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(Previous weeks numbers in brackets) *Previous Year's Stats Total Market New/Back to Market Listings: 244 (278, 262, 249, 270) *270 Sold: 131 (132, 126, 120, 143) *145 Sale To Listing Ratio: 54% (48%, 48%, 48%, 53%) *54% Price Changes: 157 (180, 164, 163, 143) *148 Conditional Sale: 151 (144, 149, 154, 149) *148 Expired/Cancelled/Withdrawn: 84 (63, 130, 56, 68) *44 Total Active Halifax/Dartmouth Inventory: 2,299 (2,303, 2,257, 2,272, 2,248) *1,998 Absorption Rate: *18 (18, 16, 15, 15) *14 Single Family Home Stats Active Single Family Home: 1,240 (1,246, 1,219, 1,226, 1,206) *1,044 Average Single Family Home List Price: $632,191 ($641k, $662k, $652k, $636k) *$575k Average Single Family Home Selling Price: $611,471 ($634k, $642k, $646k, $622k) *$562k Single Family Home Sale to List Ratio This Week: 97% (99%, 97%, 99%, 98%) *97% Median Single Family Home List Price (6 mo):$599,500 ($600k, $600k, $599k, $600k) *599K Median Single Family Home Sold Price(6mo): $589,900 ($590k, $590k, $590k, $591k)*$590k Average Days on Market Single Family Home: 36 (40, 39, 30, 36) *31 Condo Stats Active Condos: 271 (270, 266, 268, 270) *229 Average Condo Listing Price: $447,450 ($438k, $435k, $495k, $484k) *$461k Average Condo Selling Price: $440,000 ($432k, $423k, $481k, $470k) *$460k Condo Sale to List Ratio This Week: 98% (99%, 97%, 97%, 97%) *99% Median Condo List Price (6 mo): $449,900 (450k, $450k, $450k, $450k) *$450k Median Condo Sold Price (6 mo): $440,000 ($440k, $439k, $438k, $437k) *$440k Average Days on Market Condos 48 (35, 50, 57, 33) *24 Active Vacant Lots: 476 (478, 467, 465, 448) *445 Market Rant This week’s numbers paint an interesting picture: the market is still active, but buyers have plenty of choices. Inventory remains elevated, while sales activity continues to hold its own. That combination is creating a market where buyers can take a little more time, compare properties, and be selective, while sellers need to make sure their property stands out from the competition. The overall market continues to carry considerably more inventory than it did at this time last year. That doesn't necessarily mean things are slow, though. We're still seeing a healthy number of homes sell each week, and conditional sales remain active. The big difference is that buyers aren't being forced into decisions simply because there aren't enough properties available. For single-family homes, the underlying market remains relatively steady. Pricing has stayed remarkably consistent over the past several months, and homes that are priced appropriately are still selling close to their asking price. The recent increase in market time is worth watching, however. We're no longer in an environment where simply putting a home on the market guarantees immediate attention. The condo market is showing a similar story. Inventory is higher than last year, while pricing remains fairly stable. Condos are taking a little longer to move than single-family homes, which again points to the importance of realistic pricing and strong presentation. One of the more interesting things this week is the continued volume of price changes. That's a pretty clear indication that sellers are actively responding to the market rather than simply waiting it out. When buyers have options, the market tends to become very good at telling sellers whether their pricing strategy is working. And that's really the theme right now: There is still plenty of activity, but there is also plenty of competition. The Evolving Market Okay, let's talk about something that keeps popping up in conversations with sellers... "But it's a good house!" Yes. I know. Your house is good. It might actually be great. But here's the problem: being a great house doesn't automatically make it a great buy. Buyers aren't walking into the market thinking, "I hope I can find the most expensive house available." They're looking at several properties and asking themselves: "Which one gives me the best combination of price, location, condition and value?" And right now, they have plenty of options to compare. That's why I think we're seeing so many price adjustments. Sellers aren't necessarily discovering that their homes aren't desirable. They're discovering that the market has alternatives. If your house is priced $30,000 higher than another comparable property that offers similar features, buyers are going to notice. And they're probably going to tour the other house first. This is where I think good pricing strategy becomes more important than ever. You don't necessarily have to be the cheapest house on the street, but you do need to make a buyer feel like your property is worth choosing. Because here's the reality of today's market: Buyers don't have to settle. They can wait. They can compare. They can negotiate. And if they don't like the value proposition, there's a good chance they'll simply move on to the next listing. For sellers, that's not bad news. It just means the strategy has to change. Price it properly. Make it shine. Market it aggressively. And give buyers a reason to choose it. The days of throwing a number on the MLS and hoping the market does the rest are becoming a distant memory. And honestly? That's probably a good thing. The Bottom Line We're in a market where activity remains healthy, but competition is real. Inventory continues to give buyers more breathing room, while stable pricing and strong sale-to-list performance show that well positioned properties can still perform very well. For buyers, this is an environment worth taking advantage of. More selection means more opportunity to find the right property. For sellers, the message is equally clear: strategy matters. The market isn't necessarily telling us that prices are falling off a cliff. It's telling us that buyers have choices, and properties need to be priced and presented accordingly. More inventory. More choice. More negotiating power for buyers, and more importance placed on getting the strategy right for sellers. Stay tuned to the blog to keep on top of the ever changing market, and as always, thanks for stopping by! The Weekly "Adogtable" This "cuddly companion" is available through Good Bones Dog Rescue, a non profit rescue organization from Nova Scotia. More info about him and other adoptable's looking for their furever home, and ways to help or donate can be found by clicking HERE Looking to help? Below you will find links to various shelters and rescues that could use your support. Donations of pet supplies, food, money, basically anything can help! Good Bones Dog Rescue Nova Scotia SPCA Bide Awhile Animal Shelter Halifax Veterinary Hospital If you have a suggestion to be added to the support list, do not hesitate to contact me! 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. Don't forget to bookmark my page, and visit often!  VIEWPOINT REALTY
Are you familiar with ViewPoint Realty? How about the ViewPoint Realty interactive real estate map? It's a powerful tool for all your property research needs and when you are ready to buy or sell, its the competitive edge over your competition! Not to mention, it's now more rewarding then ever to become a ViewPoint client, just click HERE to find out more. More savings and more information, sign up today! Or, click HERE to go right to the map and get property shopping! Looking for a little extra help finding that "needle in a haystack"? 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. We also offer mortgage and insurance solutions too! Check it out at viewpoint.ca and get more info now! Just another way Viewpoint Realty is advancing the property buying and selling process. Latest Blog post HERE Comments are closed.
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Jeremiah Wallace, CDJeremiah has been involved with many aspects of the Real Estate industry for over fifteen years. This includes construction, residential renovations, interior design, and investing in various income generating property products.. ListingsPhoto's by Jeremiah
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