Halifax (HRM) Residential Market Statistic Update For Week of October 23rd to October 30th 2014
(Previous weeks numbers in brackets)
*Last year this week

New Listings: 312 (326, 306, 418, 407) *323
Sold: 97 (108, 94, 100, 123) *96
Sale To Listing Ratio: 31% (33%, 31%, 24%, 30%) *30%
Listings that went conditional/pending: 122 (110, 99, 113, 107) 
Expired/Cancelled/Withdrawn:  129 (130, 143, 132, 340) *188
Total Active Halifax/Dartmouth Inventory:  5,441 (5,485, 5,516, 5,564, 5,530) *5,161
Active Single Family Home: 3,592 (3,625, 3,651, 3,692, 3,684) *3,426
Average Single Family Home List Price:  $275,538 ($293k, $302k, $310k, $283k) *$289k
Average Single Family Home Selling Price:   $267,311 ($281k, $290k, $295k, $272k) *$279k
*Single Family Home Sale to List Ratio This Week: 97% (96%, 96%, 95%, 96%)
Average Days on Market Single Family Home: 104 (101, 87, 104, 118) *103
Active Condos:  492 (505, 508, 511, 507) *398
Average Condo Listing Price:  $265,549 ($248k, $248k, $246K, $248k) *$221k
Average Condo Selling Price:  $253,766 ($237k, $240k, $239k, $241k) *$214k
*Condo Sale to List Ratio This Week: 96% (96%, 97%, 97%, 97%)
Average Days on Market Condos:  119  (98, 110, 117, 109) *64
Absorption Rate in weeks:  55 (52, 49, 46, 86) *38
Active Vacant Lots: 1,018 (1,015, 1,017, 1,017, 1,005)


MARKET RANT
Looks like things continue to decline as we head towards the winter months, and winter market. The cool touch of fall has descended on our fair city, which coincides with the continued market temperature. I wanted to do some extra stats this week to see what was going on with the "expired/cancelled/withdrawn' pile, compared to our average list and selling prices. This is for single family homes;

Expired
Average listing price= $338,006
Average days on market= 171

Cancelled
Average list price= $333,425
Average days on market= 142

Withdrawn
Average list price= $361,717
Average days on market= 109

Not too surprising, but the old saying of "price your home correctly" has some statistical teeth. These are the stats from the week to coincide with the other weekly reports, and as you can see, all three categories averaged much higher average listing prices and average days on market. Something can be said about the "cascade" effect as well, with not as many first time home category products not moving, the next price point up suffers. On average, however, these numbers lay it out pretty clearly, and show that what property owners may "want" to list their property for, is not necessarily what property owners "should" list their properties for. 

Halifax (HRM) Residential Market Statistic Update For Week of October 16th to October 23rd 2014
(Previous weeks numbers in brackets)
*Last year this week

New Listings: 326 (306, 418, 407, 393) *386
Sold: 108 (94, 100, 123, 133) *96
Sale To Listing Ratio: 33% (31%, 24%, 30%, 34%) *25%
Listings that went conditional/pending: 110 (99, 113, 107, 117) 
Expired/Cancelled/Withdrawn:  130 (143, 132, 340, 169) *149
Total Active Halifax/Dartmouth Inventory:  5,485 (5,516, 5,564, 5,530, 5,695) *5,247
Active Single Family Home: 3,625 (3,651, 3,692, 3,684, 3.803) *3,478
Average Single Family Home List Price:  $292,532 ($302, $310k, $283k, $274k) *$285k
Average Single Family Home Selling Price:   $281,035 ($290k, $295k, $272k, $260k) *$275k
*Single Family Home Sale to List Ratio This Week: 96% (96%, 95%, 96%, 95%)
Average Days on Market Single Family Home: 101 (87, 104, 118, 125) *113
Active Condos:  505 (508, 511, 507, 526) *401
Average Condo Listing Price:  $247,799($248k, $246K, $248k, $258k) *$242k
Average Condo Selling Price:  $237,453 ($240k, $239k, $241k, $250k) *$235k
*Condo Sale to List Ratio This Week: 96% (97%, 97%, 97%, 97%)
Average Days on Market Condos:  98  (110, 117, 109, 109) *48
Absorption Rate in weeks:  52 (49, 46, 86, 48) *55
Active Vacant Lots: 1,015 (1.017, 1,017, 1,005, 1,023)


MARKET RANT
Seasonal trend has continued this week with the reduction of inventory across the board, and values taking a slight bop on the nose. Surprisingly enough, the sales to list ratio was actually up this week thanks to a decent sales appearance, and the solid count of conditional/pending sales this week, could really make for a "healthy" fall market debate. Overall market activity has declined, which is usual for this time of year, but there is still a small base of interested and savvy buyers our there looking for their purchase. It's a very relaxed mood for the current buyer, with no real sense of urgency pushing them to make the leap into property ownership. Something can be said for taking your time with such a decision. Removing the "impulse", or "heat of the moment" purchase, more and more buyers are taking the extra time to really dive into market research, and prolonged due diligence. I'm all for buyers and sellers having all the correct information at hand to make decisions, and when time is afforded to do so, all the better.

