Halifax (HRM) Residential Market Statistic Update For Week of June 20th-27th 2013
(Previous weeks numbers in brackets)
*Last year this week

New Listings:  497 (441, 520, 593, 530) *434
Sold:  156 (173, 166, 184, 176) *162
Sale To List Ratio: 31% (39%, 32%, 31%, 33%) *37%
Expired/Cancelled/Withdrawn:  111 (99, 83, 209, 86) *70
Total Active Halifax/Dartmouth Inventory:  5,573 (5,547, 5,550, 5,485, 5,484)
Active Single Family Home: 3,693 (3,677, 3,689, 3,659, 3,675) *2979
Average Single Family Home List Price:  $295,303 ($281,042, $304,904, $290,481, $304,362) *277k
Average Single Family Home Selling Price:  $285,878 ($272,792, $298,081, $282,512, $297,972) *271k
Average Days On  Market Single Family Home: 82 (82, 98, 86, 89) *93
Active Condos:  451  (447, 449, 436, 439) *260
Average Condo Listing Price:  $273,871 ($250,852, $236,461, $283,912, $324,576) *298k
Average Condo Selling Price:  $267,032 ($244,526, $199,423, $275,449, $318,884) *292k
Average Days On Market Condos:  88 (88, 188, 95, 88) *50
Halifax/Dartmouth Absorption Rate (weeks):  36 (35, 35, 34, 35) *27

Want to encourage everyone out there to get out and enjoy the Canada Day activities across the nation this weekend. We have such a beautiful Country here and there are many that forget, or neglect to appreciate not only the splendour of this nation, but the people who stand guard and have stood guard for freedom. We owe many thanks not only to the people that have made Canada the great global icon it is, but the people that protect and have protected our families here at home and abroad. Don't be afraid to show your patriotism this weekend! Wear that Canada flag shirt, hoist that beautiful red maple leaf high in the air, say things like aboot and eh! Its aboot time we rallied behind our flag and showed the world that we are a united nation, we believe in the same ideals, and have a driven focus towards the future and the betterment of mankind and peace. So say it loud, say it proud I AM CANADIAN!! Please also keep in your hearts and minds the citizens of Calgary and the devastation that has been caused by the floods. I have family and friends there, and my follow soldiers from the Lord Strathcona's Horse (Royal Canadians)(my former regiment) helping with the devastation. I would encourage everyone to help out in any way they can. Since I am an animal lover I have provided a link to the Calgary Humane Society that is overwhelmed with the mass displacement of animals in the area, but there are also many ways to contribute. Perseverance!

Make sure to come back on July 2nd when the June stats update will be posted. 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 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 June 13th-20th 2013
(Previous weeks numbers in brackets)
*Last year this week

New Listings:  441 (520, 593, 530, 545) *511
Sold:  173 (166, 184, 176, 160) *206
Sale To List Ratio: 39% (32%, 31%, 33%, 29%) *40%
Expired/Cancelled/Withdrawn:  99 (83, 209, 86, 79) *114
Total Active Halifax/Dartmouth Inventory:  5,547 (5,550, 5,485, 5,484, 5,419)
Active Single Family Home: 3,677 (3,689, 3,659, 3,675, 3,647) *2968
Average Single Family Home List Price:  $281,042 ($304,904, $290,481, $304,362, $303,352) *291k
Average Single Family Home Selling Price:  $272,792 ($298,081, $282,512, $297,972, $296,297) *284k
Average Days On  Market Single Family Home: 82 (98, 86, 89, 97) *92
Active Condos:  447  (449, 436, 439, 423) *267
Average Condo Listing Price:  $250,852 ($236,461, $283,912, $324,576, $236,769) *281k
Average Condo Selling Price:  $244,526 ($199,423, $275,449, $318,884, $233,352) *265k
Average Days On Market Condos:  88 (188, 95, 88, 63) *101
Halifax/Dartmouth Absorption Rate (weeks):  35 (35, 34, 35, 35) *25

Was last week the peak? All inventory stats reduced this week for the time in months, maybe marginally but it happened all the same. Single family homes final selling average was $22,000 less then last week which may have contributed to a decent sales week and a sales to list ratio that is the highest its been in months as well. And that will conclude our "Spring" market! one can only hope that the summer brings hot weather and hot buyers...

