The Halifax Real Estate Blog Weekly Market Rant, Notable News And Statistics Update by Jeremiah Wallace (Every Thursday)
Halifax (HRM) Residential Market Statistic Update For Week of May 29th- June 5th 2014
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 616 (542, 592, 553, 649) *593
Sold: 154 (172, 133, 143, 147) *184
Sale To Listing Ratio: 25% (32%, 22%, 26%, 23%,) *31%
Listings that went conditional/pending: 174 (176, 158, 158, 170)
Expired/Cancelled/Withdrawn: 227 (82, 79, 93, 124) *209
Total Active Halifax/Dartmouth Inventory: 5,569 (5,563, 5,483, 5,303, 5,187) *5,485
Active Single Family Home: 3,795 (3,761, 3,703, 3,624, 3,551) *3,659
Average Single Family Home List Price: $313,837 ($314,449, $299,131, $323,895, $311,592) *290k
Average Single Family Home Selling Price: $302,548 ($303,919, $289,648, $313,500, $300,759) *283k
Average Days On Market Single Family Home: 78 (122, 96, 103, 100) *86
Active Condos: 560 (554, 553, 535, 516) *436
Average Condo Listing Price: $254,377 ($240,353, $254,175, $266,094, $244,431) *264k
Average Condo Selling Price: $244,455 ($243,386, $243,612, $259,006, $237,388) *257k
Average Days On Market Condos: 70 (117, 90, 104, 118) *95
Active Vacant Lots: 897 (928)
Halifax/Dartmouth Absorption Rate (weeks): 139 (137, 134, 132, 128) *34
With my haste to get the weekly stats up last week, and because my rant went a little longer than usual, I forgot to welcome the new statistic to the blog, "active vacant lots". Although it's not that interesting to most, I was actually surprised at the bulk of this product for sale, and how seldom the movement is. Second largest number in the Halifax/Dartmouth area, yet the fewest number of sales or price reductions. I guess there's just not the same hoopla associated with land as there is with the dog and pony show that is residential sales. Numbers are reporting the same this week, inventory gains in all areas, fewer sales than last, and an absorption rate that seems to be unstoppable. So the question and topic seems to be when is enough enough? I touched last week on when sellers should draw the line with how to go with regards to selling their property, obviously, it's a case by case , motivation driven answer. The general market stance at this point seems to be one of "it doesn't seem to make a difference how much I list my home for, there is still no one looking so I'm just going to "wait it out"" type of mentality. This may work for some, but not others who are counting on the sale of their current home to relocate to their next job posting, or some other necessary reason. What magic can someone conjure to sell a property that simply is in the wrong location, at the wrong time?
Continuing the acknowledgement, this article outlines another missing market ingredient here in Halifax, military relocation. As noted a while back, we already know that the Canadian government has severely reduced the number of postings from left to right of our country, now the soldiers are being restricted to rules such as selling the home they are in before getting the thumbs up to go. Not really great news in a market like ours, especially if you where posted here 3 years ago, which is the general posting span.
Further news from the Chinese investor department. "A major Chinese real estate developer signed papers in Nova Scotia Tuesday showing it plans to make big investments in the province. Shanghai-based Dongdu International Group, known as DDI, is proposing a 1,200 hectare resort development at Indian Harbour Lake on the Eastern Shore."
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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