A PERSONAL NOTE
Thoughts and prayers go out to the families of recent events that have occurred in our Country over the last few days. Gone, but not forgotten. 

Halifax (HRM) Residential Market Statistic Update For Week of October 9th to October 16th 2014
(Previous weeks numbers in brackets)
*Last year this week

New Listings: 306 (418, 407, 393, 423) *330
Sold: 94 (100, 123, 133, 123) *97
Sale To Listing Ratio: 31% (24%, 30%, 34%, 30%) *29%
Listings that went conditional/pending: 99 (113, 107, 117, 116) 
Expired/Cancelled/Withdrawn:  143 (132, 340, 169, 146) *148
Total Active Halifax/Dartmouth Inventory:  5,516 (5,564, 5,530, 5,695, 5,730) *5,246
Active Single Family Home: 3,651 (3,692, 3,684, 3.803, 3,830) *3,519
Average Single Family Home List Price:  $301,565 ($310k, $283k, $274k, $303k) *$264k
Average Single Family Home Selling Price:   $290,370 ($295k, $272k, $260k, $292K) *$256k
*Single Family Home Sale to List Ratio This Week: 96% (95%, 96%, 95%, 96%)
Average Days on Market Single Family Home: 87 (104, 118, 125, 105) *101
Active Condos:  508 (511, 507, 526, 524) *399
Average Condo Listing Price:  $247,833 ($246K, $248k, $258k, $253k) *$269k
Average Condo Selling Price:  $239,725 ($239k, $241k, $250k, $244k) *$262k
*Condo Sale to List Ratio This Week: 97% (97%, 97%, 97%, 96%)
Average Days on Market Condos:  110  (117, 109, 109, 100) *73
Absorption Rate in weeks:  49 (46, 86, 48, 48) *52
Active Vacant Lots: 1,017 (1,017, 1,005, 1,023, 1,029)


MARKET RANT
Looks like last week may prove to be the "false crest" of the season, as this weeks numbers start to settle down and return to normal. By normal, I mean reduction. All areas of the market are down this week, as far as inventory is concerned, will sales still performing better than average (for the past few years). Not a whole lot of new inventory gains this week, but I would imagine turkey dinner had a bit to do with the lack of activity. Sales value in both areas remain strong, with sales to list ratio averaging four and three and five percent respectively. Value is not the only thing that remains higher from last year, as you can see, inventory remains well above years prior, and holds the record for "most inflated". To get a graphical look at how the previous years match up on a month to month basis, please scroll down to see the September monthly wrap up. Lots of good bits of info, and I'm sure there will be some surprises in there too. Thanks for stopping by!

VIEWPOINT REALTY
Are you familiar with ViewPoint Realty? How about the ViewPoint Realty, 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, it's now more rewarding then ever to become a ViewPoint Client, just click HERE to find out more. More savings and more information, sign up today! Or, click HERE to go right to the map and get property shopping!

Looking for a little extra help finding that hay needle? The innovators at my brokerage, ViewPoint Realty, have introduced another forward-thinking information tool for your property search needs. Its called "neighbourhoods" and it will break down some stats and give you a more focused tool on the area(s) you are looking for. Check it out at viewpoint.ca and get more info now! Just another way Viewpoint Realty is advancing the property buying process.

LET ME HELP YOU OUT
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 contact me with questions or comments. 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. Thanks for stopping by!

Newest Blog post HERE

Not surprising, the inventory levels continued to eclipse all other years in September, with only a small reduction in overall loss over the past few months. Hopefully, the healthy sales rate will continue to take a bit out of this ever growing stat.

To coincide with a solid sales month, the overall sale price was down across HRM quite significantly. 
I wonder if the average home across the board listed less, would the sales continue to climb, or are both stats just a coincidence? Not a bad showing for September at all and I can only hope that we can keep the momentum going into the winter months. With the warm weather still around, it's not so far fetched to think that buyers are still out there waiting to invest in our market, just need the right push to sway them to do so.

LET ME HELP YOU OUT
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 contact me with questions or comments. 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. Thanks for stopping by!

Newest Blog post HERE

Halifax (HRM) Residential Market Statistic Update For Week of October 2nd to October 9th 2014
(Previous weeks numbers in brackets)
*Last year this week

