Halifax (HRM) Residential Market Statistic Update For Week of May 24th to May 31st 2012

New Listings:  513 (520, 563, 632, 468)
Sold:  194 (193, 199, 292, 172)
Sale to List Ratio: 38% (37%, 35%, 32%, 37%)
Expired/Cancelled/Withdrawn:  130 (104, 65, 69, 187)
Active Single Family Home: 2924 (2964, 2950, 2897, 2823)
Average Single Family Home List Price:  $311,580 ($291,706, $296,277, $293,401, $294,469)
Average Single Family Home Selling Price:  $303,709  ($286,217, $288,607, $289,016, $288,806)
Average Days on  Market Single Family Home: 73 (76, 79, 60, 67)
Active Condos:  263 (256, 252, 240, 225)
Average Condo Listing Price:  $246,963  ($284,242, $254,110, $255,601, $245,635)
Average Condo Selling Price: $237,642 ($280,175, $250,032, $250,116, $242,470)
Average Days on Market Condos:  57 (123, 84, 144, 48)
*Halifax/Dartmouth Absorption Rate (weeks):  22 (25.5)


Look at that average single family selling price! This is the first time that the average selling price has hit over the 300k mark. Back in early March of this year we had average listing prices over 300k but the selling price dipped back to the 200's. You also might be able to mark this week as the point in which the inventory should start to decline. If the annual trend is correct, it is this time (give or take a week) that the peak of the yearly inventory should deflate. Following suit to last week, an abnormally large about of listings where cancelled, withdrawn or simply expired, which aided in the result of the inventory drop. New listing addition and sold properties remain steady and average days on market hold strong in the last days of the spring market. Absorption rate fluctuated down 3 1/2 weeks giving a strong indicator to this weeks market health.  So what does all this mean? If I was considering selling my property there are some positive indicators. Inventory is on the rapid decline= less competition and selection. Sales are as healthy as they have been all year= No lack of buyers despite inventory availability and home selling prices are at record highs= More return on your investment. Just simple math in my mind...

Don't miss the May monthly real estate wrap up tomorrow and be sure to check back next week for the multi-residential report. Thanks for stopping by!


Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? 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


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Halifax (HRM) Residential Market Statistic Update For Week of May 17th to May 24th 2012

New Listings:  520 (563, 632, 468, 519)
Sold:  192 (199, 292, 172, 199)
Sale to List Ratio: 37% (35%, 32%, 37%, 38%)
Expired/Cancelled/Withdrawn:  104 (65, 69, 187, 64)
Active Single Family Home: 2964 (2950, 2897, 2823, 2850)
Average Single Family Home List Price:  $291,706 ($296,277, $293,401, $294,469, $285,936)
Average Single Family Home Selling Price:  $286,217  ($288,607, $289,016, $288,806, $280,799)
Average Days on  Market Single Family Home: 76 (79, 60, 67, 81)
Active Condos:  256 (252, 240, 225, 225)
Average Condo Listing Price:  $284,242  ($254,110, $255,601, $245,635, $226,141)
Average Condo Selling Price: $280,175 ($250,032, $250,116, $242,470, $222,575)
Average Days on Market Condos:  123 (84, 144, 48, 133)
*Halifax/Dartmouth Absorption Rate:  25.5 (weeks)


With the spring market coming to a close, there seems to be an unusual number of property coming off the market right before summer. The apparent "hottest time to sell" has come and gone without much of a fuss nor caused any exaggerated market frenzy. Granted, there has been records broken every month in one way or another, but the overall market behaviour is steady. The market is healthy, healthy as ever in fact. But it is not in what I believe to be a boom/bust type of scenario...yet. The absorption rate is keeping pace with inventory, whether its the demand causing sales or sellers jumping off the market to try again another day (52 cancelled listings alone this week). Or perhaps its just the calm before the storm and the flurry of activity that we have seen so far is local market driven by people making their move before its too late. Many theories, a lot of speculation...but thats all there is at this point.

*In addition to my usual stats, I am going to start tracking the Halifax "absorption rate" as requested by my loyal readers. I have included an "absorption rate" definition below.

