The Halifax Real Estate Blog Weekly Market Rant and Statistics Update by Jeremiah Wallace (Every Thursday)
Halifax (HRM) Residential Market Statistic Update For Week of July 17th - July 24th 2014
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 462 (544, 478, 477, 490) *459
Sold: 143 (161, 128, 163, 168) *164
Sale To Listing Ratio: 31% (26%, 27%, 35%, 34%) *36%
Listings that went conditional/pending: 148 (154, 147, 157, 159)
Expired/Cancelled/Withdrawn: 105 (111, 300, 81, 96) *130
Total Active Halifax/Dartmouth Inventory: 5,755 (5,715, 5,660, 5,777, 5,717) *5,648
Active Single Family Home: 3,918 (3,900, 3,856, 3,941, 3,897) *3,712
Average Single Family Home List Price: $322,905 ($307,591, $290,741, $307,957, $303,555) *305k
Average Single Family Home Selling Price: $309,886 ($297,796, $282,092, $296,001, $293,003) *296k
*Single Family Home Sale to List Ratio This Week: 95%
Average Days on Market Single Family Home: 97 (87, 86, 93, 84) *99
Active Condos: 549 (549, 555, 549, 545) *445
Average Condo Listing Price: $243,014 ($228,121, $255,377, $249,333, $250,893) *333k
Average Condo Selling Price: $237,135 ($221,774, $248,588, $232,150, $241,033) *320k
*Condo Sale to List Ratio This Week: 98%
Average Days on Market Condos: 67 (89, 80, 98, 77) *70
Absorption Rate in weeks: 39 *43
Active Vacant Lots: 923 (912, 903, 938, 934)
And we're back! Couple new additions to the blog, a new blog record, and we celebrate an anniversary this week. To the rant! Looks like things are still steady in the main areas and no "uptick" in the market occurred in the last couple of weeks. The only things that are on the up is inventory (as per usual) and the average sale prices. Both Condo and Single Family Homes posted solid prices this week, with SFH's breaking a all time value high this week on the blog coming in at $309,886. So our odd trend of increasing prices, every growing inventory and lack of buyers continues as the summer market carries on. Couple of new stat additions this week, and the return of an old one. Decided to post the sale to list ratio for both single family homes and condo's. As you can see, SFH's averaged a 5% price reduction from where it was listed, and condo's negotiated a mere 2%. These numbers only reflect the last list price to the sale, and does not take into account however many price reductions took place before that. I would imagine the point gap would be much larger if that was that case.
Last but not least, we celebrate the one year anniversary of the "Weekly Adogtable" feature on the blog. Working hand in hand with many of the great people and associations that take care of these rescued animals has been an absolute pleasure. The exposure that these guys get here has been noticed by many people, and referenced back to on adoption day, which makes me extremely happy. I donate what time I have, and funding to these amazing people and places in hopes that these guys get a second chance at a home, and don't get lost along the way. Thank you for the support, and please, share when you can. The more exposure they get, the better chance they will be noticed, and ultimately, adopted.
Bronx is a beautiful pit bull terrier that is as cuddly as can be and will curl up with you for hours as soon as you sit down. She is around 3 years old, 65lbs, spayed and vaccinated. Bronx is fully house trained and hasn't touched any of her foster mama’s things. She loves to play with tugging on her rope and is lower energy with sleeping most of the day. Bronx will bark when someone comes to the door but she warms up quickly and is full of kisses for new people once she meets them. She is learning quickly not to pull on walks but will need someone with patients who will continue to work with her. Bronx meets big dogs when off-leash, but will need a home free from small dogs and would do best in a pet free home. She lived with 3 children in her past and loves to snuggle right in with them. Bronx is a very loving girl who is looking for someone to curl up with and who will love her back. To adopt Bronx, fill out an Adoption Application!
This "Lovely Lady" is available through Buddies Bully Rescue, 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.
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!
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 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. Thanks for stopping by!
Newest Blog post HERE
The Halifax Real Estate Blog Weekly Statistics Update and Market Rant by Jeremiah Wallace (Every Thursday)
Halifax (HRM) Residential Market Statistic Update For Week of January 23rd to January 30th 2014
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 341 (345, 389, 378, 101) *365
Sold: 76 (51, 51, 49, 26) *100
Sale To List Ratio: 22% (16%, 13%, 13%, 26%) *27%
*Listings that went conditional/pending: 88
Expired/Cancelled/Withdrawn: 90 (89, 114, 113, 502) *87
Total Active Halifax/Dartmouth Inventory: 4,499 (4,411, 4,347, 4,238, 4,087) *3,828
Active Single Family Home: 2,869 (2,828, 2,800, 2,729, 2,632) *2,480
Average Single Family Home List Price: $304,586 ($262,263, $286,360, $287,474, $299,508) *301k
Average Single Family Home Selling Price: $286,986 ($245,527, $280,295, $267,447, $288,888) *392k
Average Days On Market Single Family Home: 106 (125, 113, 179, 125) *114
Active Condos: 438 (436, 415, 390, 371) *288
Average Condo Listing Price: $242,886 ($269,900, $245,728, $248,400, $253,233) *292k
Average Condo Selling Price: $230,212 ($262,450, $240,664, $237,100, $243,722) *288k
Average Days On Market Condos: 104 (126, 107, 135, 110) *76
Halifax/Dartmouth Absorption Rate (weeks): 52 (102, 75, 62, 57) *53
Thought I would spice things up a little this week and add another statistic! Welcome "listing status that has changed from "for sale" to "conditional/pending"". I figured that the timeframe from "for sale" to "sold" can be a large one, this statistic should be a more current representation of market activity for the week. Usually the offer process is not a drawn out one, and the duration from making an offer to accepting it is usually no longer then a few days. For those of you reading this and are wondering what "conditional/pending" means, it just simply means that an offer was made by a buyer(s) to a seller(s) and after agreeing to terms, accepted the offer. Now the due diligence process begins (usually a 10+ day process), which after completion is marked as "sold". So what does that mean for buyers who may have missed out on their opportunity? It means that if you still have an chance to place a "back-up" offer on the conditional/pending property, giving you first kick at the can if the due diligence phase of the offer doesn't complete for whatever reason.
This statistic is not without its flaws however, there is a decent amount of properties that will never finish the due diligence phase for whatever reason and subsequently return to market, or pull out entirely. I do not have that statistic, but rest assured I am working on getting it, even if its just an average. You may be asking what is included, or what happens during the "due diligence" phase of an offer? These are conditions that the buyer has set forth to the seller with a timeline to complete, and be satisfied with various aspects of the transaction. Things like getting a lawyer to look over the deed and documents, getting an inspection(s) done, making sure the property is insurable, making sure financing for that specific property can be attained, etc etc.
So, back to the point of tracking this stat. I think it will be a preview of things to come in future weeks, and give a more current idea of buyers/sellers activity. If you apply it to this week for instance, there was 88 properties that went conditional/pending. If the due diligence process averages 10-14 days, and lets say that 10% of those offers do not what we in the business call "firm up", or become "unconditionally sold". That would mean in two weeks we should see around 80 sales in the HRM. May be advantageous for sellers to have that information two weeks sooner to gauge market activity more precisely. What's your thoughts on the new statistic? Thanks for stopping by!
Layla is 2 years old , fully vaccinated and spayed , she is a very loving girl and thrives on human companionship , she loves nothing more than to cuddle up with you and be loved. Layla is also excellent with kids , Layla does need to be the only dog in the home , she is unsure of other dogs and their intentions towards and if other dogs are in her face or too lively she feels uncomfortable and will snap , no cats either for Layla. If you have a pet free home and are looking for a mellow , quiet cuddle bug then Layla is your girl!
This handsome fella is available through Nova Scotia Pitbill Rescue Society, a non profit rescue organization from Halifax, Nova Scotia. More info about this and other adoptable's looking for their forever home, and ways to help or donate can be found by clicking HERE.
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! Not to mention is now more rewarding then ever to become a ViewPoint Client. Click HERE to find out more. More savings and more information, sign up today!
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 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
Newest Blog post HERE
Jeremiah Wallace, CD
Jeremiah 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..
Photo's by Jeremiah