Halifax (HRM) Residential Market Statistic Update For Week of July 12th to July 19th 2012
New Listings: 441 (508, 460, 488, 511) Sold: 209 (185, 161, 186, 206) Sale to List Ratio: 47% (36%, 35%, 38%, 40%) Expired/Cancelled/Withdrawn: 191 (82, 224, 81, 114) Active Single Family Home: 2931 (2959, 2938, 2997, 2968) Average Single Family Home List Price: $288,808 ($308,187, $298,840, $292,136, $290,506) Average Single Family Home Selling Price: $281,603 ($299,219, $287,605, $284,278, $284,057) Average Days on Market Single Family Home: 81 (72, 84, 69, 92) Active Condos: 259 (276, 272, 265, 267) Average Condo Listing Price: $222,643 ($230,070, $291,935, $243,605, $281,089) Average Condo Selling Price: $216,906 ($224,458, $279,786, $233,500, $265,200) Average Days on Market Condos: 37 (64, 50, 91, 101) *Halifax/Dartmouth Absorption Rate (weeks): 25.8 (26.2, 25.6, 25.5, 25) Maybe its the Tall Ships! Inventory shrank again this week thanks to a smaller then usual new listing addition, a decent showing in sold listings and sellers pulling off the market. As you can see by the number of sales this week, sales are still in positive flow and with the number of properties on the market dwindling, we may be approaching a sellers market sooner then anticipated. If you stopped by the blog earlier in the week I shared a few articles of interest. One last week which gave the nod to officially commence the first of many ship building contracts here in Halifax and the other this week that discussed the projected economy impact that the contracts will have on our already hot market. Something to the tune of 12,000 jobs over the next four years. Still no real signs of that impact yet and we haven't seen any signs of the dreaded "real estate market boom" but the face of the Halifax real estate market has changed, including service. On a different note. Be sure to get out and take in the Nova Scotia Tall Ship Festival going on in Halifax now and concludes on monday with a "parade of sale". A great event for all ages with lots of things to do and see! Details and schedule of events can be found HERE. 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
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Halifax (HRM) Residential Market Statistic Update For Week of July 5th to July 12th 2012
New Listings: 508 (460, 488, 511, 507) Sold: 185 (161, 186, 206, 195) Sale to List Ratio: 36% (35%, 38%, 40%, 39%) Expired/Cancelled/Withdrawn: 82 (224, 81, 114, 87) Active Single Family Home: 2959 (2938, 2997, 2968, 2982) Average Single Family Home List Price: $308,187 ($298,840, $292,136, $290,506, $291,325) Average Single Family Home Selling Price: $299,319 ($287,605, $284,278, $284,057, $285,079) Average Days on Market Single Family Home: 72 (84, 69, 92, 79) Active Condos: 276 (272, 265, 267, 259) Average Condo Listing Price: $230,070 ($291,935, $243,605, $281,089, $276,180) Average Condo Selling Price: $224,458 ($279,786, $233,500, $265,200, $267,952) Average Days on Market Condos: 64 (50, 91, 101, 37) *Halifax/Dartmouth Absorption Rate (weeks): 26.2 (25.6, 25.5, 25, 25.5) Some good news this week with the defence minister visit and announcement to commence the Halifax shipyard billion dollar contract (Read below). We should start seeing some marginal market activity changes in the short term and more noticeable effects a few months down the road as the contract gets into full swing. With the confirmation of the contract start, this could be the tip that investors, speculators and property owners/buyers needed to gain confidence in the market to fuel their next decision. Nothing out of the ordinary as far as stats are concerned this week. Single family home values tipped over the 300k mark (list) and almost broke the 300k mark in selling prices for the second time this year...almost. There was a gain in inventory this week and the absorption rate increased a little to reflect that fact. Keep a weathered eye on the Halifax real estate blog as I continue to to bring the latest news reports, statistics and information on the current state of the Halifax real estate market. 