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490, 446) *519 Sold: 147 (153, 109, 133, 144) *199 Sale To List Ratio: 27% (26%, 18%, 27%, 32%) *38% Expired/Cancelled/Withdrawn: 91 (83, 104, 165, 43) *64 Total Active Halifax/Dartmouth Inventory: 5,037 (4,933, 4,791, 4,594, 4,542) Active Single Family Home: 3356 (3287, 3187, 3037,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! Are you familiar with ViewPoint Realty? How about the ViewPoint real estate map? Its a great tool for all your real estate research needs and when you are ready to buy or sell, its the competitive edge over your competition! Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? I can provide you with a complimentary comparative market analysis or you can Contact me to advise you on your best plan of action for your real estate transaction and get the most advanced real estate system working for you. Feel free to leave a public comment or question below. Follow me on Twitter to keep up to the minute with all things Halifax real estate @HalifaxRealEst and friend me on Facebook :) Please note that these opinions and comments are solely mine and mine alone. Newest blog post HERE Halifax (HRM) Residential Market Statistic Update For Week of April 11th to April 18th 2013 (Previous weeks numbers in brackets) *Last year this week New Listings: 573 (616, 490, 446, 484) *539 Sold: 153 (109, 133, 144, 99) *189 Sale To List Ratio: 26% (18%, 27%, 32%, 20%) *35% Expired/Cancelled/Withdrawn: 83 (104, 165, 43, 69) *77 Total Active Halifax/Dartmouth Inventory: 4,933 (4,791, 4,594, 4,542, 4,453) Active Single Family Home: 3287 (3187, 3037, 2992, 2922) *2796 Average Single Family Home List Price: $309,518 ($292,520, $279,147, $288,111, $321,604) *298k Average Single Family Home Selling Price: $301,840 ($287,003, $274,793, $281,138, $313,968) *294k Average Days On Market Single Family Home: 80 (93, 92, 82, 113) *75 Active Condos: 371 (353, 337, 336, 332) *223 Average Condo Listing Price: $295,646 ($292,810, $273,775, $261,911, $375,044) *273k Average Condo Selling Price: $288,946($280,665, $265,452, $253,700, $358,722) *268k Average Days On Market Condos: 107 (191, 70, 71, 67) 97 Halifax/Dartmouth Absorption Rate (weeks): 40 (112, 42, 46, 49) Looks a descent response from the sales stat this week as we finally see some marginal movement on the market. Is it any coincidence that the weather improvement has encouraged buyers to get out there and look around for their new abode? Unlikely. The sales that you see this week are a representation of weeks, or possibly months of process from offers and due diligence culminating in the "sale" of a property. The history and tracking of sales may be misleading unless you know how to apply the current report to what application you are looking into. For instance, you wouldn't be able to look at the report and say "honey, theres a bunch of sales this week, I think we should list the house!" As you would be making that assumption based on past events and irregular factors. But something like a annual stats graph like the one here gives you an idea what the trend is. So by combining annual trend and comparing it to todays market you get a better, more solid interpretation and anticipation of the direction of things. These factors might encourage or discourage what course of action you may take and can affect even basic tasks such as pricing your home. Speaking of pricing your home, I would encourage you to pop over to the ViewPoint Blog and read a great article called "Right property, wrong price." It uses one specific property as a reference to describe very similar and repeating history in our market and its definitely worth the read. Thanks for stopping by! Are you familiar with ViewPoint Realty? How about the ViewPoint real estate map? Its a great tool for all your real estate research needs and when you are ready to buy or sell, its the competitive edge over your competition! Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? I can provide you with a complimentary comparative market analysis or you can Contact me to advise you on your best plan of action for your real estate transaction and get the most advanced real estate system working for you. Feel free to leave a public comment or question below. Follow me on Twitter to keep up to the minute with all things Halifax real estate @HalifaxRealEst and friend me on Facebook :) Please note that these opinions and comments are solely mine and mine alone. Newest blog post HERE Halifax (HRM) Residential Market Statistic Update For Week of April 4th to April 11th 2013
