Halifax (HRM) Residential Market Statistic Update For Week of March 28th To April 4th 2013
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 490 (446, 484, 495, 491) *673
Sold: 133 (144, 99, 98, 89) *176
Sale To List Ratio: 27% (32%, 20%, 20%, 18%) *25%
Expired/Cancelled/Withdrawn: 165 (43, 69, 62, 156) *167
*Total Active Halifax/Dartmouth Inventory: 4,594 (4,542, 4,453, 4,326, 4,163)
Active Single Family Home: 3037 (2992, 2922, 2832, 2735) *2670
Average Single Family Home List Price: $279,147 ($288,111, $321,604, $282,934, $306,619) *289k
Average Single Family Home Selling Price: $274,793 ($281,138, $313,968, $273,961, $300,136) *281k
Average Days On Market Single Family Home: 92 (82, 113, 117, 98) *96
Active Condos: 337 (336, 332, 319, 313) *233
Average Condo Listing Price: $273,775 ($261,911, $375,044, $241,071, $209,628) *248k
Average Condo Selling Price: $265,452 ($253,700, $358,722, $241,714, $203,210) *243k
Average Days On Market Condos: 70 (71, 67, 98, 89) *102
*Halifax/Dartmouth Absorption Rate (weeks): 42 (46, 49, 50, 48)
After a dismal sales month in March (see below), things on the sales side of things are still pretty bleak this week. Saying that, its not just the sales that are experiencing poor performance lately and this week is no exception. The sales to list ratio is down, expired/canceled/withdrawn listings are up, average days on market have increased and both condo and single family home values have fallen. This is the week from last year that started the slow decline into the market we are in today. The Irving shipbuilding announcement excitement had started to wain, new mortgage rules had been applied and we started to feel the effects of those and other factors. We usually experience a slow market growth here in Halifax and I believe that this is just a bump on the road to market stabilization. If market history has any indication of which way the market is going, then this may be the time to get in the market to purchase while things are still up in the air. Whats your thoughts?
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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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