Halifax (HRM) Residential Market Statistic Update For Week of July 18th July 25th 2013 (Previous weeks numbers in brackets) *Last year this week New Listings: 459 (544, 499, 554, 497) *434 Sold: 164 (153, 130, 127, 156) *162 Sale To List Ratio: 36% (28%, 26%, 23%, 31%) *37% Expired/Cancelled/Withdrawn: 130 (117, 103, 260, 111) *70 Total Active Halifax/Dartmouth Inventory: 5,648 (5,648, 5,556, 5,526, 5,526) Active Single Family Home: 3,712 (3,724, 3,671, 3,635, 3,693) *2979 Average Single Family Home List Price: $305,097 ($285,954, $286,137, $297,740, $295,303) *277k Average Single Family Home Selling Price: $295,748 ($274,839, $275,133, $288,192, $285,878)*271k Average Days On Market Single Family Home: 99 (79, 102, 80, 82) *93 Active Condos: 445 (442, 445, 451, 447) *260 Average Condo Listing Price: $333,495 ($301,963, $289,425, $280,050, $273,871) *198k Average Condo Selling Price: $320,961 ($288,279, $281,285, $271,566, $267,032) *192k Average Days On Market Condos: 75 (109, 60, 85, 88) *50 Halifax/Dartmouth Absorption Rate (weeks): 43 (43, 38, 38, 36) *27 No, I didn't forget to change the stat figures this week, for the first time in blog history the total inventory numbers stayed exactly the same! Does that mean absolutely no activity occurred this week? No, but somehow market ebb and flow had a perfect balance of inventory gain and loss. Sales to list ratio gained ten points this week but failed to change the absorption rate figure which is an amazing 16 weeks, or 4 months more then this time last year. Single family home prices remain strangely high as we finish out a week of sales that have actually performed stronger then last year. I'm anxious to report the July stats to see how we did. So make sure to come back next Thursday to check it out! Thanks for stopping by! A new addition to the blog is "adoptable's of the week". This week features Pit Project Rescue (a non-profit organization) and a batch of their rescued puppies that will be ready for adoption soon. Details and more info can be found by clicking the picture :) 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 July 11th July 18th 2013
(Previous weeks numbers in brackets) *Last year this week New Listings: 544 (499, 554, 497, 443) *441 Sold: 153 (130, 127, 156, 173) *209 Sale To List Ratio: 28% (26%, 23%, 31%, 39%) *47% Expired/Cancelled/Withdrawn: 117 (103, 260, 111, 99) *191 Total Active Halifax/Dartmouth Inventory: 5,648 (5,556, 5,526, 5,526, 5,573) Active Single Family Home: 3,724 (3,671, 3,635, 3,693, 3,677) *2931 Average Single Family Home List Price: $285,954 ($286,137, $297,740, $295,303, $281,042) *289k Average Single Family Home Selling Price: $274,839 ($275,133, $288,192, $285,878, $272,792)*282k Average Days On Market Single Family Home: 79 (102, 80, 82, 82) *81 Active Condos: 445 (442, 445, 451, 447) *259 Average Condo Listing Price: $301,963 ($289,425, $280,050, $273,871, $250,852) *223k Average Condo Selling Price: $288,279 ($281,285, $271,566, $267,032, $244,526) *217k Average Days On Market Condos: 109 (60, 85, 88, 88) *37 Halifax/Dartmouth Absorption Rate (weeks): 43 (38, 38, 36, 35) *26 Would you look at the inventory? Wow. Not only is July not following annual trend by reducing, it continues to soar higher and higher to record breaking altitude. Currently, the inventory has 214 more listings then it did last month (which is usually peak month), and a whopping 1,145 more then last year at this time...incredible. Sales remain low this week and because of that fact, added 7 additional weeks to the absorption rate, the largest so far this year. Sale values have decreased marginally this week but apparently not enough to reverse the sales slump and entice buyers back to the table. Interest rates have slightly increased but not enough to really make buyers commit to making that offer. The sales to list ratio peaked last year and put our week to shame with a 19% change...thats huge! So the speculation continues and sellers scramble to locate the mythical "buyer". Deals remain few and far between with sellers sticking to their guns and offering no less then what they feel is "fair market value", even if they are making market value assumptions based on three years ago. Its bound to turn around one of these days, what's your prediction? 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 July 4th July 11th 2013