New Listings: 418 (407, 393, 423, 480) *416
Sold: 100 (123, 133, 123, 105) *116
Sale To Listing Ratio: 24% (30%, 34%, 30%, 22%) *28%
Listings that went conditional/pending: 113 (107, 117, 116, 136) 
Expired/Cancelled/Withdrawn:  132 (340, 169, 146, 141) *153
Total Active Halifax/Dartmouth Inventory:  5,564 (5,530, 5,695, 5,730, 5,731) *5,278
Active Single Family Home: 3,692 (3,684, 3.803, 3,830, 3,827) *3,536
Average Single Family Home List Price:  $310,061 ($283k, $274k, $303k, $306k) *$292k
Average Single Family Home Selling Price:   $294,777 ($272k, $260k, $292K, $297k) *$282k
*Single Family Home Sale to List Ratio This Week: 95% (96%, 95%, 96%, 97%)
Average Days on Market Single Family Home: 104 (118, 125, 105, 120) *71
Active Condos:  511 (507, 526, 524, 521) *409
Average Condo Listing Price:  $245,992 ($248k, $258k, $253k, 265k) *$260k
Average Condo Selling Price:  $238,646 ($241k, $250k, $244k, $257k) *$252k
*Condo Sale to List Ratio This Week: 97% (97%, 97%, 96%, 97%)
Average Days on Market Condos:  117  (109, 109, 100, 84) *66
Absorption Rate in weeks:  46 (86, 48, 48, 47) *54
Active Vacant Lots: 1,017 (1,005, 1,023, 1,029, 1,028)


MARKET RANT
Might be a case of deja vu! Apparently, October is the month that sounds the horn when it comes to the reduction of inventory, but the second week seems to make a comeback. Inventory is up this week, in all areas! Most of the addition can be attributed to the re-listed properties that fell off the market in the last couple of weeks, but I have to think that there is still new products coming to the market to face the challenges of our current state. Sales to list ratio took a bit of a beating this week as our market trends downward, but our inventory rises. Values remain solid though, and we are still averaging just below the $300k mark for SFH's, and mid 200's for condos. Things should start  to get back to normal as we approach the end of the month, but it won't be next week. With the Thanksgiving weekend approaching, things should report relatively slow. Some will use the extra time to seek out new residences, but most will be focused on enjoying the holiday, and cuisine that is associated with it. Mmm...turkey. I know I personally have a few things to be thankful for this year, as I do every year, but this year is definitely special. Want to thank all of my loyal blog readers for coming back when you can, and all the feedback and support that I have received over the years for providing an honest outlook of the market here in Halifax. Happy Thanksgiving everyone!!

Last week I took a pool with regards to the use of property purchase/selling representation. An overwhelming amount, around 80% of the submissions, said that they would not use a Realtor solely based on cost. Out of the people who submitted and would use a Realtor, 82% would use a referral over every other choice, although most said they "could do it themselves". I love meeting with people who have read and use the blog, and Viewpoint.ca to aid in their property needs, its like peanut butter and chocolate, they go great together. With the changing opinions of how services are provided, isn't it time that providing those services are also changed? 

Halifax (HRM) Residential Market Statistic Update For Week of September 25th to October 2nd 2014
(Previous weeks numbers in brackets)
*Last year this week

New Listings: 407 (393, 423, 480, 439) *445
Sold: 123 (133, 123, 105, 110) *108
Sale To Listing Ratio: 30% (34%, 30%, 22%, 25%) *30%
Listings that went conditional/pending: 107 (117, 116, 136, 126) 
Expired/Cancelled/Withdrawn:  340 (169, 146, 141, 311) *413
Total Active Halifax/Dartmouth Inventory:  5,530 (5,695, 5,730, 5,731, 5,667) *5,276
Active Single Family Home: 3,684 (3.803, 3,830, 3,827, 3,780) *3,547
Average Single Family Home List Price:  $283,449 ($274k, $303k, $306k, $300k) *$289k
Average Single Family Home Selling Price:   $271,748 ($260k, $292K, $297k, $287k) *$280k
*Single Family Home Sale to List Ratio This Week: 96% (95%, 96%, 97%, 96%)
Average Days on Market Single Family Home: 118 (125, 105, 120, 113) *105
Active Condos:  507 (526, 524, 521, 516, 549) *405
Average Condo Listing Price:  $248,391 ($258k, $253k, 265k, $246k) *$291k
Average Condo Selling Price:  $240,715 ($250k, $244k, $257k, $233k) *$283k
*Condo Sale to List Ratio This Week: 97% (97%, 96%, 97%, 97%)
Average Days on Market Condos:  109  (109, 100, 84, 103) *120
Absorption Rate in weeks:  86 (48, 48, 47, 47) *69
Active Vacant Lots: 1,005 (1,023, 1,029, 1,028, 1,022)


MARKET RANT
To coincide with the continuation of inventory decline, it would appear that this trend follows annually, with October being the most significant contributor to this statistic. Known for pumpkins, scary costumes, Thanksgiving and the turn of weather, October is also the leader of inventory reduction. With the cold weather and so many significant holidays looming, it is no wonder why weary home sellers and buyers look to pull from the dreary fall market and concentrate on renewed efforts in the sunny spring. While all of these listings pull from the market however, you will see a good chunk of properties actually listed last week, looking to beat out the stale listings, and move to the forefront of buyers interest. Can't say I blame home sellers for listing at this time of year. Although a small window of opportunity, it is still a window, and something more than we have seen all year long. Don't forget to check back later in the week to review the September monthly wrap up! 

WEEKLY ADOGTABLE
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Terrier, American Staffordshire/Mix 

This "Friendly Fella" is available through Homeward Bound City Pound, 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.