Halifax (HRM) Residential Market Statistic Update For Week of July 4th July 11th 2013
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 499 (554, 497, 441, 520) *508
Sold: 130 (127, 156, 173, 166) *185
Sale To List Ratio: 26% (23%, 31%, 39%, 32%) *36%
Expired/Cancelled/Withdrawn: 103 (260, 111, 99, 83) *82
Total Active Halifax/Dartmouth Inventory: 5,556 (5,526, 5,526, 5,573, 5,547)
Active Single Family Home: 3,671 (3,635, 3,693, 3,677, 3,689) *2959
Average Single Family Home List Price: $286,137 ($297,740, $295,303, $281,042, $304,904) *308k
Average Single Family Home Selling Price: $275,133 ($288,192, $285,878, $272,792, $298,081)*299k
Average Days On Market Single Family Home: 102 (80, 82, 82, 98) *72
Active Condos: 442 (445, 451, 447, 449) *276
Average Condo Listing Price: $289,425 ($280,050, $273,871, $250,852, $236,461) *230k
Average Condo Selling Price: $281,285 ($271,566, $267,032, $244,526, $199,423) *224k
Average Days On Market Condos: 60 (85, 88, 88, 188) *64
Halifax/Dartmouth Absorption Rate (weeks): 38 (38, 36, 35, 35) *26
Looks our inventory is just going to keep increasing. Sales are not abundant enough to keep up with our apparent endless amount of inventory additions, and without a change will continue to slump. With selection at a premium, buyers are enjoying the bountiful choices that they have at their fingertips. Sales are being made on who is giving the best deal and if sellers are not willing to accommodate, buyers simply move along. Its causing a market procrastination. Without buyers feeling the push to snap up a new home, they simply wait out the market for the perfect house, then try to get it for the perfect price.
An inevitable change to the stats in this type of market has also occurred this week, properties are sitting longer. Days on market increased significantly in single family home's resulting in an average waiting time to sell just shy of 4 months. It seems that if listings do not sell in the first 4 weeks, they won't sell for four months. Lots of showings but no offers? Recheck your price. No showings or very few? time
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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 and Google+ :) 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