family Home List Price:  $296,581 ($285,178, $315,732, $324,030, $322,905) *287k
Average Single Family Home Selling Price:   $286,384 ($272,197, $304,200, $310,164, $309,886) *280k
*Single Family Home Sale to List Ratio This Week: 97% (95%, 96%, 96%, 95%)
Average Days on Market Single Family Home: 114 (94, 93, 87, 97) *112
Active Condos:  545 (548, 543, 539, 549) *430
Average Condo Listing Price:  $255,770 ($243,709, $247,339, $245,552, $243,014) *258k
Average Condo Selling Price:  $248,052 ($236,790, $241,005, $238,284, $237,135) *253k
*Condo Sale to List Ratio This Week: 97% (97%, 97%, 97%)
Average Days on Market Condos:  137 (114, 71, 70, 67) *110
Absorption Rate in weeks:  46 (46, 41, 40, 39)*44
Active Vacant Lots: 968 (962, 962, 957, 923)

MARKET RANT
Is this another false week of decline, or have we finally started the usual downward trend? Inventory is down across the board, well, except for vacant lots. A good showing of conditional/pending listings from last week has translated into a decent sales week, and an upper average sales to list ratio. Average reduction from the expired/cancelled/withdrawn pile, with expired listings taking bilk of removal from market. Although some of the listings will return to market, the lions share of them do not in the short term. That being said, on average, we see 120 or so listing get cancelled, expire, or withdraw from the market every week. We see an average of 120 sales each week, and somewhere in the 400's (usually) for new additions. So out of the 400 or so listings that come to market each week, 30% will either sell, get an offer, or expire etc. Obviously that's just rough math, but as far as status changes are concerned, it would appear that the positive outweighs the negative. But, if you look at just sales vs expired etc, there is more like a 50/50 shot at selling.

WEEKLY ADOGTABLE
Spot 
Male
12-14 months

Hi my name is Spot , I am a very happy and friendly boy , I get along really well with other dogs , I listen well and am pretty good already with some of my basic commands. I love a treat and I take it very gently from your hand , I am still young and when I get excited I jump up to say hello , my foster mum is working on that. 

I am a lovely white and grey colour , everyone says I am handsome and I agree! 

I am fully vetted and ready to look for my forever home.

This "Loving Lad" 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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