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

Halifax (HRM) Residential Market Statistic Update For Week of April 18th to April 25th 2013
(Previous weeks numbers in brackets)
*Last year this week

New Listings:  552 (573, 616, 490, 446) *519
Sold:  147 (153, 109, 133, 144) *199
Sale To List Ratio: 27% (26%, 18%, 27%, 32%) *38%
Expired/Cancelled/Withdrawn:  91  (83, 104, 165, 43) *64
Total Active Halifax/Dartmouth Inventory:  5,037 (4,933, 4,791, 4,594, 4,542)
Active Single Family Home: 3356 (3287, 3187, 3037, 2992) *2850
Average Single Family Home List Price:  $319,827 ($309,518, $292,520, $279,147, $288,111) *286k
Average Single Family Home Selling Price:  $311,439 ($301,840, $287,003, $274,793, $281,138) *281k
Average Days On  Market Single Family Home: 90 (80, 93, 92, 82) *81
Active Condos:  386  (371, 353, 337, 336) *225
Average Condo Listing Price:  $288,341 ($295,646, $292,810, $273,775, $261,911) *226k
Average Condo Selling Price:  $280,358 ($288,946, $280,665, $265,452, $253,700) *223k
Average Days On Market Condos:  120 (107, 191, 70, 71) 133
Halifax/Dartmouth Absorption Rate (weeks):  40 (40, 112, 42, 46)

Another solid week of improvements as we approach the midpoint of the Spring market. Marginal gains in most areas of the market this week with the exception of condominiums. The condo market has seen a stark contrast to the popular attraction that it has enjoyed over the past few years. The entirety of 2012 did not see the inventory of condos rise more then 280 active units on any given week, this year we have already bumped well into the 300's and if this trend keeps up will soar well above the 400 mark. The change from last year at this time is a grand total of 161 units, a 72% gain! The condo market nation wide has been a booming success and I have seen several markets push back (including our own) and say enough is enough. Although this type of product has its desirability, buyers are flocking back to single family detached and semi-detached homes based on availability and affordability. Not to mention there is an accommodation servicing the other customers for this type of product found under the various cranes of rental units sprouting up all over the city. As the market correction continues for single family homes I can only imagine that condominiums are not too far behind. Thanks for stopping by!

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