 Halifax (HRM) Residential Market Statistic Update For Week of February 13th-February 20th 2014
(Previous weeks numbers in brackets) *Last year this week New Listings: 336 (304, 333, 405, 341) *389 Sold: 92 (90, 107, 61, 76) *104 Sale To List Ratio: 27% (30%, 32%, 15%, 22%) *27% Listings that went conditional/pending: 107 (96, 88, 129, 88) Expired/Cancelled/Withdrawn: 72 (71, 78, 168, 90) *42 Total Active Halifax/Dartmouth Inventory: 4,339 (4,312, 4,277, 4,440, 4,499) *4,045 Active Single Family Home: 2,775 (2,743, 2,741, 2,850, 2,869) *2,652 Average Single Family Home List Price: $308,998 ($310,882, $313,026, $306,392, $304,586) *277k Average Single Family Home Selling Price: $292,028 ($294,628, $305,798, $296,392, $286,986) *271k Average Days On Market Single Family Home: 124 (130, 108, 98, 106) *110 Active Condos: 455 (462, 449, 442, 438) *312 Average Condo Listing Price: $247,887 ($263,776, $272,556, $267,556, $242,886) *216k Average Condo Selling Price: $241,324 ($255,527, $268,300, $230,212, $262,450) *208k Average Days On Market Condos: 73 (118, 127, 107, 104) *62 Halifax/Dartmouth Absorption Rate (weeks): 58 (56, 63, 55, 52) *47 MARKET RANT No big surprises on the market this week, but interesting enough is the fact that new listing additions are down again this week compared to last year. Total inventory is still well above what was reported last year, but the gap seems to be lessening as the weeks press on. Product values remain steady, and the average wait to sell a home is still 4 months or so. Last week, I took a poll and received some great feedback and a lot of good comments. Not surprised (as my readers are smart :), every reader that submitted unanimously agreed that searching for, buying, or offering on a property is redundant without having at least an accepted offer on the property that is currently owned. Many weighed in on the factors involved with such a step with things such as duel mortgage payments, depreciation, uncertainty, and the real risk of bankruptcy. So even with such an overwhelmingly one sided response, I wonder why there is so many people in this predicament? I must talk with at least one person a week who is considering the endeavour, or already involved in the scenario. There is the human factor of "getting caught up in the moment", or the ever popular "impulse buy", but such important decisions need to be weighed, contemplated, advised, contemplated more, then decided upon. If you need a voice of reason to stop you before you make that secondary property purchase without selling the one you currently own, please give me a call and I will be happy to go over all the factors with you. Thanks for stopping by, and be sure to come back later this week for the monthly wrap up for February! WEEKLY ADOGTABLE Fudd is 5 year old Pitbull looking for a new home. His family had to move to Ontario and left him behind with friends who can no longer care for him due to their busy schedule. Fudd is a big boy who loves all things little; children, kitties, and small dogs included! Fudd is afraid or larger dogs with long fur and men in uniforms, but he loves just about everything else. Please 'Share' Fudd so we can help find him his forever home ASAP! Contact Buddy's Bully Rescue for more information. This peppy fella is available through Buddy's Bully Rescue a non profit rescue organization from Halifax, Nova Scotia. More info about him, other adoptable's looking for their furever home, and ways to help or donate can be found by clicking HERE. ViewPoint Realty 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! Not to mention is now more rewarding then ever to become a ViewPoint Client. Click HERE to find out more. More savings and more information, sign up today! 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 and Google+ :) Please note that these opinions and comments are solely mine and mine alone. Newest blog post HERE
