The Halifax Real Estate Blog Weekly Market Statistics Report And News Update (Every Thursday)

Halifax (HRM) Residential Market Statistic Update For Week of May 16th-23rd 2013
(Previous weeks numbers in brackets)
*Last year this week

New Listings:  545 (570, 606, 683, 573) *520
Sold:  160 (176, 172, 166, 153) *192
Sale To List Ratio: 29% (31%, 28%, 24%, 26%) *37%
Expired/Cancelled/Withdrawn:  79  (106, 97, 125, 91) *104
Total Active Halifax/Dartmouth Inventory:  5,419 (5,369, 5,213, 5,084, 4,933)
Active Single Family Home: 3647 (3608, 3505, 3423, 3287) *2964
Average Single Family Home List Price:  $303,352 ($303,040, $296,250, $293,869, $319,827) *292k
Average Single Family Home Selling Price:  $296,297 ($295,780, $288,403,$286,471, $311,439) *286k
Average Days On  Market Single Family Home: 97 (85, 80, 74, 90) *76
Active Condos:  423  (418, 404, 384, 371) *256
Average Condo Listing Price:  $236,769 ($211,677, $263,420, $293,533, $288,341) *284k
Average Condo Selling Price:  $233,352 ($204,671, $258,366, $285,818, $280,358) *280k
Average Days On Market Condos:  63 (48, 44, 72, 120) *123
Halifax/Dartmouth Absorption Rate (weeks):  35 (35, 38, 39, 40) *25.5

New listings are down this week (25 more units then last year this time last year) but managed to bloat the ever increasing inventory to its highest count this year. Sales slowed down this week, and well off the pace of last year, and was reflected by the reduced sales to list ratio. Much more selection out there then last year! There is 683 more single family homes to choose from and 167 more condos. The increased inventory and competition, coupled with slumping sales should cause the listing and selling prices of these products to decrease but its quite the contrary. Average listing price is yet again above the 300k mark this week which is quite surprising given sales are not increasing. The indicator that says the averages are overpriced is the days on market stat. Both single family homes and condos increased over a week and if you compare the listing/selling prices in brackets (previous weeks) to the days on market for their coinciding week, you may notice a pattern. The lower the price, the lower the days on market. Thanks for stopping by!

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