The Halifax Real Estate Blog Weekly Statistics Update and Market Rant by Jeremiah Wallace (Every Thursday)
Halifax (HRM) Residential Market Statistic Update For Week of January 23rd to January 30th 2014
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 341 (345, 389, 378, 101) *365
Sold: 76 (51, 51, 49, 26) *100
Sale To List Ratio: 22% (16%, 13%, 13%, 26%) *27%
*Listings that went conditional/pending: 88
Expired/Cancelled/Withdrawn: 90 (89, 114, 113, 502) *87
Total Active Halifax/Dartmouth Inventory: 4,499 (4,411, 4,347, 4,238, 4,087) *3,828
Active Single Family Home: 2,869 (2,828, 2,800, 2,729, 2,632) *2,480
Average Single Family Home List Price: $304,586 ($262,263, $286,360, $287,474, $299,508) *301k
Average Single Family Home Selling Price: $286,986 ($245,527, $280,295, $267,447, $288,888) *392k
Average Days On Market Single Family Home: 106 (125, 113, 179, 125) *114
Active Condos: 438 (436, 415, 390, 371) *288
Average Condo Listing Price: $242,886 ($269,900, $245,728, $248,400, $253,233) *292k
Average Condo Selling Price: $230,212 ($262,450, $240,664, $237,100, $243,722) *288k
Average Days On Market Condos: 104 (126, 107, 135, 110) *76
Halifax/Dartmouth Absorption Rate (weeks): 52 (102, 75, 62, 57) *53
Thought I would spice things up a little this week and add another statistic! Welcome "listing status that has changed from "for sale" to "conditional/pending"". I figured that the timeframe from "for sale" to "sold" can be a large one, this statistic should be a more current representation of market activity for the week. Usually the offer process is not a drawn out one, and the duration from making an offer to accepting it is usually no longer then a few days. For those of you reading this and are wondering what "conditional/pending" means, it just simply means that an offer was made by a buyer(s) to a seller(s) and after agreeing to terms, accepted the offer. Now the due diligence process begins (usually a 10+ day process), which after completion is marked as "sold". So what does that mean for buyers who may have missed out on their opportunity? It means that if you still have an chance to place a "back-up" offer on the conditional/pending property, giving you first kick at the can if the due diligence phase of the offer doesn't complete for whatever reason.
This statistic is not without its flaws however, there is a decent amount of properties that will never finish the due diligence phase for whatever reason and subsequently return to market, or pull out entirely. I do not have that statistic, but rest assured I am working on getting it, even if its just an average. You may be asking what is included, or what happens during the "due diligence" phase of an offer? These are conditions that the buyer has set forth to the seller with a timeline to complete, and be satisfied with various aspects of the transaction. Things like getting a lawyer to look over the deed and documents, getting an inspection(s) done, making sure the property is insurable, making sure financing for that specific property can be attained, etc etc.
So, back to the point of tracking this stat. I think it will be a preview of things to come in future weeks, and give a more current idea of buyers/sellers activity. If you apply it to this week for instance, there was 88 properties that went conditional/pending. If the due diligence process averages 10-14 days, and lets say that 10% of those offers do not what we in the business call "firm up", or become "unconditionally sold". That would mean in two weeks we should see around 80 sales in the HRM. May be advantageous for sellers to have that information two weeks sooner to gauge market activity more precisely. What's your thoughts on the new statistic? Thanks for stopping by!
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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