Halifax (HRM) Residential Market Statistic Update For Week of February 28th to March 7th 2013
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 491 (389, 334, 361, 365) *463
Sold: 89 (104, 87, 100, 78) *131
Sale to List Ratio: 18% (27%, 26%, 24%, 27%) *28%
Expired/Cancelled/Withdrawn: 156 (42, 99, 123, 87) *82
*Total Active Halifax/Dartmouth Inventory: 4,163 (4,045, 3,951, 3,876, 3,828)
Active Single Family Home: 2735 (2652, 2576, 2519, 2480) *2350
Average Single Family Home List Price: $306,619 ($276,882, $306,974, $285,934, $301,393) *290k
Average Single Family Home Selling Price: $300,136 ($270,864, $295,689, $272,071, $291,510) *284k
Average Days on Market Single Family Home: 98 (110, 75, 97, 114) *97
Active Condos: 313 (312, 310, 301, 288) *253
Average Condo Listing Price: $209,628 ($216,223, $273,928, $246,266, $291,922) *246k
Average Condo Selling Price: $203,210($208,300, $266,042, $241,866, $288,133) *243k
Average Days on Market Condos: 89 (62, 40, 44, 76) *94
*Halifax/Dartmouth Absorption Rate (weeks): 48 (47, 49, 53, 61.8)
Looks like our declining absorption rate streak has come to a halt! Biggest addition of inventory that we have seen this year so far, and the beginning of the month expired/renew cycle has a lot to do with it. Usually that number is a little skewed at the beginning of the month as many real estate contract terms expire on the first, so that means, the inventory that did expire from the market we can expect to see at least 60% has return immediately causing the fluctuation. On a positive note, the average single family home selling price in the HRM has hit over the 300k mark for the second time this year which may come as a surprise given the average value from last month (scroll down to find out more). Still a ways from catching up to the market this time last year, but its still early and we have a ways to go. Did you catch the news article about the patrol vessel contract? Interesting stuff and a good primer to the larger contract on the way! Whats your thoughts? 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..
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