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Expired/Cancelled/Withdrawn: 128 (131, 233, 122, 105) *123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)
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 Average reduction from the expired/cancelled/withdrawn pile, with expired listings taking bilk of removal from market.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.
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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