Let's start the statistic report this month on positive note. Average sold price this month maintains its high-value over all previous years with a marginal 2% increase over 2011. Even with poor sales performance this year, sales values have maintained their constant strength. It appears as though last month was the peak of the inventory season. Following the annual trend, we should start seeing inventory dwindle as we approach the Christmas season. Availability is still scarce in some areas of the city and homes are selling in certain regions. Sales this month continued its lackluster performance and showing on the real estate market this month and as a matter of fact for September, it is the lowest it has been in over a decade. Many factors at work here causing this downward trend in Halifax real estate sales and I believe there's outside factors affecting overall performance. I've talked before about poor sales performance and some of the factors that are weighed when discussing this topic. Some of these factors have included the national housing debate (housing on a downward trend, the new mortgage rules and the biggest thing I believe affecting our market currently is the Irving shipbuilding contract. If you have followed along with the blog and read some of the articles I've posted, you are aware that such a large-scale contract takes a lot of time to put together and come to final agreement. Things are moving along not as quickly as some prospectors would like, and as a matter fact they're still hashing out final details on the defense contract. Statements in the news articles that I have posted confess that the first piece of steel is not be cut for another two years so we still have not seen the economic impact of this contract yet. Positive notes of our market is that we are still seeing high sales values, inventory remains low and demand in certain areas of the city are still up. The other positive note is that property is still selling and quite quickly as well, the average days on market reflects this with week after week of low stats. The market year this year has proven to be interesting to say the least and overall I believe that we are still headed in the right direction. Whats your thoughts? Thanks for stopping by! 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 property appraisal 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 :) Newest blog post HERE As the summer comes to a close it appears the residential inventory took a vacation with only a 4 stat increase after the ebb and flow of monthly listings and sales activity. The positive market factor that has stayed consistent and reliable this year has been the residential average price of sold listings. This stat has been strong all year and has stayed the highest value that the Halifax real estate market has ever seen. And to the negative...At the onset of the year things started slow but the market attitude remained hopeful and optimistic with the ship building contract in hand. "Surly that is going to effect the overall real estate market here in Halifax!" But time and time again (this stat especially) has continued to disappoint on a monthly basis and last month is no exception. As a matter of fact, last month was the second lowest sales performance this year and the overall worst August sales that Halifax has seen in 8 years! I still think that lower then normal inventory is a minor contributing factor, as well as the summer factor but there must be other elements at play here contributing to the state of our real estate market. Many investors, speculators and home owners/buyers are still holding out for the final wrinkles in those ship building contracts to be ironed out before they make any decisions. However, the passive real estate traffic (the normal market ebb and flow) rate seems to be unusually slow this year as well. Its hard to predict the future of our market this year so hard facts and market reporting will indicate any change of the current state of affairs for Halifax real estate. Good thing this is the place to find what you need to stay on top of the market! Happy labour day everyone! 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 Residential inventory increased this month placing it second overall lowest for the second consecutive month. Sales are yet to keep down the swelling number of properties hitting the market as we witness the highest overall accumulation for the year thus far. This month also followed a worrisome trend on the market, falling property values. For the second consecutive month Halifax sale prices took a nose dive to narrowly keep the overall sales value. Still performing at its sub-par rate, sales this month took a nose dive to follow annual trend. There was a rebound of interest near the end of the month which contributed to its placement which I believe is in direct correlation to the confirmation of the first ship building contract. It looked as though July would be a sleeper up until around mid month. Activity and interest could be witnessed throughout the industry with a surge of buyer interest, especially from the west coast. Stately and executive homes have seen a lot of renewed traction near the end of month as numbers of oceanfront estate homes around the HRM disappear from the market. It appears we may have seen a few areas of the "first time/entry level" market cool with the some previously "hot" areas seeing inventory climb and not disappear. Smart marketing, new innovations and market knowledge are the way to stay ahead in times when the market seems to be changing on a day to day basis. Good thing you can find them all here! Looking for monthly Halifax multi-residential reports? look no farther, simply scroll down. 