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Expired/Cancelled/Withdrawn: 165 (43, 69, 62, 156) *167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 The sales to list ratio is down, expired/canceled/withdrawn listings are up, average days on market have increased and both condo and single family home values have fallen.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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4/6/2013 04:04:27 pm
I just found this site and it is a fantastic resource. Thanks for sharing this valuable information. This past October, I was transferred to Halifax from Edmonton. We sold our home in Alberta and decided to rent for the time being in Halifax. In my opinion, there really is only one way for prices to go in this city. If the promise of ships and 2.75% interest rates cannot breathe some life into this market, I really do not see what could. The costs of living in this province are extremely high and the people I talk to just seem to be maxed out. I am in the highest tax bracket and, due to the high income tax here, I bring home $12k less/year than I did in Alberta. Add in the 10% increase in sales tax, utilities, gas etc and I figure it costs me an extra $16k/year to be in Halifax. Yet the town home I sold in Edmonton would cost about the same in Bedford but have twice the property tax!!! It is a marvel that house prices are as high as they are here. After 10 years of home ownership I am sitting on the sidelines and watching where the chips fall. I would not be surprised to see prices drop 25% over the next two to three years. This is a beautiful city but the fundamentals do not support an active market at these prices. I believe the statistics of the past year speak for themselves. This is no "hiccup." This is more of a prolonged reckoning that has only been delayed by years of easy money. So to answer your question, this is a good time to sell, not to buy.
4/13/2013 04:33:46 pm
I completely agree with Jake's take on the Halifax market.
4/8/2013 03:40:46 pm
".... this may be the time to get in the market to purchase while things are still up in the air."
4/8/2013 03:50:27 pm
See. That's the mentality. Why don't I wait to purchase a property when the market is normal. I'm only suggesting as an investor or property speculator, if you have a higher risk tolerance, it might be a good time to think about buying. Property is just like stocks, buy low sell high. It's the basics of investing. But you already knew that ;)
4/8/2013 04:12:07 pm
Further to my last...If you look at any real estate market in Canada whats the general trend over time? Up. That being said we have a slow steady growth here in Halifax that is consistent and reliable. The uncertainty that has happened in the wake of a few large scale market factors has caused some out of the ordinary reactions. I believe we are on the cusp of a large market swing over the next few years but that's just my opinion. Call it what you want, a bursting bubble, a ripple, a speed bump, but the facts are in the statistics. So to the question, "wouldn't you want to wait till the market came back down?" It all depends on the circumstance and personal risk tolerance. I know personally that if I had the means, I would be buying up property left and right. But that's me and I figure whats life without risk ;)
4/9/2013 06:40:09 am
Taking risk is warranted when the potential for substantial gain is there. This is no longer true for residential real estate.
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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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