The Halifax Real Estate Blog Weekly Housing Report and Market Update (Every Thursday) by Jeremiah Wallace
Halifax (HRM) Residential Market Statistic Update For Week of September 19th to September 26th 2013
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 423 (441, 498, 410, 382) *415
Sold: 110 (88, 125, 105, 145) *125
Sale To List Ratio: 26% (20%, 25%, 26%, 38%) *30%
Expired/Cancelled/Withdrawn: 137 (138, 124, 227, 136) *85
Total Active Halifax/Dartmouth Inventory: 5,465 (5,473, 5,414, 5,335, 5,478)
Active Single Family Home: 3,623 (3,617, 3,553, 3,499, 3,594) *3,052
Average Single Family Home List Price: $283,446 ($278,083, $293,593, $313,101, $294,462) *273k
Average Single Family Home Selling Price: $272,234 ($269,851, $282,520, $302,438, $291,877) *268k
Average Days On Market Single Family Home: 105 (100, 92, 108, 98) *101
Active Condos: 419 (403, 405, 399, 411) *303
Average Condo Listing Price: $289,416 ($247,566, $244,546, $264,208, $270,364) *294k
Average Condo Selling Price: $281,333 ($237,544, $211,000, $250,541, $264,664) *285k
Average Days On Market Condos: 80 (131, 132, 67, 104) *63
Halifax/Dartmouth Absorption Rate (weeks): 58 (51, 46, 45, 44) *39
Little bit of positive activity this week, if you want to call it that. The listing appointments have ramped up again, giving sellers the stresses of making the property show ready, and more then likely, the false hope that an offer may be looming. It's the repetitive psychological build up and let down that starts to weigh down the excitement of selling a property, and ultimately leads to decisions solely based on frustration. I challenged the sellers of Halifax a few weeks back to speak up about their experiences, and ultimately, the reason they felt that their property had not sold. I am yet to get a response. From a listing agent's perspective, it's a vicious circle that seems to go around on a weekly, bi-weekly, or on the rare occasion, monthly basis, "the check in (dun dun daaa). The "why hasn't my property sold yet" update. It's a conversation that never comes out and clearly says it, but you feel it as you listen. But is it the listing agent or the marketing approach?
Now, I'm going to go out on a limb here and address two issues. Agents that are going to listing presentations and presenting property specific analysis, being told what the seller "thinks they feel it's worth, and that number is 15% over your calculation...DON"T TAKE THE LISTING! Save yourself, and the overall impact of another overpriced listing hitting the market resulting in its probable outcome. And sellers, if your listing hasn't sold in three months, reduce by at least 10%, or get your listing agent to compile a new market analysis to see if selling is a realistic goal in this market. Remember what I mentioned a while back, "There is no name brands in property, no amount of marketing or advertising is going to sell your overpriced product", yet time and time again the song is the same. Will these scenarios ever stop? No. But I feel that both buyer and seller are more educated and realistic then ever before, and know deep down where the real problem rests.
As a general question, because I have ranted about it before, what is the benefit from changing listing agents if they have been doing a good job? Next week I think I'm going to touch on the elephant in the room "real estate commissions". Are they the secret to selling in a down market? Thanks for stopping by!
The feature aDOGtable(s) this week is a Dixie. Dixie is another young Mushkadoodle girl who's age is unknown. Dixie and her infant puppies came to us via Fed Ex in June and have been staying with their foster home ever since. Her pups have all been adopted and she is now spayed and ready to go to her new home. Dixie is a sweetheart and would do great in any home. She weighs approx. 45 pounds, is great with children and very clean and house trained, she loves people and loves to be around people, she is ok with some dogs but doesn't like some others.
they are currently being cared for by Litters and Critters, a non-profit rescue organization out of Dartmouth, NS.
Details about this beauty and others ready for a "furever" home including how to adopt, other dogs for adoption and ways to donate, can be found by clicking the picture :) Thank you for your consideration!
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!
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.
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Jeremiah Wallace, CD
Jeremiah has been involved with many aspects of the Real Estate industry for over twelve years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah