The Halifax Real Estate Blog Weekly Statistics Update and Market Rant by Jeremiah Wallace (Every Thursday)
(Previous weeks numbers in brackets)
*Last year this week
New Listings: 304 (333, 405, 341, 345) *334
Sold: 90 (107, 61, 76, 51) *86
Sale To List Ratio: 30% (32%, 15%, 22%, 16%) *26%
Listings that went conditional/pending: 96 (88, 129, 88)
Expired/Cancelled/Withdrawn: 71 (78, 168, 90, 89) *99
Total Active Halifax/Dartmouth Inventory: 4,312 (4,277, 4,440, 4,499, 4,411) *3,951
Active Single Family Home: 2,743 (2,741, 2,850, 2,869, 2,828) *2,576
Average Single Family Home List Price: $310,882 ($313,026, $306,392, $304,586, $262,263) *307k
Average Single Family Home Selling Price: $294,628 ($305,798, $296,392, $286,986, $245,527) *296k
Average Days On Market Single Family Home: 130 (108, 98, 106, 125) *75
Active Condos: 462 (449, 442, 438, 436) *310
Average Condo Listing Price: $263,776 ($272,556, $267,556, $242,886, $269,900) *274k
Average Condo Selling Price: $255,527 ($268,300, $230,212, $262,450, $240,664) *266k
Average Days On Market Condos: 118 (127, 107, 104, 126) *40
Halifax/Dartmouth Absorption Rate (weeks): 56 (63, 55, 52, 102) *49
Following on the heals of a decent market performance, this week didn't perform as good but it did carry forward some positivity. Not a huge addition to the overall inventory, which would be in thanks to the single family home activity, and sales continued to make some ground. The number that has been silently growing larger, and somewhat unnoticed, is the average days on market. Once again, the average wait time from listing your property to coming off the market is 130 days for SFH, and 118 for condos! That's just over 4 months of waiting!! Now I said "coming off the market", and that could mean a sale, or just plain cancelling/expiring the listing. By no means should you make a plan around those numbers and think "ok, I know I'll be waiting four months until the home sells, so lets make an offer on another house and close in four months and three days". You may be waiting a little longer then you think, and paying two mortgages. I've been asked this question several times this week so I'm going to open forum it. Should I wait to sell my home before finding a new home to purchase? Or should I shop around now and put an offer in before even listing my home? Here's my thoughts, and generally my response. Because the market is so uncertain at this point with so many negative factors for sellers, I strongly encourage an unconditional sale of the home before wandering out to "take a boo" at the current inventory. The reality is that most sellers will have a hard time accepting an offer based on the sale of your home with the current market conditions, and If your property is not even on the market and the sale of it is required to buy the property you're offering on, don't waste the paper. The buyers making things happen and taking advantage of the current market a. don't have a home to sell in order to purchase b. are financially pre approved and c. realistic about their offer and know the market d. can close quickly. Like to get a weigh in on this topic so here is the survey;
Some reader responses so far;
"With the market as uncertain as it is, I would not want to be in the unfortunate position of owning two depreciating homes. I have two friends in the city who purchased bigger homes assuming their current homes would sell. After months on the market, neither have sold their previous home and both are paying two mortgages. One has even listed the new home as well because they are getting desperate. You are giving the right advice in this post Jeremiah. Sell your home first and eliminate the uncertainty."
"Too much price risk if the market suddenly turns sour.Risk is to the downside. Thx for the blog. Glen."
"Unless you can carry both mortgages and/or plan to become a landlord on the original property. Too risky."
Good responses so far, and thank you to the people who have submitted!
Familiar face? Layla has been at her foster for quite awhile now and I figured I would try and get her some more attention. Any takers for this beautiful girl? Layla is 2 years old , fully vaccinated and spayed , she is a very loving girl and thrives on human companionship , she loves nothing more than to cuddle up with you and be loved. Layla is also excellent with kids , Layla does need to be the only dog in the home , she is unsure of other dogs and their intentions towards and if other dogs are in her face or too lively she feels uncomfortable and will snap , no cats either for Layla. If you have a pet free home and are looking for a mellow , quiet cuddle bug then Layla is your girl!
This gorgeous girl 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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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