The Halifax Real Estate Blog Weekly Market Rant and Statistics Update by Jeremiah Wallace (Every Thursday)
Halifax (HRM) Residential Market Statistic Update For Week of October 2nd to October 9th 2014
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 418 (407, 393, 423, 480) *416
Sold: 100 (123, 133, 123, 105) *116
Sale To Listing Ratio: 24% (30%, 34%, 30%, 22%) *28%
Listings that went conditional/pending: 113 (107, 117, 116, 136)
Expired/Cancelled/Withdrawn: 132 (340, 169, 146, 141) *153
Total Active Halifax/Dartmouth Inventory: 5,564 (5,530, 5,695, 5,730, 5,731) *5,278
Active Single Family Home: 3,692 (3,684, 3.803, 3,830, 3,827) *3,536
Average Single Family Home List Price: $310,061 ($283k, $274k, $303k, $306k) *$292k
Average Single Family Home Selling Price: $294,777 ($272k, $260k, $292K, $297k) *$282k
*Single Family Home Sale to List Ratio This Week: 95% (96%, 95%, 96%, 97%)
Average Days on Market Single Family Home: 104 (118, 125, 105, 120) *71
Active Condos: 511 (507, 526, 524, 521) *409
Average Condo Listing Price: $245,992 ($248k, $258k, $253k, 265k) *$260k
Average Condo Selling Price: $238,646 ($241k, $250k, $244k, $257k) *$252k
*Condo Sale to List Ratio This Week: 97% (97%, 97%, 96%, 97%)
Average Days on Market Condos: 117 (109, 109, 100, 84) *66
Absorption Rate in weeks: 46 (86, 48, 48, 47) *54
Active Vacant Lots: 1,017 (1,005, 1,023, 1,029, 1,028)
Might be a case of deja vu! Apparently, October is the month that sounds the horn when it comes to the reduction of inventory, but the second week seems to make a comeback. Inventory is up this week, in all areas! Most of the addition can be attributed to the re-listed properties that fell off the market in the last couple of weeks, but I have to think that there is still new products coming to the market to face the challenges of our current state. Sales to list ratio took a bit of a beating this week as our market trends downward, but our inventory rises. Values remain solid though, and we are still averaging just below the $300k mark for SFH's, and mid 200's for condos. Things should start to get back to normal as we approach the end of the month, but it won't be next week. With the Thanksgiving weekend approaching, things should report relatively slow. Some will use the extra time to seek out new residences, but most will be focused on enjoying the holiday, and cuisine that is associated with it. Mmm...turkey. I know I personally have a few things to be thankful for this year, as I do every year, but this year is definitely special. Want to thank all of my loyal blog readers for coming back when you can, and all the feedback and support that I have received over the years for providing an honest outlook of the market here in Halifax. Happy Thanksgiving everyone!!
Last week I took a pool with regards to the use of property purchase/selling representation. An overwhelming amount, around 80% of the submissions, said that they would not use a Realtor solely based on cost. Out of the people who submitted and would use a Realtor, 82% would use a referral over every other choice, although most said they "could do it themselves". I love meeting with people who have read and use the blog, and Viewpoint.ca to aid in their property needs, its like peanut butter and chocolate, they go great together. With the changing opinions of how services are provided, isn't it time that providing those services are also changed?
Hi my name is Perle , I am a very sweet and affectionate girl , I am extremely dog friendly getting along well with every dog I meet , I enjoy rough and tumble play with other dogs and a good mouth wrestle!
I am also cat friendly and have been known to snuggle with them as well! , I am a good listener and am easily corrected , I am good with kids also but because I am still young I do sometimes get excited and forget my size , so a home with kids a little older (7+) would be best.
I have no issues with food with people or other animals. All in all I am a great girl and will make a great edition to any household.
This "loving lass" is available through Nova Scotia Pitbull Rescue Society, a non profit rescue organization from Halifax, Nova Scotia. More info about her, other adoptable's looking for their furever home, and ways to help or donate can be found by clicking HERE.
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Looking for a little extra help finding that hay needle? The innovators at my brokerage, ViewPoint Realty, have introduced another forward-thinking information tool for your property search needs. Its called "neighbourhoods" and it will break down some stats and give you a more focused tool on the area(s) you are looking for. Check it out at viewpoint.ca and get more info now! Just another way Viewpoint Realty is advancing the property buying process.
The ViewPoint Realty Map
LET ME HELP YOU OUT
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 contact me with questions or comments. 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. Thanks for stopping by!
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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