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Here are the numbers for the Multi-Residential Real Estate Market For October 2011 (Numbers in brackets represent prior months activity) Currently Active listings on Market: 101 (109, 111, 114) New Listings: 37 (21, 26, 26) Sold: 16 (10, 8, 9) Sales to List Ratio: 43% (48%, 31%, 35%) Average Days on Market: 153 (51, 41, 81) Average List Price: $411K ($404K, $342K, $360K) Average Sold Price: $393K ($368K, $325K, $344K) Conditional/Pending: 15 Just a quick snapshot of the Multi-Res inventory to begin tracking this market. I had mentioned on last weeks stats report that there was 12 properties under conditional/pending offers and that it might be interesting to see how this market develops in the future. Well, there is three more conditional/pending offers in as many days of my report. Colleagues and peers alike all agree that the interest in this type of property has spiked significantly since the "Ships Start Here" contract confirmation and I plan to follow this market in detail as things develop. These stats will now become a staple in the Halifax Real Estate Blog so check back frequently for updates. If you have a certain category of Real Estate statistic that you would like to know about, feel free to contact me any time. I will be submitting part 2 of this entry next Monday so be sure to follow up. Check back tomorrow as I will be reporting the October monthly residential stats and again on Thursday for the weekly update. Happy Halloween!!! Check Below for stat graphs of this interesting market. Follow me on Twitter to get instant Halifax Real Estate news and updates and don't forget to leave a comment or question. Newest blog post HERE    For the week of October 20th to October 27th 2011
Previous weeks stats in brackets New Listings: 376 (397, 368, 414, 369) Sold: 111 (126, 116, 128, 127) Sale to List Ratio: 30% (32%, %32, 31%, 34%) Expired/Cancelled/Withdrawn: 123 (149, 145, 343, 113) Active Single Family Home: 2961 (2986, 3011, 3004, 3126) Average Single Family Home List Price: $259,354($285,399, $287.019, $256,696, $272,161) Average Single Family Home Selling Price: $252,129 ($275,291, $274,126, $247,369, $265,584) Average Days on Market - Single Family Home: 99 (100, 91. 89, 108) Active Condos: 329 (339, 333, 341, 375) Average Condo Listing Price: $211,275 ($194,265, $247,426, $238,343, $305,329) Average Condo Selling Price: $204,673 ($189,523, $240,294, $230,743, $298,670) Average Days on Market - Condos: 167 (56, 138, 45, 288) As the dust from the Ship Building contract settles, its back to business as usual...or is it? Nothing quite out of the ordinary as far as the stats are concerned, but behind the scenes activity relating to real estate is all the buzz. Speculators, Investors, developers and property owners have turned there eyes to Halifax looking for the next "Hot Spot" in Canada. The anticipation of things to come have a lot of people excited and others taking a deep breath and wondering how this news will change their situation. While some people may try to capitalize on the inevitable market surge, others will be wondering how to gather down payments and financing for property acquisition as the house prices rise. Check back on Monday as I plan to do a "Stats Report" regarding multi-family and vacant lots. These will become a hot commodity as developers move in to make accommodations for the projected influx of people coming to HRM. Doing a quick check I noticed out of the 99 active multi-family listings, 12 are conditional/pending. Coincidence? Make sure to follow me on Twitter for the latest Halifax Real Estate Developments! Whats your opinion? Click HERE for the latest Blog post As you have probably heard, Irving Shipbuilding will be finalizing agreements with Ottawa in the new year. Irving Shipbuilding expects that "cutting steel" will begin in late 2012/early 2013. This means plenty of jobs for Nova Scotians (here or returning). I experienced this kind of thing in Alberta when the boom hit a few years back and as the timeline moved closer for the oil companies to open the facility doors, the Edmonton area went crazy. To purchase a home, you had to offer with no conditions at all and offer on the spot. It was a huge sellers market. I am not saying that the same with happen in Halifax but nothing is for certain. I have seen homes double in price in no time at all and become unaffordable. I expect that there will be a few phases that investors will invest in HRM:
1) Now - while prices are still affordable and properties are available. 2) After the agreements are finalized. 3) When employees start in late 2012/2013 No matter which way things go with the real estate market, aquiring this contract is great for all Nova Scotians. We may have our families and friends returning to this beautiful province. Congratulations Nova Scotia! For the week of October 13th to October 20th 2011
Previous weeks stats in brackets New Listings: 397 (368, 414, 369) Sold: 126 (116, 128, 127) Sale to List Ratio: 32% (%32, 31%, 34%) Expired/Cancelled/Withdrawn: 149 (145, 343, 113) Active Single Family Home: 2986 (3011, 3004,3126) Average Single Family Home List Price: $285,399 ($287.019, $256,696, $272,161) Average Single Family Home Selling Price: $275,291 ($274,126, $247,369, $265,584) Average Days on Market - Single Family Home: 100 (91. 89, 108) Active Condos: 339 (333, 341, 375) Average Condo Listing Price: $194,265 ($247,426, $238,343, $305,329) Average Condo Selling Price: $189,523 ($240,294, $230,743, $298,670) Average Days on Market - Condos: 56 (138, 45, 288) Unless you've been hiding under a rock or had your head in the sand, you are aware of the multi-billion dollar ship building contract that has been awarded to a Halifax based, ship building company. The celebration of this news is also met with anticipation, excitement and opportunity. Having already lived through a boom market, I have experienced first hand the highs and lows associated with buying, selling and investing in such a marketplace. Its not for the faint of heart, but theres no stopping it and actually its already begun. Now the power rests with the individual to decide to participate or spectate. The key to taking advantage of this type of anticipated market is to make your move before the opportunity passes you by. "He who strikes first, gets the best deal" Have any thoughts or questions? I would love to hear them. Check back frequently as the Halifax Real Estate Blog goes into overtime with more posts, more content and more Halifax real estate market information. With the new announcement of Halifax being successful in winning the bid for the ship building contract, investors are already at our door step looking to invest in our great city. This is welcome news to all citizens of HRM. If you have been thinking of a project to invest in or are looking to make an opportunity, now is your time! Contact me with any questions. Congratulations Halifax!