(Previous weeks numbers in brackets) *Last year this week New Listings: 304 (333, 405, 341, 345) *334 Sold: 90 (107, 61, 76, 51) *86 Sale To List Ratio: 30% (32%, 15%, 22%, 16%) *26% Listings that went conditional/pending: 96 (88, 129, 88) Expired/Cancelled/Withdrawn: 71 (78, 168, 90, 89) *99 Total Active Halifax/Dartmouth Inventory: 4,312 (4,277, 4,440, 4,499, 4,411) *3,951 Active Single Family Home: 2,743 (2,741, 2,850, 2,869, 2,828) *2,576 Average Single Family Home List Price: $310,882 ($313,026, $306,392, $304,586, $262,263) *307k Average Single Family Home Selling Price: $294,628 ($305,798, $296,392, $286,986, $245,527) *296k Average Days On Market Single Family Home: 130 (108, 98, 106, 125) *75 Active Condos: 462 (449, 442, 438, 436) *310 Average Condo Listing Price: $263,776 ($272,556, $267,556, $242,886, $269,900) *274k Average Condo Selling Price: $255,527 ($268,300, $230,212, $262,450, $240,664) *266k Average Days On Market Condos: 118 (127, 107, 104, 126) *40 Halifax/Dartmouth Absorption Rate (weeks): 56 (63, 55, 52, 102) *49 MARKET RANT Following on the heals of a decent market performance, this week didn't perform as good but it did carry forward some positivity. Not a huge addition to the overall inventory, which would be in thanks to the single family home activity, and sales continued to make some ground. The number that has been silently growing larger, and somewhat unnoticed, is the average days on market. Once again, the average wait time from listing your property to coming off the market is 130 days for SFH, and 118 for condos! That's just over 4 months of waiting!! Now I said "coming off the market", and that could mean a sale, or just plain cancelling/expiring the listing. By no means should you make a plan around those numbers and think "ok, I know I'll be waiting four months until the home sells, so lets make an offer on another house and close in four months and three days". You may be waiting a little longer then you think, and paying two mortgages. I've been asked this question several times this week so I'm going to open forum it. Should I wait to sell my home before finding a new home to purchase? Or should I shop around now and put an offer in before even listing my home? Here's my thoughts, and generally my response. Because the market is so uncertain at this point with so many negative factors for sellers, I strongly encourage an unconditional sale of the home before wandering out to "take a boo" at the current inventory. The reality is that most sellers will have a hard time accepting an offer based on the sale of your home with the current market conditions, and If your property is not even on the market and the sale of it is required to buy the property you're offering on, don't waste the paper. The buyers making things happen and taking advantage of the current market a. don't have a home to sell in order to purchase b. are financially pre approved and c. realistic about their offer and know the market d. can close quickly. Like to get a weigh in on this topic so here is the survey; Some reader responses so far; "With the market as uncertain as it is, I would not want to be in the unfortunate position of owning two depreciating homes. I have two friends in the city who purchased bigger homes assuming their current homes would sell. After months on the market, neither have sold their previous home and both are paying two mortgages. One has even listed the new home as well because they are getting desperate. You are giving the right advice in this post Jeremiah. Sell your home first and eliminate the uncertainty." "Too much price risk if the market suddenly turns sour.Risk is to the downside. Thx for the blog. Glen." "Unless you can carry both mortgages and/or plan to become a landlord on the original property. Too risky." Good responses so far, and thank you to the people who have submitted!  WEEKLY ADOGTABLE
Familiar face? Layla has been at her foster for quite awhile now and I figured I would try and get her some more attention. Any takers for this beautiful girl? Layla is 2 years old , fully vaccinated and spayed , she is a very loving girl and thrives on human companionship , she loves nothing more than to cuddle up with you and be loved. Layla is also excellent with kids , Layla does need to be the only dog in the home , she is unsure of other dogs and their intentions towards and if other dogs are in her face or too lively she feels uncomfortable and will snap , no cats either for Layla. If you have a pet free home and are looking for a mellow , quiet cuddle bug then Layla is your girl! This gorgeous girl is available through Nova Scotia Pitbull Rescue Society, a non profit rescue organization from Halifax, Nova Scotia. More info about her, other adoptable's looking for their furever home, and ways to help or donate can be found by clicking HERE. ViewPoint Realty 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! Not to mention is now more rewarding then ever to become a ViewPoint Client. Click HERE to find out more. More savings and more information, sign up today! 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 and Google+ :) 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 February 6th-February 13th 2014
