The Kings Wharf Condominium project in Dartmouth has been very successful.
Halifax (HRM) Residential Market Statistic Update For Week of May 30th-June 6th 2013
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 520 (593, 530, 545, 570) *507
Sold: 166 (184, 176, 160, 176) *195
Sale To List Ratio: 32% (31%, 33%, 29%, 31%) *39%
Expired/Cancelled/Withdrawn: 83 (209, 86, 79, 106) *87
Total Active Halifax/Dartmouth Inventory: 5,550 (5,485, 5,484, 5,419, 5,369)
Active Single Family Home: 3,689 (3,659, 3,675, 3,647, 3,608) *2982
Average Single Family Home List Price: $304,904 ($290,481, $304,362, $303,352, $303,040) *291k
Average Single Family Home Selling Price: $298,081 ($282,512, $297,972, $296,297, $295,780) *285k
Average Days On Market Single Family Home: 98 (86, 89, 97, 85) *79
Active Condos: 449 (436, 439, 423, 418) *259
Average Condo Listing Price: $236,461 ($283,912, $324,576, $236,769, $211,677) *276k
Average Condo Selling Price: $199,423 (275,449, $318,884, $233,352, $204,671) *268k
Average Days On Market Condos: 188 (95, 88, 63, 48) *37
Halifax/Dartmouth Absorption Rate (weeks): 35 (34, 35, 35, 35) *25.5
Its been a year now since Finance Minister Jim Flaherty tightened the mortgage lending rules for the fourth time and the question is, what was the impact? Although there has been some positive results in some areas of the Country it would appear that the overall effect was negative. Even before the changes occurred our sales in Halifax had already started to taper off, but look at the stats and decide for yourself those changes have become factors in our current market condition. June 2012 was the month that sent home sales in Halifax plummeting to record lows, and since then have not been able to fully recover. Coincidence? We have also gone from record low inventory, to record highs in a single year with the single family home inventory climbing 26% and condos inflating 42%. It would seem that other areas are growing as well, days on market is averaging three months and the absorption rate is now 10 weeks longer then last year.
Back to the days on market statistic. If you are in Dartmouth, you may be pleased to know that properties are selling in half the time compared to those in Halifax and Bedford (Including Sackville up to Fall River) and are traditionally so. However, average sales in Dartmouth are on average $50,000 lower then the other regions so value may encourage sales. That and the fact that both Dartmouth and Halifax combined have less active listings the the Bedford+ areas so this value is obviously causing demand to an extent. Thanks for stopping by!
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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 leave a public comment or question below. Follow me on Twitter to keep up to the minute with all things Halifax real estate @HalifaxRealEst and friend me on Facebook :) Please note that these opinions and comments are solely mine and mine alone.
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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