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 Halifax (HRM) Residential Market Statistic Update For Week of June 14th to June 21st 2012 New Listings: 511 (507, 544, 513, 520) Sold: 206 (195, 183, 194, 193) Sale to List Ratio: 40% (39%, 34%, 38%, 37%) Expired/Cancelled/Withdrawn: 114 (87, 162, 130, 104) Active Single Family Home: 2968 (2982, 2962, 2924, 2964) Average Single Family Home List Price: $290,506 ($291,325, $271,865, $311,580, $291,706) Average Single Family Home Selling Price: $284,057 ($285,079, $265,392, $303,709, $286,217) Average Days on Market Single Family Home: 92 (79, 78, 73, 76) Active Condos: 267 (259, 261, 263, 256) Average Condo Listing Price: $281,089 ($276,180, $256,640, $246,963, $256,963) Average Condo Selling Price: $265,200 ($267,952, $226,373, $237,642, $237,642) Average Days on Market Condos: 101 (37, 80, 57, 123) *Halifax/Dartmouth Absorption Rate (weeks): 25 (25.5, 25.3, 22, 25.5) Holy hot start to summer Batman! Another hot topic swirling around today is the changes being made to the Canadian mortgage. People are very hot and cold on this subject and it has caused some heated debates around the water cooler. I for one am of the opinion that if the government has to crack down on the bad debt "crisis" then they should do so on the bad sections of debt! car loans, credit cards, etc. Why crack down on a successful segment of our economy to "slow the boom" as they say, when they should be encouraging it? Sometimes I really scratch my head at the thought process behind these ideas. I have included the article below. Please leave your thoughts and how you think this is going to effect things here in Halifax, first time home buyers or even sellers in the marketplace. I have a feeling that a spike of activity may occur in the wake of this announcement... 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 Ottawa tightens mortgage rules to avert household debt crisis The changes, announced by Finance Minister Jim Flaherty, are the fourth time the government has reduced the maximum amortization period in the last four years. Harper Government Takes Further Action to Strengthen Canada’s Housing Market As part of the Government’s continuous efforts to strengthen Canada’s housing finance system, the Honourable Jim Flaherty, Minister of Finance, today announced further adjustments to the rules for government-backed insured mortgages. “Our Government stands behind the efforts of hard-working Canadian families to save by investing in their homes and their future,” said Minister Flaherty. “The adjustments we are making today will help them realize their goals, build on the previous measures we have introduced to keep the housing market strong, and help to ensure households do not become overextended. As just one example, the reductions to the maximum amortization period since 2008 would save a typical Canadian family with a $350,000 mortgage about $150,000 in borrowing costs over the life of that mortgage.” The Government is announcing four measures for new government-backed insured mortgages with loan-to-value ratios of more than 80 per cent: * Reduce the maximum amortization period to 25 years from 30 years. This will reduce the total interest payments Canadian families make on their mortgages, helping them build up equity in their homes more quickly and pay off their mortgages sooner. The maximum amortization period was set at 35 years in 2008 and further reduced to 30 years in 2011. * Lower the maximum amount Canadians can borrow when refinancing to 80 per cent from 85 per cent of the value of their homes. This will promote saving through home ownership and encourage homeowners to prudently manage borrowings against their homes. * Fix the maximum gross debt service ratio at 39 per cent and the maximum total debt service ratio at 44 per cent. This will better protect Canadian households that may be vulnerable to economic shocks or an increase in interest rates. * Limit the availability of government-backed insured mortgages to homes with a purchase price of less than $1 million. “Investing in a home is a great way to save,” said Minister Flaherty. “That is the dream that mortgage insurance was intended to support. The measures we are taking today maintain that intended purpose.” Minister Flaherty said the new rules will take effect on July 9, 2012. Newest Blog post HERE HALIFAX STATS HERE! WEEKLY REAL ESTATE STATISTICS, MARKET UPDATES AND MORE! (EVERY THURSDAY)6/14/2012
New Listings: 507 (544, 513, 520, 563)
Sold: 195 (183, 194, 193, 199) Sale to List Ratio: 39% (34%, 38%, 37%, 35%) Expired/Cancelled/Withdrawn: 87 (162, 130, 104, 65) Active Single Family Home: 2982 (2962, 2924, 2964, 2950) Average Single Family Home List Price: $291,325 ($271,865, $311,580, $291,706, $296,277) Average Single Family Home Selling Price: $285,079 ($265,392, $303,709, $286,217, $288,607) Average Days on Market Single Family Home: 79 (78, 73, 76, 79) Active Condos: 259 (261, 263, 256, 252) Average Condo Listing Price: $276,180 ($256,640, $246,963, $256,963, $284,242) Average Condo Selling Price: $267,952 ($226,373, $237,642, $237,642, $280,175) Average Days on Market Condos: 37 (80, 57, 123, 84) *Halifax/Dartmouth Absorption Rate (weeks): 25.5 (25.3, 22, 25.5) Condos make a pretty impressive showing with the "days on market" statistic. 