Halifax (HRM) Residential Market Statistic Update For Week of June 27th July 4th 2013
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 554 (497, 441, 520, 593) *460
Sold: 127 (156, 173, 166, 184) *161
Sale To List Ratio: 23% (31%, 39%, 32%, 31%) *35%
Expired/Cancelled/Withdrawn: 260 (111, 99, 83, 209,) *224
Total Active Halifax/Dartmouth Inventory: 5,526 (5,573, 5,547, 5,550, 5,485)
Active Single Family Home: 3,635 (3,693, 3,677, 3,689, 3,659) *2938
Average Single Family Home List Price: $297,740 ($295,303, $281,042, $304,904, $290,481) *299k
Average Single Family Home Selling Price: $288,192 ($285,878, $272,792, $298,081, $282,512)*287k
Average Days On Market Single Family Home: 80 (82, 82, 98, 86) *84
Active Condos: 445 (451, 447, 449, 436) *272
Average Condo Listing Price: $280,050 ($273,871, $250,852, $236,461, $283,912) *292k
Average Condo Selling Price: $271,566 ($267,032, $244,526, $199,423, $275,449) *280k
Average Days On Market Condos: 85 (88, 88, 188, 95) *50
Halifax/Dartmouth Absorption Rate (weeks): 38 (36, 35, 35, 34) *26
After a pretty shocking June report, the hits just keep on coming with yet another dreadful sales week. Seems everyone is talking about the industry woes amongst themselves but apparently failing to inform the 554 new listers of the week what they are up against. Surprisingly, listings keep flooding the market regardless of the already bloated inventory that's failing to move. The only reason we actually reduced in numbers this week was because of the mass amount of cancelled/expired/withdrawn listings that came off the market on the 1st of the month (contract time is up). Although all indicators point to market correction, the stubborn selling values remain high with Atlantic Canadians holding steady to their home prices. The last few weeks have strangely picked up the tempo and market activity has been on the rise is all sectors, so look for the impact of that in upcoming weeks. Maybe we are just having an another off year and buyers are simply not around, maybe the mortgage rules and interest rate hikes have caused gun shyness and market uncertainty. There's a menagerie of ideas and speculation but one fact remains...we are in a sales slump!
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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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