Halifax (HRM) Residential Market Statistic Update For Week of April 11th to April 18th 2013
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 573 (616, 490, 446, 484) *539
Sold: 153 (109, 133, 144, 99) *189
Sale To List Ratio: 26% (18%, 27%, 32%, 20%) *35%
Expired/Cancelled/Withdrawn: 83 (104, 165, 43, 69) *77
Total Active Halifax/Dartmouth Inventory: 4,933 (4,791, 4,594, 4,542, 4,453)
Active Single Family Home: 3287 (3187, 3037, 2992, 2922) *2796
Average Single Family Home List Price: $309,518 ($292,520, $279,147, $288,111, $321,604) *298k
Average Single Family Home Selling Price: $301,840 ($287,003, $274,793, $281,138, $313,968) *294k
Average Days On Market Single Family Home: 80 (93, 92, 82, 113) *75
Active Condos: 371 (353, 337, 336, 332) *223
Average Condo Listing Price: $295,646 ($292,810, $273,775, $261,911, $375,044) *273k
Average Condo Selling Price: $288,946($280,665, $265,452, $253,700, $358,722) *268k
Average Days On Market Condos: 107 (191, 70, 71, 67) 97
Halifax/Dartmouth Absorption Rate (weeks): 40 (112, 42, 46, 49)
Looks a descent response from the sales stat this week as we finally see some marginal movement on the market. Is it any coincidence that the weather improvement has encouraged buyers to get out there and look around for their new abode? Unlikely. The sales that you see this week are a representation of weeks, or possibly months of process from offers and due diligence culminating in the "sale" of a property. The history and tracking of sales may be misleading unless you know how to apply the current report to what application you are looking into. For instance, you wouldn't be able to look at the report and say "honey, theres a bunch of sales this week, I think we should list the house!" As you would be making that assumption based on past events and irregular factors. But something like a annual stats graph like the one here gives you an idea what the trend is. So by combining annual trend and comparing it to todays market you get a better, more solid interpretation and anticipation of the direction of things. These factors might encourage or discourage what course of action you may take and can affect even basic tasks such as pricing your home.
Speaking of pricing your home, I would encourage you to pop over to the ViewPoint Blog and read a great article called "Right property, wrong price." It uses one specific property as a reference to describe very similar and repeating history in our market and its definitely worth the read. Thanks for stopping by!
Are you familiar with ViewPoint Realty? How about the ViewPoint real estate map? Its a great tool for all your real estate research needs and when you are ready to buy or sell, its the competitive edge over your competition!
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