The Halifax Real Estate Blog Weekly Housing Update and Market Report (Every Thursday) by Jeremiah Wallace
Halifax (HRM) Residential Market Statistic Update For Week of September 12th to September 19th 2013
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 441 (498, 410, 382, 365) *423
Sold: 88 (125, 105, 145, 135) *121
Sale To List Ratio: 20% (25%, 26%, 38%, 37%) *29%
Expired/Cancelled/Withdrawn: 138 (124, 227, 136, 123) *114
Total Active Halifax/Dartmouth Inventory: 5,473 (5,414, 5,335, 5,478, 5,520)
Active Single Family Home: 3,617 (3,553, 3,499, 3,594, 3,622) *3,030
Average Single Family Home List Price: $278,083 ($293,593, $313,101, $294,462, $287,645) *281k
Average Single Family Home Selling Price: $269,851 ($282,520, $302,438, $291,877, $280,777) *274k
Average Days On Market Single Family Home: 100 (92, 108, 98, 112) *88
Active Condos: 403 (405, 399, 411, 430) *293
Average Condo Listing Price: $247,566 ($244,546, $264,208, $270,364, $258,454) *225k
Average Condo Selling Price: $237,544 ($211,000, $250,541, $264,664, $253,809) *216k
Average Days On Market Condos: 131 (132, 67, 104, 110) *75
Halifax/Dartmouth Absorption Rate (weeks): 51 (46, 45, 44, 44) *37
There is no stopping the inventory additions, too bad the same cannot be said for sales. With sales not keeping pace with new listings, our inventory continues to climb, which is contrary to annual trend at this time in the market. The spread from listing price maintains a larger then average gap, coming in at just under 10k of reduction on average. Does that mean sellers are becoming a little more pliable to price negotiations? or, is the time factor playing a roll as sellers realize that selling season is coming to a close for the year? Either way, I have touched on selling factors and the true motivation of sellers when it comes to an agreeable price to let their properties go in the past, I can only imagine that time has become a factor. Whether it's time from sitting on the market, or time on prime selling months coming to a close, it must weigh on the minds of all property owners that are currently listed. The stats are still reflecting a buyers market, and the stats don't deceive...or do they?
The statistics that are brought to you every week on the Halifax Real Estate Blog are sourced from the back-end of the MLS (Multiple Listing Service), which is a database that REALTORS® use to input listings and update them accordingly. There was a fantastic article written by Garth Turner last week on his blog "The Greater Fool" which discussed the reporting of misleading property statistics. Listings that have been input with several separate MLS numbers for the same property, or duplicated by separate listing agencies. So what is the cause and of these errors? Well, I believe it boils down to a couple things, the imputing system that listing agents use to reflect on the MLS, and the data that is entered by the inputting user of that system. Until a major crackdown happens, fines start flying, or an flawless inputing system is created, these errors will continue to plague any truly accurate reporting of property statistics.
The reports that I create are solely for general idea purposes, to get an idea of how the market is performing each week. There are a few statistics that are omitted each week that may skew the numbers that are reported. Is this meant to deceive anyone? Absolutely not! Let me give you a glimpse of how the blog is reported, and please know that finding and reporting these statistics each week is very time consuming and hard to locate (guess that's why there is not a ton of these sites around) My idea was to give a general market performance reflection, to give the general public an idea of what is going on in the Halifax real estate market. There is also no reporting of private sales, or sales that are not entered into the MLS.
As status of property changes, the status is also changed on the MLS into several categories as it goes through the selling process. Below is a table of these stats (blue reflects the stats that I report);
As you can see, there are several categories that can be selected, and only one can be selected when in process. That means if 120 properties are conditional/pending, they will not show up on my general report. Couple that with inputting errors, duplicate listings and time reporting, 100% accuracy is next to impossible. So if you are trying to get an exact, 100% mathematical count of market reflection each week, I would say that this may not be the blog for you. Please know that I endeavour to continually improve accurate statistical reporting, and that there are steps that I am taking to bring you the most accurate reports with the tools I have at my disposal. Until a dramatic change happens in the industry, the data you see should be used at your discretion and not taken as gospel.
I wanted to thank the blog readers that have taken the time to write in about this topic. Please do not hesitate to contact me by your preferred method with any further questions or concerns. I always welcome your comments, so keep them coming! Thanks for stopping by!
The feature aDOGtable(s) this week is a Daisy. This wonderful girl needs someone to call her own. Good with cats, people, but nervous around excitable dogs and small kids.
they are currently being cared for by Pit Project Rescue, a non-profit rescue organization out of Lawrencetown, 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.
Newest blog post HERE
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