"The Absorption Rate is the ability of the real estate market to absorb or sell all of the houses for sale in a given amount of time. For example, if 100 homes are sold every month and there are 1200 homes for sale, it will take 12 months to sell all of the homes currently for sale. If there are 2400 homes for sale, the absorption rate will be 24 months or 2 years for all of the homes to sell, this does not take into count the number of houses which will eventually come on the market in addition to those already for sale.

If you would like to sell in 12 months, you need to take the absorption rate into account. In the above scenario with 2400 homes for sale, we know that only 1/2 of them will sell in the next 12 months. If you need to sell within the next 12 months you need to price the property in the lower 50% of the price range for similar properties in order for it to sell in the next 12 months. To sell in the next 6 months it would have to be priced in the lower 25% of the competition."

Thats generally speaking of course. Currently, the Halifax absorption rate is 25 1/2 weeks and is a key statistic to keep an eye on to ensure your listing will sell in the time you desire and for the price you are hoping for. One of the many key factors that I use to price a home competitively. If you would like to know what the absorption rate is for your neighbourhood you can contact me anytime. 

Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? 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


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Halifax (HRM) Residential Market Statistic Update For Week of May 10th to May 17th 2012

New Listings:  563 (632, 468, 519, 539)
Sold:  199 (292, 172, 199, 189)
Sale to List Ratio: 35% (32%, 37%, 38%, 35%)
Expired/Cancelled/Withdrawn:  65 (69, 187, 64, 77)
Active Single Family Home: 2950 (2897, 2823, 2850, 2796)
Average Single Family Home List Price:  $296,277 ($293,401, $294,469, $285,936, $298,168)
Average Single Family Home Selling Price:  $288,607  ($289,016, $288,806, $280,799, $294,101)
Average Days on  Market Single Family Home: 79 (60, 67, 81, 75)
Active Condos:  252 (240, 225, 225, 223)
Average Condo Listing Price:  $254,110  ($255,601, $245,635, $226,141, $273,494)
Average Condo Selling Price: $250,032 ($250,116, $242,470, $222,575, $268,400)
Average Days on Market Condos:  84 (144, 48, 133, 97)

Yet another week just below the "balanced market" range and still hanging in a "buyers" market. However, as I've reported in the past there is still pockets of the city that are enjoying a "balanced" or even a "sellers" market. To explain the sales to list ratio a bit further for those who are wondering, the sales to new listings ratio is simply the number of sales divided by the number of new listings, and is an indicator of whether we are in a buyer's market or a seller's market. There is no standard ratio for any market, but some analysts agree a ratio less than 40% is a buyer's market, 40%-60% is a balanced market and over 60% is a seller's market. Its a great indicator for buyers and sellers alike to react to fluctuations in these numbers and make timely decisions with their real estate transaction (if waiting is an option). 

Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? 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

Halifax (HRM) Residential Market Statistic Update For Week of May 3rd to May 10th 2012

New Listings:  632 (468, 519, 539, 463)
Sold:  202 (172, 199, 189, 149)
Sale to List Ratio: 32% (37%, 38%, 35%, 32%)
Expired/Cancelled/Withdrawn:  69 (187, 64, 77, 79)
Active Single Family Home: 2897 (2823, 2850, 2796, 2742)
Average Single Family Home List Price:  $293,401 ($294,469, $285,936, $298,168, $294,434)
Average Single Family Home Selling Price:  $289,016  ($288,806, $280,799, $294,101, $291,162)
Average Days on  Market Single Family Home: 60 (67, 81, 75, 85)
Active Condos:  240 (225, 225, 223, 233)
Average Condo Listing Price:  $255,601  ($245,635, $226,141, $273,494, $266,329)
Average Condo Selling Price: $250,116 ($242,470, $222,575, $268,400, $259,655)
Average Days on Market Condos:  144 (48, 133, 97, 152)

WOW.... Thats a lot of new listings this week! Its been a while since we hit over the 600 mark for new inventory additions, including the beginning of the month cycle. Decent about of sales this week but not enough to inject any excitement or buzz over the apparent "coming days" of real estate pandemonium. Like I mentioned in my April monthly wrap up (scroll down), its a market of reluctant optimism. We have seen record breaking stats since the ship building contract was awarded to Nova Scotia but a good majority of people believe that it won't impact Haligonians or the Halifax real estate market as much as they might think. I have seen a strong and healthy market so far this year and expect it to remain so. Whats your thoughts?

Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? 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


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On a non-real estate related subject, I will be attending the first annual "Blingo Gala" this friday in support of the SCRI Society.  A fantastic event to help this great club that gives people with disabilities, special needs or difficulties with learning and communication a place to spend time and enjoy fun activities with friends. The details are below if you would like to attend. Ticket info is below and can be purchased at the door. I do have an extra ticket if someone would like to attend with me! Hope to see you there!

Blingo Gala
Friday 11 May 2012, 7pm to 10pm
A gala evening of sparkle and dance with 'Blingo' prizes,silent auction, refreshments, and live music from The Action Figures

Hosted by Jeremy Webb

A charity event in support of SCRI Society 'The Club'
www.theclubscri.com
St James Anglican Church Hall, Armdale Rotary, Halifax, Nova Scotia

Tickets $20 each, or two for $30, includes one Bingo card and one beverage, plus entryDrop In Club Members only, tickets $5, includes one Bingo card
Available from The Drop In Club or by emailing theclubgala@gmail.com

If you would like to donate items for our Silent Auction, please email Sharon or Alice attheclubgala@gmail.comWe look forward to seeing you all at our first Annual Fundraiser

Halifax (HRM) Residential Market Statistic Update For Week of April 26th to May 3rd 2012

New Listings:  468 (519, 539, 463, 673)
Sold:  172 (199, 189, 149, 166)
Sale to List Ratio: 37% (38%, 35%, 32%, 25%)
Expired/Cancelled/Withdrawn:  187 (64, 77, 79, 167)
Active Single Family Home: 2823 (2850, 2796, 2742, 2670)
Average Single Family Home List Price:  $294,469 ($285,936, $298,168, $294,434, $288,845)
Average Single Family Home Selling Price:  $288,806  ($280,799, $294,101, $291,162, $281,360)
Average Days on  Market Single Family Home: 67 (81, 75, 85, 96)
Active Condos:  226 (225, 223, 233, 249)
Average Condo Listing Price:  $245,635  ($226,141, $273,494, $266,329, $248.003)
Average Condo Selling Price: $242,470 ($222,575, $268,400, $259,655, $243,167)
Average Days on Market Condos:  48 (133, 97, 152, 102)

Even with the beginning of the month renewed expired listings cycle, the sales to list ratio had a decent showing this week. Single family home inventory had its first reduction in inventory in weeks. This might be signs of improving weather to bring out buyers or a late start to the usually hot spring market. How about the days on market stats? Those are the lowest they have been all year. 14 Condo's sold this week and they sold on average of 48 days! So, condo's enjoy high demand and see there value ever improving and inventory is either reducing or only making marginal gains. Don't forget to scroll down and check out the April monthly wrap up and come back later this week as I will be posting the Multi-Residential monthly stats for all those interested.


Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? 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


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Inventory remains at record lows even with over 500 new additions each week being added on. The absorption rate seems to be handling the addition of these new listings but I can only wonder how much longer with the poor performance of sales during the first quarter of 2012 (see below). 

Can you spot the April sales statistic? Its hiding behind 2011! Not really the sales that speculators anticipated during the first quarter of the year however, the poor sales performance has had no significant bearing on inventory gain nor property value increase. Both of those stats remain strong as well as the average days on market (89).

Sale prices remain at record highs this month. A good movement month for executive and stately properties to boost this stat along with the flourishing entry level property market. We are still seeing high demand in the key regions and property types but with the poor showing of sales, one can only wonder how much longer.

So almost an exact repeat of last months activity. Record low inventory and sales value but sales themselves fell flat again for the third time this year. Talking with a few peers and colleagues, it seems the general mood is one of reluctant optimism. People are optimistic that the market has changed at that it will continue to change over the next few months but are still reluctant to fully commit to the investment and are waiting for the explosion. By then of course, its too late...

Whats your thoughts on the Halifax real estate market? Got an insider tip for Halifax? I would like to here your thoughts Halifax or maybe your experience this year so far. To do so, simply leave a comment below. Have a question about the Halifax real estate market? Please do not hesitate to CONTACT ME with any and all inquiries that you might have. Follow me on Twitter to get instant messages about Halifax real estate @HalifaxRealEst and friend me on Facebook to keep up will all my activities and shenanigans.

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