(Previous weeks numbers in brackets) *Last year this week New Listings: 499 (554, 497, 441, 520) *508 Sold: 130 (127, 156, 173, 166) *185 Sale To List Ratio: 26% (23%, 31%, 39%, 32%) *36% Expired/Cancelled/Withdrawn: 103 (260, 111, 99, 83) *82 Total Active Halifax/Dartmouth Inventory: 5,556 (5,526, 5,526, 5,573, 5,547) Active Single Family Home: 3,671 (3,635, 3,693, 3,677, 3,689) *2959 Average Single Family Home List Price: $286,137 ($297,740, $295,303, $281,042, $304,904) *308k Average Single Family Home Selling Price: $275,133 ($288,192, $285,878, $272,792, $298,081)*299k Average Days On Market Single Family Home: 102 (80, 82, 82, 98) *72 Active Condos: 442 (445, 451, 447, 449) *276 Average Condo Listing Price: $289,425 ($280,050, $273,871, $250,852, $236,461) *230k Average Condo Selling Price: $281,285 ($271,566, $267,032, $244,526, $199,423) *224k Average Days On Market Condos: 60 (85, 88, 88, 188) *64 Halifax/Dartmouth Absorption Rate (weeks): 38 (38, 36, 35, 35) *26 Looks our inventory is just going to keep increasing. Sales are not abundant enough to keep up with our apparent endless amount of inventory additions, and without a change will continue to slump. With selection at a premium, buyers are enjoying the bountiful choices that they have at their fingertips. Sales are being made on who is giving the best deal and if sellers are not willing to accommodate, buyers simply move along. Its causing a market procrastination. Without buyers feeling the push to snap up a new home, they simply wait out the market for the perfect house, then try to get it for the perfect price. An inevitable change to the stats in this type of market has also occurred this week, properties are sitting longer. Days on market increased significantly in single family home's resulting in an average waiting time to sell just shy of 4 months. It seems that if listings do not sell in the first 4 weeks, they won't sell for four months. Lots of showings but no offers? Recheck your price. No showings or very few? time 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 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! 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 home sales values remain strong
So I will start the report with the positive, sale prices are holding steady and the value remains plus of all previous years in June. There is also a negative side to the value report, without the adjustment of this figure inventory will remain where it is and sales will continue to suffer. Record breaking inventory in June RECORD BREAKER ALERT! Here is is folks, we have reached an all time high residential inventory level. The record wasn't shattered by any means but the year that was closest also had a great sales year to compensate. We are not so fortunate with our sales figures this year... Sales to an all new low in June Speaking of sales...Hoping for a rebound or at least a plateau? June hit the skids and tapped out early causing the lowest June sales month in over 14 years. Still lots of activity around and whether its from market ignorance, turning a blind eye or receiving poor advice I would encourage anyone thinking of selling to research and ask the right questions. Do I have to sell right now? Am I being realistic with my asking price given the market? Whats my competition doing and how is my representative making me visible and competitive? I have pretty much blogged the entire month of June about sellers situations and market acceptance, factors and information if you find yourself in this type of market. There is nothing more unsettling then facing unprepared or unrealistic sellers with buyers that have done their homework, asked the right questions and got the right representation. And in this market its all too easy to just move along to the neighbour down the street that is prepared to deal with these market conditions. If your a seller reading this blog, I would place you in the second category. We all hope that any investment that we make in life will pay us back with interest, but the long and short of it is many home sellers are settling on the idea they may break even, but losing right now is more of a reality. 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 |
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
Archives
March 2024
Categories
All
|