37 days on average from list to sold is an amazing feat to accomplish in any market! Granted only 18 condos sold last week but they sold REALLY FAST! Other then that little blip on the radar, the Halifax real estate market kept consistency with the last month in regards to performance. Buzz is starting to be generated around market activity and I can personally attest to the upswing in activity in the last couple of weeks. Now to see if market mood will remain consistent or become another false crest on the way to our market destination... Things are really heating up in the Halifax real estate market. If you have any questions about the current market conditions of your neighbourhood feel free to CONTACT ME at your convenience. Need real estate advice or a free home appraisal to see where you stand in the market? Click HERE to have your questions answered. And don't forget, if you are considering BUYING or SELLING your property, why not get the most advanced and cutting edge marketing system that was developed by yours truly. Follow me on Twitter to have instant Halifax real estate updates, friend me on Facebook and subscribe to my new "Halifax real estate chronicle daily edition" by clicking on the links in the right hand column! Newest blog post HERE Halifax (HRM) Residential Market Statistic Update For Week of May 31st to June 7th 2012 Jim Irving, right, CEO of Irving Shipbuilding, greets workers at the announcement that Halifax Shipyard is getting the $25 billion contract to build 21 Canadian combat ships, in Halifax on Oct. 19, 2011. (Andrew Vaughan / THE CANADIAN PRESS) New Listings: 544 (513, 520, 563, 632) Sold: 183 (194, 193, 199, 292) Sale to List Ratio: 34% (38%, 37%, 35%, 32%) Expired/Cancelled/Withdrawn: 162 (130, 104, 65, 69) Active Single Family Home: 2962 (2924, 2964, 2950, 2897) Average Single Family Home List Price: $271,865 ($311,580, $291,706, $296,277, $293,401) Average Single Family Home Selling Price: $265,392 ($303,709, $286,217, $288,607, $289,016) Average Days on Market Single Family Home: 78 (73, 76, 79, 60) Active Condos: 261 (263, 256, 252, 240) Average Condo Listing Price: $256,640 ($246,963, $256,963, $284,242, $254,110) Average Condo Selling Price: $226,373 ($237,642, $237,642, $280,175, $250,032) Average Days on Market Condos: 80 (57, 123, 84, 144) *Halifax/Dartmouth Absorption Rate (weeks): 25.3 (22, 25.5) Instead of my usual market analysis rant this week I wanted to share an article with you. If there was any doubts about the upcoming economic surge and the effect it will have on everything from growth, availability and housing, this should be another nod to confirm the buzz. The real estate market has already seen a change (read all my posts since the irving ship building announcement) and is expected that this is the "calm before the storm." As we edge closer to the build dates, speculators, property owners and purchasers alike look for "their time" so they don't miss the bus. Or in this case, miss the ship. "The Canadian PressDate: Wednesday Jun. 6, 2012 10:41 AM ET HALIFAX — A Halifax-based think-tank says Atlantic Canada is experiencing a surge in major project investment that it expects will continue for years to come. The Atlantic Provinces Economic Council has released its annual inventory of major projects in various stages of development in the region. It says the 357 projects account for a record $100-billion worth of investment, up 39 per cent over last year's inventory. The council says most of the growth is due to the awarding of the federal shipbuilding contract to the Irving shipyard in Halifax, which it expects will have a big impact on investment in coming years. It says Shell Canada's plan to spend $970 million in offshore Nova Scotia, the possibility of a second potash mine in New Brunswick and new housing developments have also contributed to the increase. The council says current-year spending on major projects in Atlantic Canada is up about eight per cent to a record $12.8 billion. Newfoundland and Labrador leads the pack with spending, up by 29 per cent to $8 billion this year because of a strong market demand for oil and minerals. Major project spending is down for this year in Nova Scotia, New Brunswick and P.E.I. in part because federal stimulus dollars have stopped flowing." Read more: http://www.ctv.ca/CTVNews/Canada/20120606/atlantic-boom-will-continue-think-tank-says-120606/#ixzz1x7iC0til 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 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, 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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