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(Previous weeks numbers in brackets) *Previous Year's Stats Total Market New/Back to Market Listings: 234 (244, 278, 262, 249) *218 Sold: 138 (131, 132, 126, 120) *136 Sale To Listing Ratio: 59% (54%, 48%, 48%, 48%) *62% Price Changes: 123 (157, 180, 164, 163) *94 Conditional Sale: 148 (151, 144, 149, 154) *136 Expired/Cancelled/Withdrawn: 81 (84, 63, 130, 56) *58 Total Active Halifax/Dartmouth Inventory: 2,288 (2,299, 2,303, 2,257, 2,272) *1,999 Absorption Rate: *17 (18, 18, 16, 15) *14 Single Family Home Stats Active Single Family Home: 1,234 (1,240, 1,246, 1,219, 1,226) *1,038 Average Single Family Home List Price: $630,200 ($632k, $641k, $662k, $652k) *$575k Average Single Family Home Selling Price: $625,321 ($612k, $634k, $642k, $646k) *$565k Single Family Home Sale to List Ratio This Week: 99% (97%, 99%, 97%, 99%) *94% Median Single Family Home List Price (6 mo):$599,000 ($600k, $600k, $600k, $599k) *599K Median Single Family Home Sold Price(6mo): $589,900 ($590k, $590k, $590k, $590k)*$590k Average Days on Market Single Family Home: 42 (36, 40, 39, 30) *35 Condo Stats Active Condos: 263 (271, 270, 266, 268) *233 Average Condo Listing Price: $430,965 ($448k, $438k, $435k, $495k) *$450k Average Condo Selling Price: $413,439 ($440k, $432k, $423k, $481k) *$435k Condo Sale to List Ratio This Week: 96% (98%, 99%, 97%, 97%) *97% Median Condo List Price (6 mo): $449,700 ($450k, 450k, $450k, $450k) *$450k Median Condo Sold Price (6 mo): $437,500 ($440k, $440k, $439k, $438k) *$440k Average Days on Market Condos 58 (48, 35, 50, 57) *81 Active Vacant Lots: 471 (476, 478, 467, 465) *443 Market Rant The market is settling into an interesting late-summer swing. Inventory remains elevated, but buyer activity is showing some renewed strength, and that's creating a bit more balance than we've seen in recent weeks. The biggest headline this week is the relationship between new listings and sales. While fewer properties came onto the market than in the previous few weeks, sales actually increased. That's a healthy sign for sellers because it suggests buyers are still actively engaging with the market rather than simply sitting on the sidelines. At the same time, overall inventory barely moved. We're still sitting well above last year's levels, which means buyers continue to have considerably more selection than they did a year ago. That extra choice is keeping sellers on their toes, but it also creates opportunities for buyers who are willing to do their homework. The single-family market continues to look relatively resilient. The underlying pricing numbers haven't changed dramatically, and homes that are priced properly are still selling very close to asking price. That's important. Despite the additional inventory, we're not seeing a wholesale breakdown in pricing. What has changed is the amount of time properties are spending on the market. We're seeing more breathing room for buyers, which means sellers have less margin for error when it comes to pricing, condition and presentation. The good news for sellers is that the market is still rewarding the right properties. The challenge is making sure your home is one of those properties. The condo market is a little more challenging. Inventory has remained fairly consistent, but condos are taking longer to sell than single-family homes. Pricing also continues to show some variability from week to week, suggesting that buyers are being particularly selective. Interestingly, the longer-term median pricing remains quite stable. That tells me we're dealing more with short-term fluctuations in the mix of condos selling than a major shift in the overall value of the condo market. For condo sellers, though, the message is clear: pricing matters. Buyers have options, and an overpriced unit can quickly become yesterday's listing. The Weekly Chat Here's something I think is worth talking about this week: More inventory doesn't automatically mean a buyer's market. We've been watching inventory climb for quite some time now, and it's easy to look at those numbers and think, Well, buyers must have all the power. Not necessarily. What matters is what buyers are actually doing with that inventory. This week, we're seeing more sales while new listings slowed down. That's a little reminder that buyers are still out there. They're just being more selective about where they spend their money. And honestly, I think that's the biggest change we're seeing in the market. A buyer doesn't necessarily have to jump on the first house they like anymore. They can look at one. Look at another. Think about it. Check out the price. Compare it to something else. And maybe come back a few days later. That creates a completely different selling environment. It also explains why we're continuing to see a significant number of price changes. Sellers are watching the competition, watching the showing activity, and adjusting when the market isn't responding the way they hoped. And that's not necessarily a bad thing. A price adjustment isn't a failure. Sometimes it's simply the market giving you information. The mistake is ignoring that information. We're also seeing something encouraging on the sales side: single-family homes are still achieving very strong sale-to-list performance. That tells me buyers aren't necessarily looking for a bargain basement deal, they're looking for value. There's a big difference. If a house is priced appropriately, shows well and checks the right boxes, buyers are still willing to pay for it. But if the price doesn't match the property? Well... buyers have plenty of other doors they can knock on. And that, folks, is probably the biggest difference between today's market and the crazy markets we experienced a few years ago. You can no longer rely on the market to sell your house for you. You need a strategy. The Bottom Line The Halifax market continues to move toward a more balanced and choice driven environment. Inventory remains significantly higher than last year, giving buyers more options and more time to make decisions. At the same time, sales activity remains healthy, particularly in the single-family segment, and properly priced homes continue to command strong offers relative to asking price. For buyers, this is a market where patience and comparison shopping can pay off. For sellers, it's all about getting the fundamentals right: pricing, preparation, presentation and marketing. The market isn't standing still, and neither should your strategy. 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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