The Halifax Real Estate Blog Weekly Market Report and Statistics Update by Jeremiah Wallace (Every Thursday)
Halifax (HRM) Residential Market Statistic Update For Week of October 3rd 2013 to October 10th
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 416 (445, 423, 441, 498) *347
Sold: 116 (108, 110, 88, 125) *101
Sale To List Ratio: 28% (24%, 26%, 20%, 25%) *29%
Expired/Cancelled/Withdrawn: 153 (413, 137, 138, 124) *112
Total Active Halifax/Dartmouth Inventory: 5,278 (5,276, 5,465, 5,473, 5,414)
Active Single Family Home: 3,536 (3,547, 3,623, 3,617, 3,553) *2,970
Average Single Family Home List Price: $291,777 ($289,210, $283,446, $278,083, $293,593) *258k
Average Single Family Home Selling Price: $281,699 ($279,744, $272,234, $269,851, $282,520) *250k
Average Days On Market Single Family Home: 95 (105, 105, 100, 92) *71
Active Condos: 409 (405, 419, 403, 405) *300
Average Condo Listing Price: $259,544 ($291,476, $289,416, $247,566, $244,546) *247k
Average Condo Selling Price: $252,246 ($283,476, $281,333, $237,544, $211,000) *241k
Average Days On Market Condos: 56 (120, 80, 131, 132) *66
Halifax/Dartmouth Absorption Rate (weeks): 54 (69, 58, 51, 46) *41
Back to the gain! New listings are still flooding the market, and as a result, created a gain in the overall inventory gain. So, which one was the culprit? Single family homes are down by nine units this week, where condo units gained four. Days on market have reduced to just over three months for SFH's, and less then two months for condos. The absorption rate dropped significantly this week, and the sales to list ratio has rebounded to it's "not so great" average. Other then price tag, this year is still a far cry from the market of last year, which isn't saying much.
Last week I talked about real estate commissions, and the overall impact they may or may not have on your chances of selling. Out of the submissions I received, the majority of people think that it does in fact effect the sale of a property, especially in this type of market. One reader laments "Like it or not, the agent has bills to pay and will be biased by potential earnings." while on the other side of that token, we have a different opinion, "Most realtors are very ethical and do what is best for the client." REALTORS®, much live every other profession, are a vast array of different people and personalities. Given circumstance, each person will react differently, and to a different end. Now, the majority of submissions selected the fact that agent Smith would in fact lean Mr and Mrs Buyerz to the home with the larger commission, for various reasons. Although I didn't receive 1,000 submissions or anything, it was enough to acknowledge the fact that real estate agents do have an impact and possible influence on the choice of buyers. So, the "necessary evil" of selling commissions are still a reality in our fair city, and probably the furthest thing from sellers minds when selling, but necessary to understand the possible impact of which rate you choose to offer the buyers agent. Thanks to all that contributed to the survey last week, and thanks for stopping by!
Since October is "Pit Bull awareness" month, figured I would feature adoptable Pit Bull's all month. As many of you know, that breed is near and dear to my heart (Hamish & Bruin). The feature aDOGtable this week is a Gear. Gear is a 1.5 yr old pitty. His current foster has done a lot of work with him, and is now a great walker, and has gained confidence when meeting new people. He would do best in a home with a female dog, or laid back dog. No children, as he is still quite nervous of them. He is fine with cats.
MORE ABOUT GEAR
Prefers a home without: Young Children • House trained • Spayed/Neutered • Shots Current • Primary Color(s): White or Cream • Secondary Color(s): Apricot or Beige • Coat Length: Short
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.
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Jeremiah Wallace, CD
Jeremiah has been involved with many aspects of the Real Estate industry for over twelve years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah