Halifax (HRM) Residential Market Statistic Update For Week of July 11th July 18th 2013
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 544 (499, 554, 497, 443) *441
Sold: 153 (130, 127, 156, 173) *209
Sale To List Ratio: 28% (26%, 23%, 31%, 39%) *47%
Expired/Cancelled/Withdrawn: 117 (103, 260, 111, 99) *191
Total Active Halifax/Dartmouth Inventory: 5,648 (5,556, 5,526, 5,526, 5,573)
Active Single Family Home: 3,724 (3,671, 3,635, 3,693, 3,677) *2931
Average Single Family Home List Price: $285,954 ($286,137, $297,740, $295,303, $281,042) *289k
Average Single Family Home Selling Price: $274,839 ($275,133, $288,192, $285,878, $272,792)*282k
Average Days On Market Single Family Home: 79 (102, 80, 82, 82) *81
Active Condos: 445 (442, 445, 451, 447) *259
Average Condo Listing Price: $301,963 ($289,425, $280,050, $273,871, $250,852) *223k
Average Condo Selling Price: $288,279 ($281,285, $271,566, $267,032, $244,526) *217k
Average Days On Market Condos: 109 (60, 85, 88, 88) *37
Halifax/Dartmouth Absorption Rate (weeks): 43 (38, 38, 36, 35) *26
Would you look at the inventory? Wow. Not only is July not following annual trend by reducing, it continues to soar higher and higher to record breaking altitude. Currently, the inventory has 214 more listings then it did last month (which is usually peak month), and a whopping 1,145 more then last year at this time...incredible. Sales remain low this week and because of that fact, added 7 additional weeks to the absorption rate, the largest so far this year. Sale values have decreased marginally this week but apparently not enough to reverse the sales slump and entice buyers back to the table. Interest rates have slightly increased but not enough to really make buyers commit to making that offer. The sales to list ratio peaked last year and put our week to shame with a 19% change...thats huge! So the speculation continues and sellers scramble to locate the mythical "buyer". Deals remain few and far between with sellers sticking to their guns and offering no less then what they feel is "fair market value", even if they are making market value assumptions based on three years ago. Its bound to turn around one of these days, what's your prediction?
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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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