In the past few weeks I have been discussing the challenges with selling a home in this market, especially when it comes to the psychology of acceptance. Accepting the fact that the home you want to list may not sell for the price you where hoping for, nor get the price you expected to get when faced with todays market conditions. Unless you are willing to get competitive with your price and market your home accordingly, it may be time to seek alternative means to an end. If you have found yourself in a stale listing slump you may be considering a few things. Staging your home (if its not already done, doing that renovation that you have been neglecting, switching real estate agents/brokerages (cause that helps...) or simply doing nothing. The last thing that people want to discuss is the dreaded price drop or as I call it, a market correction. People who have lived in their homes for over 8 years have a tendency to be more realistic with their listing goals and recommendations as the time spent in the home has created some equity. People selling their home under 8 years of ownership usually shy away from reductions or lower listing prices because no one wants to lose on an investment after fees, negotiations and associated costs. So what other options does a homeowner have other then discounting their listing beyond the point of profit? Well, you could always wait it out. Eventually someone is bound to come by and make an offer, or eventually the market will catch up to the price but how long will that take? Rent out the home? Are you in a position to carry another mortgage (provided you are buying again when you move) and take care of a tenant? Although this negates carrying costs, tenants can be a challenge, abuse the home or leave it in poor condition degrading the overall value. How about lease to own? There may different benefits/challenges from this option, but may be suitable to help those that want to keep their investment going. If you are unfamiliar with how it works I would highly recommend this article and get the scoop! And know that the real estate professional that has been assisting you with selling your home (if you have one) can still facilitate this kind of transaction, so do not be afraid to ask questions to ensure you have all your options at hand to make a decision thats best for you! 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 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 May 30th-June 6th 2013
(Previous weeks numbers in brackets)
*Last year this week

New Listings:  520 (593, 530, 545, 570) *507
Sold:  166 (184, 176, 160, 176) *195
Sale To List Ratio: 32% (31%, 33%, 29%, 31%) *39%
Expired/Cancelled/Withdrawn:  83  (209, 86, 79, 106) *87
Total Active Halifax/Dartmouth Inventory:  5,550 (5,485, 5,484, 5,419, 5,369)
Active Single Family Home: 3,689 (3,659, 3,675, 3,647, 3,608) *2982
Average Single Family Home List Price:  $304,904 ($290,481, $304,362, $303,352, $303,040) *291k
Average Single Family Home Selling Price:  $298,081 ($282,512, $297,972, $296,297, $295,780) *285k
Average Days On  Market Single Family Home: 98 (86, 89, 97, 85) *79
Active Condos:  449  (436, 439, 423, 418) *259
Average Condo Listing Price:  $236,461 ($283,912, $324,576, $236,769, $211,677) *276k
Average Condo Selling Price:  $199,423 (275,449, $318,884, $233,352, $204,671) *268k
Average Days On Market Condos:  188 (95, 88, 63, 48) *37
Halifax/Dartmouth Absorption Rate (weeks):  35 (34, 35, 35, 35) *25.5

Its been a year now since Finance Minister Jim Flaherty tightened the mortgage lending rules for the fourth time and the question is, what was the impact? Although there has been some positive results in some areas of the Country it would appear that the overall effect was negative. Even before the changes occurred our sales in Halifax had already started to taper off, but look at the stats and decide for yourself those changes have become factors in our current market condition.  June 2012 was the month that sent home sales in Halifax plummeting to record lows, and since then have not been able to fully recover. Coincidence? We have also gone from record low inventory, to record highs in a single year with the single family home inventory climbing 26% and condos inflating 42%. It would seem that other areas are growing as well, days on market is averaging three months and the absorption rate is now 10 weeks longer then last year. 

