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(Previous weeks numbers in brackets) *Previous Year's Stats Total Market New/Back to Market Listings: 222 (234, 244, 278, 262) *198 Sold: 137 (138, 131, 132, 126) *108 Sale To Listing Ratio: 62% (59%, 54%, 48%, 48%) *54% Price Changes: 162 (123, 157, 180, 164) *129 Conditional Sale: 144 (148, 151, 144, 149) *141 Expired/Cancelled/Withdrawn: 136 (81, 84, 63, 130) *112 Total Active Halifax/Dartmouth Inventory: 2,228 (2,288, 2,299, 2,303, 2,257) *1,938 Absorption Rate: *17 (17, 18, 18, 16) *15 Single Family Home Stats Active Single Family Home: 1,202 (1,234, 1,240, 1,246, 1,219) *1,008 Average Single Family Home List Price: $667,305 ($630k, $632k, $641k, $662k) *$575k Average Single Family Home Selling Price: $654,807 ($625k, $612k, $634k, $642k) *$565k Single Family Home Sale to List Ratio This Week: 98% (99%, 97%, 99%, 97%) *94% Median Single Family Home List Price (6 mo):$599,000 ($599k, $600k, $600k, $600k) *599K Median Single Family Home Sold Price(6mo): $588,800 ($590k, $590k, $590k, $590k)*$590k Average Days on Market Single Family Home: 42 (42, 36, 40, 39) *37 Condo Stats Active Condos: 252 (263, 271, 270, 266) *219 Average Condo Listing Price: $406,613 ($431k, $448k, $438k, $435k) *$450k Average Condo Selling Price: $394,226 ($413k, $440k, $432k, $423k) *$435k Condo Sale to List Ratio This Week: 97% (96%, 98%, 99%, 97%) *97% Median Condo List Price (6 mo): $447,000 ($450k, $450k, 450k, $450k) *$450k Median Condo Sold Price (6 mo): $437,500 ($438k, $440k, $440k, $439k) *$445k Average Days on Market Condos 42 (58, 48, 35, 50) *81 Active Vacant Lots: 460 (471, 476, 478, 467) *443 Market Rant The market is showing a bit of a late-summer reset. New listings have slowed, overall inventory has pulled back from its recent peak, and yet buyers are continuing to transact. In fact, the relationship between new listings and sales has improved noticeably. That suggests that while buyers have more choice than they did a year ago, they're not simply sitting on the sidelines waiting for prices to fall. Instead, we're seeing a market where buyers are becoming selective, but motivated buyers are still moving. And that's an important distinction. The single-family market continues to show some underlying strength. Inventory has eased from recent highs, while pricing remains remarkably stable. The longer-term median pricing has barely moved, which continues to support the idea that we're not seeing a significant correction in the overall single-family market. The interesting piece is the relationship between price and time on market. Homes are still selling very close to asking when they're priced appropriately, but they're generally taking longer to find the right buyer than they did during the more aggressive periods of the market. That means sellers need to be realistic from day one. The good news? Buyers are still paying for the right house. The days of simply putting a house on the market and assuming multiple offers will magically appear are behind us. But a well-priced, well-presented property can still generate strong activity. The condo market is telling a slightly different story. Inventory has continued to come down, but the average pricing numbers remain somewhat volatile from week to week. That's likely reflective of the mix of properties selling, rather than a dramatic change in the underlying condo market. The longer-term median values remain relatively steady, which is encouraging. Where condos continue to struggle a little more is time on market. Buyers have options, and they're taking their time finding the right combination of price, location, building quality and monthly fees. For condo sellers, this makes accurate pricing particularly important. A condo that is positioned properly can absolutely attract a buyer, but an optimistic price can leave a property sitting while competing listings get the attention. The market is giving buyers more choices, but that doesn't necessarily mean we're heading toward a major correction. We've watched inventory build substantially compared with this time last year, and while that understandably gets a lot of attention, inventory on its own doesn't tell the whole story. The other half of the equation is what buyers are actually doing, and we're still seeing a steady stream of sales happening every week. What I find particularly interesting right now is that we're entering a period where the pace of the market matters more than the sheer amount of inventory. When there are lots of listings but buyers aren't moving, inventory can snowball pretty quickly. When new listings slow down and buyers continue purchasing, the picture changes. That's essentially what we're seeing right now. It's also why I don't think it's particularly useful to simply label the market as "hot" or "cold." It's neither. It's "selective". There are properties that sit, properties that sell quickly, properties that require a price adjustment, and properties that generate strong interest almost immediately. That's actually a much healthier market than one where everything sells regardless of price or condition. I also think the next little while will be interesting. As we move through the fall, we'll get a much better indication of whether the additional inventory we've accumulated is simply giving buyers more choice, or whether we're beginning to see a more meaningful shift in demand. For now, though, I'm not seeing a market that's stopped. I'm seeing a market that's finding its balance. And after the last few years, maybe that's not such a bad place to be. The Bottom Line We're in a market that offers more choice for buyers without completely taking the wind out of the sails for sellers. Inventory is still considerably higher than last year, but recent activity shows that buyers remain engaged. Single-family pricing continues to hold relatively steady, while condos are facing a little more variability and longer decision times. For buyers, this is a market where patience can be an advantage. For sellers, the message is even simpler: Don't chase the market. Read it. Price properly, present your home well, and understand what you're competing against. The market may not be as frantic as it once was, but there are still plenty of buyers out there, and the right property can still get their attention. Stay tuned to the blog to stay on top of the 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
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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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