 Halifax (HRM) Residential Market Statistic Update For Week of August 15th to August 22nd 2013
(Previous weeks numbers in brackets) *Last year this week New Listings: 365 (460, 431, 441, 459) *422 Sold: 135 (125, 124, 148, 164) *135 Sale To List Ratio: 37% (27%, 29%, 34%, 36%) *32% Expired/Cancelled/Withdrawn: 123 (126, 118, 294, 130) *120 Total Active Halifax/Dartmouth Inventory: 5,520 (5,544, 5,507, 5,486, 5,648) Active Single Family Home: 3,622 (3,658, 3,643, 3,643, 3,712) *2,970 Average Single Family Home List Price: $287,645 ($296,009, $328,441, $308,613, $305,097) *288k Average Single Family Home Selling Price: $280,777 ($287,897, $312,078, $294,715, $295,748)*281k Average Days On Market Single Family Home: 112 (105, 106, 103, 99) *72 Active Condos: 430 (443, 443, 436, 445) *255 Average Condo Listing Price: $258,454 ($262,771, $298,465, $322,600, $333,495) *267k Average Condo Selling Price: $253,809 ($235,532, $291,665, $310,653, $320,961, $288,279) *261k Average Days On Market Condos: 110 (85, 109, 75, 109) *57 Halifax/Dartmouth Absorption Rate (weeks): 44 (41, 40, 43, 43) *30 Fairly average week on the market, nice little blip on the sales to list ratio screen though. Market plummet is still on the lips of many Haligonian's as Ottawa (and the banks), it seems, look to cool the hot markets across the Country by tightening lending rules and hiking interest rates. Oh yes, if you failed to read about it, the rates are on their way up shortly with plans of further hikes in the near future. And don't get me started on CMHC and their ever changing policy as a whole. What's the effect of "cooling off the hot market's" when that "theory" is applied to sagging or declining markets? Guess we are all about to find out! The challenge continues for buyers and sellers alike. Buyers still own the power in the market but are reluctant to pull the trigger on purchasing for all the above reasons, and many sellers are near their bottom line contemplate the right move to make. What if I told you that the house you have listed is currently 10% over priced and that was your bottom line? And then, what if I told you that in six months it will be 15% over priced and by this time next year 20%. Not saying that is the way things will go but you can never fully predict which direction we will take, so when would be the best time to reduce to get out? It's a cold fact that many of the houses on the market are over priced, it's also a fact that there are many fairly priced homes out there. Right now it's overwhelming to find anything of value with so much inventory on the market and buyers having to sift through it all. By the time they do, factors like days on market (why has it sat so long? whats wrong with it?) assessment value (tax assessment value is not an appraisal for all those who are not aware), comparable's and finishes. Even then, buyers are very uncertain, cautious and aggressive if they do decide to offer. Some people find opportunity in situations like this, and the only thing others see is risk. Which one are you? The feature aDOGtable this week is Tommie. Please help! Tommie is in need of foster or forever home before the end of September. Tommie must be an only pet! His current owner is moving and cannot take him He is currently being cared for by Pit Project 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. Newest blog post HERE
Brian
8/27/2013 12:44:01 am
Real estate market and actual situation are different to what is being reported by the press and government. From the waist up the Halifax market is dead. In Alberta the market is hot. Why? Because it crashed in 2008 and has finally regained to 2008 values this year. Elsewhere the market is lacklustre and even similar to Halifax. The real problem now is buyer greed: wanting the Sellers first born with each sale. The supply and demand curves indicate price reductions are required in HRM but such reduction bring about no results per se. The problem appears to be buyers just do not have the down payment necessary to buy houses above a certain price point. Rising interest rates will exacerbate the present situation. Even new houses being sold with high ratio financing are languishing. Perhaps there are too many units being created in HRM due to its lasses faire building permit policy. Nova Scotia house prices are well below averages for ON, QU, MB,SK, AB, BC. There is present value in the HRM market above 350,000$.
Richard
1/27/2014 06:16:36 am
I completely agree with Brian. We have had our home listed for a year and a half and the only thing close to an offer was someone wanting it for 30k under for what has sold in the area. Additionally, he wanted to rent our home and us to subsidize him $300 a month until he sold his house. Why yes, this is a home lottery where the seller pays you. Plus endless showings where people complain about absolutely everything including that the house has four walls and a ceiling. Just going to rent it out now, and not going to give it away to some whiners that can't even afford it. Comments are closed.
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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.. 
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