Back to the days on market statistic. If you are in Dartmouth, you may be pleased to know that properties are selling in half the time compared to those in Halifax and Bedford (Including Sackville up to Fall River) and are traditionally so. However, average sales in Dartmouth are on average $50,000 lower then the other regions so value may encourage sales. That and the fact that both Dartmouth and Halifax combined have less active listings the the Bedford+ areas so this value is obviously causing demand to an extent. 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 May 30th-June 6th 2013
(Previous weeks numbers in brackets)
*Last year this week

New Listings:  593 (530, 545, 570, 606) *554
Sold:  184 (176, 160, 176, 172) *193
Sale To List Ratio: 31% (33%, 29%, 31%, 28%) *34%
Expired/Cancelled/Withdrawn:  209  (86, 79, 106, 97) *162
Total Active Halifax/Dartmouth Inventory:  5,485 (5,484, 5,419, 5,369, 5,213)
Active Single Family Home: 3659 (3675, 3647, 3608, 3505) *2962
Average Single Family Home List Price:  $290,481 ($304,362, $303,352, $303,040, $296,250) *272k
Average Single Family Home Selling Price:  $282,512 ($297,972, $296,297, $295,780, $288,403) *265k
Average Days On  Market Single Family Home: 86 (89, 97, 85, 80) *78
Active Condos:  436  (439, 423, 418, 404) *261
Average Condo Listing Price:  $283,912 ($324,576, $236,769, $211,677, $263,420) *257k
Average Condo Selling Price:  $275,449 ($318,884, $233,352, $204,671, $258,366) *226k
Average Days On Market Condos:  95 (88, 63, 48, 44) *80
Halifax/Dartmouth Absorption Rate (weeks):  34 (35, 35, 35, 38) *25.3

Have we peaked?? Looks like the majority of the stats this week took a loss, except the inventory. That being said, both condo and single family homes reduced inventory this week halting the average 50+ listings that have been added weekly over the past few months. Still, as proven by the stats in May (see below), our inflated inventory and lack of buyers is making the selling process a complicated one for many people in the HRM. Now I could sit here and fluff over the reasons why, or what you can do differently if you happen to be trying to sell your home with no luck, but I would be the broken record and the "obvious" point which you may be aware of...PRICE! I briefly touched on some facts a few weeks ago with regards to this topic but its one that I address on a daily basis. While enhancements, renovations, staging and every other trick in the book makes your home more marketable (professionally done that is) and it may help sell you listing sooner and for more money, or at least thats the theory. No amount of staging is going to sell a home that is $30,000 over priced. Many people have a figure in mind or "what they need" to get out of their home to break even or turn a profit, but as I mentioned before its market condition and the consumers that drive the price. And unfortunately, we are in a buyers market...

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 sale prices remained high again in May but failed to surpass last years value by $227. Thats pretty marginal given the health of the market last year was in a bit better condition then we are experiencing now.

The first peak sales month of the year had a poor showing in May. 97 less transactions then last year and 327 lower then our highest report from 2007. With June being the other peak month one can only hope that our market makes a solid summer sales recovery.

Almost hit the top! Inventory climbed substantially again for the fourth consecutive month and only missed breaking the all time high by 76 units. June has an annual trend of tapering off after May but with a continuing sales slump this statistic may very well continue to rise.
So it would appear that we haven't seen the end of our sales slump yet and with the spring market coming to a close it looks like we may not see a full recovery this year. With talks of mortgage interest hikes on the way it will be interesting to see the impact of that decision not only to our market, but the labouring markets across the country. Usually there is a flurry of activity when rate hikes are looming as people push to find a property before the inevitable change. As these announcements are sometimes used as a market stimulus It will be interesting to see just how much that sways the June market and buyers decisions. Smoke and mirrors or the end of record low rates? 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