(Previous weeks numbers in brackets) *Last year this week New Listings: 333 (405, 341, 345, 389) *361 Sold: 107 (61, 76, 51, 51) *87 Sale To List Ratio: 32% (15%, 22%, 16%, 13%) *24% Listings that went conditional/pending: 88 (129, 88) Expired/Cancelled/Withdrawn: 78 (168, 90, 89, 114) *123 Total Active Halifax/Dartmouth Inventory: 4,277 (4,440, 4,499, 4,411, 4,347) *3,876 Active Single Family Home: 2,741 (2,850, 2,869, 2,828, 2,800) *2,519 Average Single Family Home List Price: $313,026 ($306,392, $304,586, $262,263, $286,360) *286k Average Single Family Home Selling Price: $305,798 ($296,392, $286,986, $245,527, $280,295) *272k Average Days On Market Single Family Home: 108 (98, 106, 125, 113) *97 Active Condos: 449 (442, 438, 436, 415) *301 Average Condo Listing Price: $272,556 ($267,556, $242,886, $269,900, $245,728) *246k Average Condo Selling Price: $268,300 ($259,437, $230,212, $262,450, $240,664) *242k Average Days On Market Condos: 127 (107, 104, 126, 107) *44 Halifax/Dartmouth Absorption Rate (weeks): 63 (55, 52, 102, 75) *49 MARKET RANT Not a bad week on the market at all! One of the fewest gains in a week so far this year and the most amount of sales so far as well, by a lot. Sales to list ratio was able to take a step in the right direction, and single family homes had average sales over 300k for the first time this year. Still, days on market remain over three months for both products, and although inventory actually reduced for single family homes this week, it still remains high. Nothing like an update from Irving on the status of the shipbuilding contract to get the water cooler water bubbling and the tongues wagging. Mind you, with a down market over the last few years, the confirmation of commencement may be just the news that some buyers have been waiting on wether it be for a first time purchase, or upgrade. Activity is quite heavy for this time of year, and It has been noticed by many people I come into contact with. Guess we will have to wait and see if this week was just "due" or if it's the start of new direction, Guess you'll have to come back to find out! Thanks for stopping by and please don't forget to scroll down and check out January's stats update. WEEKLY ADOGTABLE Cubby is a sweet, loving 2 year old AmStaff looking for his forever home. This boy has been through a lot in his short life span; he was picked up running at large and it was clear he had been living outside for quite some time. Despite all of this, Cubby is a very affectionate, trusting boy who does great with all people, children, and even dogs! Cubby was actually used as the test-dog while he was at the pound, and has since moved into a foster home with 3 other dogs without any issues. With a little training to help him lkearn not to jump up, Cubby will be an amazing job for just about anyone, especially because he is not a barker! No cats for Cubby though! Cubby does have a mild case of Pulmonic Stenosis which affects his heart, but his case is so mild that he should live a long, healthy life without medication and no physical symptoms. Cubby is neutered, vaccinated, parasite treated, microchipped, and finally ready to meet his family. This handsome fella is available through Buddy's Bully Rescue, a non profit rescue organization from Halifax, Nova Scotia. More info about this and other adoptable's looking for their forever home, and ways to help or donate can be found by clicking HERE. ViewPoint Realty 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! Not to mention is now more rewarding then ever to become a ViewPoint Client. Click HERE to find out more. More savings and more information, sign up today! 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 and Google+ :) 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 January 30th-February 6th 2014
(Previous weeks numbers in brackets) *Last year this week New Listings: 405 (341, 345, 389, 378) *325 Sold: 61 (76, 51, 51, 49) *120 Sale To List Ratio: 15% (22%, 16%, 13%, 13%) *37% Listings that went conditional/pending: 129 (88) Expired/Cancelled/Withdrawn: 168 (90, 89, 114, 113) *75 Total Active Halifax/Dartmouth Inventory: 4,440 (4,499, 4,411, 4,347, 4,238) *3,895 Active Single Family Home: 2,850 (2,869, 2,828, 2,800, 2,729) *2,547 Average Single Family Home List Price: $306,392 ($304,586, $262,263, $286,360, $287,474) *253k Average Single Family Home Selling Price: $296,722 ($286,986, $245,527, $280,295, $267,447) *249k Average Days On Market Single Family Home: 98 (106, 125, 113, 179,) *90 Active Condos: 442 (438, 436, 415, 390) *297 Average Condo Listing Price: $267,556 ($242,886, $269,900, $245,728, $248,400) *224k Average Condo Selling Price: $259,437 ($230,212, $262,450, $240,664, $237,100) *216k Average Days On Market Condos: 107 (104, 126, 107, 135) *45 Halifax/Dartmouth Absorption Rate (weeks): 55 (52, 102, 75, 62) *44 MARKET RANT As we put January in the books, it appears the same market conditions will follow us into February. Oddly, the total active inventory actually decreased this week with no help from sales or the addition of new inventory. As January listing contacts expire, they tend to drag the inventory stats down blurring the real activity behind the scenes. Listing additions are way up, sales are still down, and the sales to list ratio looks the same as it did at the beginning of January. Not the start of the year hopeful sellers have been waiting for, but the continued type of market conditions that have would be buyers sharpening their teeth. Is this the year of the recovery, or are we primed for another challenging year? As the ship building contract fades from memory, speculators and investors alike clammer to understand the complexity of the property woes being experienced here in the HRM. As far as I can tell, there is no indicators of an improvement and if this market keeps up in this fashion, it will make for a long year for some... Thanks for stopping by! WEEKLY ADOGTABLE Thor is a BEAUTIFUL block head looking for his forever home. He is less then a year old and already 83lbs. We don't know exactly what breed he is.. maybe a horse? Thor loves people and is very playful, at times he can be a bit rough so if his new family has dogs, they will have to be big and playful too. Thor needs a cat free home and obedience classes will be mandatory. No small children for Thor simply because he is SO big! Thor is neutered, vaccinated, and microchipped. This handsome fella is available through Buddy's Bully Rescue, a non profit rescue organization from Halifax, Nova Scotia. More info about this and other adoptable's looking for their forever home, and ways to help or donate can be found by clicking HERE. ViewPoint Realty 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! Not to mention is now more rewarding then ever to become a ViewPoint Client. Click HERE to find out more. More savings and more information, sign up today! 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 and Google+ :) Please note that these opinions and comments are solely mine and mine alone. Newest blog post HERE The Halifax Real Estate Blog Monthly Statistics Report For January 2014 by Jeremiah Wallace2/5/2014
 So, how did we do in the first month of 2014? Not very good at first glance, but a look closer may indicate things to come. Well, that is if you're the type to weigh factors for an educated speculation, or think coincidence is more like it.  The inventory above is still at an all time high, only bested by 2009 but eclipsing the remaining years. Now as far as sales go, we have officially hit rock bottom. Lowest recorded January sales numbers in well over a decade last month...  The year that came close to the low January sales slump was 2009. So both inventory and sales for both 2009 and 2014 where strikingly similar. Here is where they separate, as 2009 sale prices averaged much lower then this year. One positive note is that the start of the year has kicked off with a little bit of a value correction, and reported lower then the last two years. If the price correction trend maintains, we can expect some of the stale inventory to finally start moving, and sales numbers to start climbing. Looking back to the 2009 market year and those two key statistics that matched so closely, that sales year started off in the exact same way as this year did. 2009 went on to break sales records that year, and take a huge chunk out of the swollen inventory. Now am I saying that this a sign of things to come? Not at all. As I mentioned at the start of the post, one can only speculate and weigh the endless factors that affect market performance, and make educated/calculated decisions, or one could just dismiss these things as pure coincidence and wait until real results start to confirm these speculations. Only negative about the latter is that you may miss out on an opportunity...
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 and Google+ :) Please note that these opinions and comments are solely mine and mine alone. 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.. 
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