(Previous weeks numbers in brackets) *Last year this week New Listings: 616 (490, 446, 484, 495) *463 Sold: 109 (133, 144, 99, 98) *149 Sale To List Ratio: 18% (27%, 32%, 20%, 20%) *32% Expired/Cancelled/Withdrawn: 104 (165, 43, 69, 62) *79 *Total Active Halifax/Dartmouth Inventory: 4,791 (4,594, 4,542, 4,453, 4,326) Active Single Family Home: 3187 (3037, 2992, 2922, 2832) *2742 Average Single Family Home List Price: $292,520 ($279,147, $288,111, $321,604, $282,934) *294k Average Single Family Home Selling Price: $287,003 ($274,793, $281,138, $313,968, $273,961) *291k Average Days On Market Single Family Home: 93 (92, 82, 113, 117) *85 Active Condos: 353 (337, 336, 332, 319) *233 Average Condo Listing Price: $292,810 ($273,775, $261,911, $375,044, $241,071) *266k Average Condo Selling Price: $280,665 ($265,452, $253,700, $358,722, $241,714) *260k Average Days On Market Condos: 191 (70, 71, 67, 98) *152 Halifax/Dartmouth Absorption Rate (weeks): 112 (42, 46, 49, 50) Looks like the hits keep on coming! Huge amount of new listings this week and with not a whole lot of sales happening the inventory numbers are climbing at an accelerated rate. The rest of the stats remain relatively normal. Condo and single family home values remain strong, days on market are average and the pile (expired, cancelled, withdrawn listings) are in usual parameter. We did have some "out of the ordinary" activity this week again with the sales dip. Another poor sales week vs big inventory addition equals a very low sales to list ratio, an absorption rate that not only doubled itself from last week, but the highest I have reported that stat since I began recording it last year. Hopefully the nice weather will start bringing buyers out of hiding, and with posting season around the corner we should see positive traffic increase. Thanks for stopping by! Are you familiar with ViewPoint Realty? How about the ViewPoint real estate map? Its a great tool for all your real estate research needs and when you are ready to buy or sell, its the competitive edge over your competition! Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? I can provide you with a complimentary comparative market analysis or you can Contact me to advise you on your best plan of action for your real estate transaction and get the most advanced real estate system working for you. Feel free to leave a public comment or question below. Follow me on Twitter to keep up to the minute with all things Halifax real estate @HalifaxRealEst and friend me on Facebook :) Newest blog post HERE 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? Are you familiar with ViewPoint Realty? How about the ViewPoint real estate map? Its a great tool for all your real estate research needs and when you are ready to buy or sell, its the competitive edge over your competition! Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? I can provide you with a complimentary comparative market analysis or you can Contact me to advise you on your best plan of action for your real estate transaction and get the most advanced real estate system working for you. Feel free to leave a public comment or question below. Follow me on Twitter to keep up to the minute with all things Halifax real estate @HalifaxRealEst and friend me on Facebook :) Newest blog post HERE Halifax Residential Inventory March 2013 Looks like we have an average addition to the inventory this month. The slow climb continues its upward momentum as we approach the peak months for inflated inventory stats. Nothing out of the ordinary here. Halifax Residential Average Sold Price Sale prices made a solid recovery this month taking back top spot overall. Coming in at just over the $270 mark, the value spread from five years ago is $50k. That means on average, homes five years ago where selling for $50,000 less then what they are selling for today. Thats a 10% annual gain average. Halifax Residential Sales March 2013 Looks like we have another record breaking sales month, not in a good way. Sales have hit the decade low slump yet again this month for the second time since December 20. We are yet to break from this dismal sales performance since this time last year. Lots of speculation and guessing but thats all it is. The stats that I report are strictly from the Realtor® side of the MLS (Multiple Listing Service) and do not take into consideration private sales or companies that do not trade on the MLS. That being said, I can't imagine that percentage would influence these reports to the point of reversing the slump. Just to hammer the point home, in March of 2007 there was 693 sales. Thats a difference of 332, almost twice as much as this month! Things should start to move with the warmer weather and seasonal trend, but at this rate we are looking at a repeat of last year. Whats your thoughts on the Halifax sales slump? Make sure to come back Thursday for the weekly stat wrap up and market report (every Thursday) Are you familiar with ViewPoint Realty? How about the ViewPoint real estate map? Its a great tool for all your real estate research needs and when you are ready to buy or sell, its the competitive edge over your competition! Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? I can provide you with a complimentary comparative market analysis or you can Contact me to advise you on your best plan of action for your real estate transaction and get the most advanced real estate system working for you. Feel free to leave a public comment or question below. Follow me on Twitter to keep up to the minute with all things Halifax real estate @HalifaxRealEst and friend me on Facebook :) Newest blog post HERE |
Jeremiah Wallace, CDJeremiah 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.. ListingsPhoto's by Jeremiah
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