"I'll be your buddy"
Halifax (HRM) Residential Market Statistic Update For Week of August 8th to August 15th 2013
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 460 (431, 441, 459, 544) *436
Sold: 125 (124, 148, 164, 153) *120
Sale To List Ratio: 27% (29%, 34%, 36%, 28%) *28%
Expired/Cancelled/Withdrawn: 126 (118, 294, 130, 117) *105
Total Active Halifax/Dartmouth Inventory: 5,544 (5,507, 5,486, 5,648, 5,648)
Active Single Family Home: 3,658 (3,643, 3,643, 3,712, 3,724) *2,981
Average Single Family Home List Price: $296,009 ($328,441, $308,613, $305,097, $285,954) *289k
Average Single Family Home Selling Price: $287,897 ($312,078, $294,715, $295,748, $274,839)*282k
Average Days On Market Single Family Home: 105 (106, 103, 99, 79) *76
Active Condos: 439 (443, 436, 445, 442) *265
Average Condo Listing Price: $262,771 ($298,465, $322,600, $333,495, $301,963) *267k
Average Condo Selling Price: $235,532 ($291,665, $310,653, $320,961, $288,279) *259k
Average Days On Market Condos: 74 (85, 109, 75, 109) *50
Halifax/Dartmouth Absorption Rate (weeks): 43 (41, 40, 43, 43) *30
Another gain in inventory this week?? Last week I held a survey to see what you thought about the market here in Halifax and let me tell you folks, its pretty dismal out there. Everyone that participated agreed that the market is overpriced by 10%+ and the majority of the market confidence was worrisome. There was some really great points made and I'm happy that people are realizing the state of things that are happening. Don't be fooled by the song and dance that's in front of your face, rather what's lurking behind the curtain. Here are some highlights form the survey;
"I'm currently looking for my first home in Halifax. I like that the inventory is high, but I'm still surprised that so many homes are priced as high as they are. I really thought there would be some correction (given the inventory and tightening lending rules). I'm hopeful that my home is out there but I've had no luck yet. I'm not in a hurry but would like to take advantage of the low rates before they creep up (making any possible correction in prices negligible)."
Great points for many buyers out there!
"Prices are too high to buy right now. 400k+ for a North ot Quinpool; 500K+ anywhere South. Most families in Halifax with the minimum 5% down do not have the income to afford payments on mortgages this size, Many sellers are dreaming if they expect to get their asking price, but I am sure prices will stay stubbornly high as most do not want to face reality."
Frustration of buyers are being felt everywhere!
"First time home buyers have been priced out of the market. Unfortunately, without the first time buyers, the move-up buyers are lost.
Buying into this market now will likely cause long term financial hardship for some. Prices at these levels cannot be sustained long term.
Bloated inventory a lagging sales will continue to be seen until serious price reductions begin - and even then - people will be waiting for the bottom.
This has been the story globally - look at the USA - we are in the same situation - just late to the party.
Great insight and comments.
Sell and get out of the market.
- House prices to income ratios are way too high to sustain the current cost of houses.
- The bond markets are on their way up, which will put even more pressure on interest rates to return to a more nominal rate
- From what I understand, the pickup in sales the last few weeks was due to people using up their low interest rate pre qualifications before they expire.
- CMHC just put a cap on the amount of new insurance it will be offering this week, effective immediately.
Very interested in these factors. Will have to delve deeper...
I want to thank everyone that took the time to participate in the survey. I may have to run a "sellers survey", as I didn't get one response from someone selling their home. I feel very fortunate to have such a great audience and it's things like this that let me know you're out there! Keep the comments coming and keep it real...estate.
The feature aDOGtable this week is Titan. Titan is a 2 year old English Bulldog. He is a sweet and loving boy. He will require a home that is familiar with the needs of a Bulldog and is committed to this care. He is newly neutered and recovering eye and skin infections, but he should be fine after medication. He is learning not to mark, but it will take a little time and patience. He is good with other dogs and fine with cats too. He is looking for my forever home. He is currently being cared for by Cool Dog Rescue, a non-profit rescue organization.
Details about this rescue and others (including ways to donate) can be found by clicking the picture :)
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