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 So this report is a little premature to the end of the month but I wanted to give everyone a snapshot of the multi-residential market here in Halifax this week as next week is the regular residential report and a busy one. Average sold price took a nose dive this month averaging around the 300k mark The multi-res market inventory sits right in the middle of the last six years stats this month at 113 units, same as last month. I would suspect the Average sale price drop and the higher inventory level is due to the market domination that duplexes have. As you can see, duplexes reign supreme accounting for over half of the multi-res market share. Triplex's hold the distant second and fourplex's come in third spot. Their numbers are as follows; Duplex: 60 Triplex: 20 Fourplex: 10 5-12 Unit: 8 Over 12: 1 Other: 13 With only one unit with over 12 suites available on the market, it seems that there might be a market opportunity for anyone in possession of this type of property. Lots of large developments going on (read last weeks articles below) and with the first signed ship building contract in hand (another article below) it seems the all aspects of the Halifax real estate market are beginning to show the effects. Make sure to come back tomorrow for the weekly residential report and again on the first of august (wow time is flying) for the residential monthly wrap up. Come back regularly to keep up to date on the latest Halifax real estate market news and updates as they happen. 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 Average sale price of property in the HRM took a nose dive this month. Settling in at just over $262k, the sales value barely beat the reported stat this time last year. Regardless, the value did hold its front running position from all years prior but it was very marginal (just over $1,000). Now thats close! Well, this is the first month since december of last year that the residential inventory didn't come in under the last 7 years stats. Again, the difference is very marginal (41 listings) and it was 5 years ago that beat it out. Kind of surprised here. If you have been here frequently you would have read my weekly reports on lacklustre sales performance. Yet again, the sales performance this month hit the wall and slid below the last 6 years sales reports. Slow sales could be a direct relation to the lack of inventory available on the current market. So although we seem to be enjoying a fairly stable real estate market this year (characteristic of the usual slow growth pattern affiliated with the Halifax (HRM) real estate market) there doesn't seem to be a huge impact on the current market with the ship building contract announcement. There has been a notable difference in the market but not in all sectors and not in the volume that speculators have predicted...yet. Still lots of time before the ship building contract is fulfilled and with many other factors developing, there is no doubt that the Halifax real estate market will maintain and increase its strength. Hope everyone had a great Canada Day long weekend! Make sure to come back Thursday for the weekly report. Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? Contact me for important information, 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 Inventory made a good dash to catch previous year lows but still ended up shy of the mark. Good gains of over 500 listings each week but still didn't add very much to the "peak inventory month." As reported on the weekly recap, Inventory hit a reversal and shaved over 50 listings off of the already low number. Sales this month continued its mediocre showing with another third place showing over the last 6 years. Volume of sales did increase but not coinciding with type of market that is being shared by other stats. If this stat did however perform like the others, we could have a problem on our hands... Highest average sold price! another record breaker this month coming in at just over the 275k mark. January was the closest month and this month surpassed the last year by 14k! Great news for people selling at this time. If the values go any higher I'm going to have to change the values on my chart! So this week we broke the record of average sold price for the week (over 300k) and the average sold price. Times continue to fascinate and challenge even the most seasoned real estate speculator. As availability is still at a premium in sections of the city, multiple offers becoming the norm and values at an all time high. It is imperative that anyone giving purchase and sale advise to anyone is completely informed about the Halifax real estate market. If someone hasn't followed along with what has been happening since the "ship building" announcement, they would have no idea about the changes in the market and mainly the values that are placed on properties today. That mistake could cost you thousands of dollars! By coming here you are taking a step in the right direction by becoming informed, asking questions and getting answers. Education is the key to success and you should have all the tools at hand when making such a large decision. After presenting my business offering to a now client of my she hit the nail on the head of how I want to be portrayed in this business "Your an advisor, not a salesman, and you seem to always have your clients best intentions in mind", I smiled and said "thank you". Scroll down to see the weekly Halifax real estate wrap up (every thursday). Make sure to follow me on twitter (@halifaxrealest) Like me on Facebook and check out my pics on instagram (@halifaxrealtor). Feel free to leave a public comment below or CONTACT ME for any personal inquiries. Want to know what your home is worth in todays market? Click HERE to fill out my free appraisal and find out. |
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
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