For the week of October 6th to October 13th 2011
Previous weeks stats in brackets New Listings: 368 (414, 369, 371) Sold: 116 (128, 127, 122) Sale to List Ratio: 32% (31%34%, 33%) Expired/Cancelled/Withdrawn: 145 (343, 113, 133) Active Single Family Home: 3011 (3004,3126,3108) Average Single Family Home List Price: $287,019 ($256,696, $272,161, $274,686) Average Single Family Home Selling Price: $274,126 ($247,369, $265,584, $264, 723) Average Days on Market - Single Family Home: 91 (89, 108, 96) Active Condos: 333 (341, 375, 380) Average Condo Listing Price: $247,426 ($238,343, $305,329, $251,913) Average Condo Selling Price: $240,294 ($230,743, $298,670, $242,846) Average Days on Market - Condos: 138 (45, 288, 124) Business as usual this week as the market continues its slow dissolve into the fall trend. Properties are actively selling and some inventory was actually added this week showing the stretching out of the fall market. Stay tuned to the blog as I have some cutting edge innovations and ideas that will be the wave of the future for Real Estate marketing. Ever hear of a Virtual Open House? How about a Conduit Showing? Just some of the things I have developed in the quest to offer my clients the best variety of services out there! Make sure to follow me on Twitter and Check out my Facebook Pages. Take a look at My Rum Point Website to see an example of my listing service. (Its also a beautiful place to build on these estate lots). Feel free to leave comments or questions! For the week of September 29th to October 6th 2011
Previous weeks stats in brackets New Listings: 414 (369, 371, 362) Sold: 128 (127, 122, 128) Sale to List Ratio: 31% (34%, 33%, 35%) Expired/Cancelled/Withdrawn: 343 (113, 133, 154) Active Single Family Home: 3004 (3126,3108, 3105) Average Single Family Home List Price: $256,696 ($272,161, $274,686, $272,990) Average Single Family Home Selling Price: $247,369 ($265,584, $264, 723, $266,304) Average Days on Market - Single Family Home: 89 (108, 96, 90) Active Condos: 341 (375, 380, 378) Average Condo Listing Price: $238,343 ($305,329, $251,913, $230,373) Average Condo Selling Price: $230,734 ($298,670, $242,846, $224,953) Average Days on Market - Condos: 45 (288, 124, 222) Few strange numbers to chat about this week. Lets start off with the average DOM (days on market) of Condo's. Thats the lowest average that I have seen in a long time. Condo prices settle back down from last weeks surge and the ones that did sell last week only took 45 days to sell on average. Thats a fast transaction turn around! The other stat of note would be the expired listings this week. With Haligonians stretching out the last bit of the fall real estate season, the large amount off market listings is a testament to the property owners folding their hand until the next time. Check back next Thursday for the stats update and be sure to check in next week for some interesting developments. Feel free to leave a comment or question, follow me on twitter and like my page on Fac  Residential Inventory had a substantial drop this month with just over 300 listings coming off the market for their various reasons (sold, expired, cancelled, etc). It settles into third position for the least amount of inventory in the past 5 years for the month of September.  Not following the monthly trend of the past 5 years, sales this month actually increased over the August numbers. September is always a hot bed of activity with large number of properties coming off the market and a steady flow of new properties being listed. See the blog entry I did earlier in the month regarding the "secret" time of year to list.  Sold Prices retain a healthy lead over the years prior confirming a natural, slow and steady Residential Market increase settling just over the 240k range.
Come back every Thusday to keep up to date with the Halifax Real Estate market. Or follow me on twitter to recieve up to the minute Real Estate Information. Don't forget to stop by my Client Incentives page to take a look at all the great stuff I offer and take advantage of the Great October Commission Reduction Incentive. Feel free to leave comments or questions! |
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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