The Halifax Real Estate Blog Weekly Housing Report and Statistics Update (Every Thursday) by Jeremiah Wallace
Halifax (HRM) Residential Market Statistic Update For Week of August 29th to September 5th 2013
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 410 (382, 365, 460, 431) *378
Sold: 105 (145, 135, 125, 124) *119
Sale To List Ratio: 26% (38%, 37%, 27%, 29%) *31%
Expired/Cancelled/Withdrawn: 227 (136, 123, 126, 118) *258
Total Active Halifax/Dartmouth Inventory: 5,335 (5,478, 5,520, 5,544, 5,507)
Active Single Family Home: 3,499 (3,594, 3,622, 3,658, 3,643) *2,988
Average Single Family Home List Price: $313,101 ($294,462, $287,645, $296,009, $328,441) *256k
Average Single Family Home Selling Price: $302,438 ($291,877, $280,777, $287,897, $312,078)*247k
Average Days On Market Single Family Home: 108 (98, 112, 105, 106) *77
Active Condos: 399 (411, 430, 443, 443) *270
Average Condo Listing Price: $264,208 ($270,364, $258,454, $262,771, $298,465) *248k
Average Condo Selling Price: $250,541 ($264,664, $253,809, $235,532, $291,665) *244k
Average Days On Market Condos: 67 (104, 110, 85, 109) *153
Halifax/Dartmouth Absorption Rate (weeks): 45 (44, 44, 41, 40) *36
And as a side caveat to this weeks report and at the request of a loyal reader, here are some cottage/recreation property stats;
Currently active HRM: 53
Currently active Nova Scotia: 392
Average listing price HRM: $153,428
Average listing price Nova Scotia: $159,304
Days on market HRM: 165
Days on market Nova Scotia: 184
Blame it on the long weekend, blame it on back to school, blame it on the rain (yeah, yeah), but whatever it was, this weeks market was dismal. Sales almost the lowest yet, absorption rate gained another week, and the sales to list ratio took a hard plunge. All other stats are in alignment with market trend however, inventory is slowly declining and the expiry/withdrawn pile is increasing, which is to be expected for this time of year.
As I mentioned in the monthly stat report for August (scroll down), some tough decisions will have to be made by sellers who have been on the market for a while. That being said, buyers are also going to have to make some decisions of their own. Is now the right time to buy? Am I ready to commit to buying? How do I know what to look for in a home? How can I sort through the haystack to find my needle? Not only is a downturn market a questionable place for seasoned buyers, but imagine how first timers feel. I don't mean to take the wind from the sails of any buyer, but as an advisor to my clients, I feel compelled to ensure they are fully informed with regards to investing their hard earned money into the various types of property. I do, however, find that more and more buyers, including first timers, are much more educated and informed with these types conversations. As much as people want to think it's a "buyers market" and can get huge reductions from properties, sellers can be a stubborn breed and smash any conception of discount that buyers may have. The vast majority of sellers are holding steady to their value with the minimal decrease strategy, and then there is the sellers that need to sell. Like I tell all of my buyer clients before we submit an offer, "the way this offer will land solely depends on the motivation and expectations of the seller, and everyone's are different".
The feature aDOGtable this week is Bugsy. I am a young active boy looking to find my furever home. I know how to play fetch and it's one of my favorite games to play! I need a home with no children please. Spayed/Neutered • Up-to-date with routine shots • House trained • Prefers a home without: young children • Primary colors: Red, Chestnut or Orange, White or Cream
He is currently being cared for by Homeward Bound City Pound, a non-profit rescue organization out of Dartmouth, NS.
Details about this fella 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 fourteen years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah