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(Previous weeks numbers in brackets) *Previous Year's Stats Total Market New/Back to Market Listings: 327 (263, 222, 234, 244) *274 Sold: 128 (115, 137, 138, 131) *133 Sale To Listing Ratio: 39% (44%, 62%, 59%, 54%) *49% Price Changes: 256 (190, 162, 123, 157) *159 Conditional Sale: 161 (132, 144, 148, 151) *154 Expired/Cancelled/Withdrawn: 78 (83, 136, 81, 84) *67 Total Active Halifax/Dartmouth Inventory: 2,343 (2,270, 2,228, 2,288, 2,299) *2,090 Absorption Rate: *18 (17, 17, 17, 18) *17 Single Family Home Stats Active Single Family Home: 1,277 (1,232, 1,202, 1,234, 1,240) *1,081 Average Single Family Home List Price: $621,393 ($674k, $667k, $630k, $632k) *$570k Average Single Family Home Selling Price: $603,707 ($654, $655k, $625k, $612k) *$561k Single Family Home Sale to List Ratio This Week: 97% (97%, 98%, 99%, 97%) *99% Median Single Family Home List Price (6 mo):$599,000 ($599k, $599k, $599k, $600k) *594K Median Single Family Home Sold Price(6mo): $585,000 ($587k, $589k, $590k, $590k)*$586k Average Days on Market Single Family Home: 42 (43, 42, 42, 36) *49 Condo Stats Active Condos: 256 (260, 252, 263, 271) *234 Average Condo Listing Price: $458,033 ($460k, $407k, $431k, $448k) *$521k Average Condo Selling Price: $442,302 ($446k, $394k, $413k, $440k) *$496k Condo Sale to List Ratio This Week: 97% (97%, 97%, 96%, 98%) *95% Median Condo List Price (6 mo): $449,000 ($449k, $447k, $450k, $450k) *$450k Median Condo Sold Price (6 mo): $437,500 ($438k, $438k, $438k, $440k) *$440k Average Days on Market Condos 57 (44, 42, 58, 48) *80 Active Vacant Lots: 485 (467, 460, 471, 476) *473 Market Rant The Halifax market is giving us a pretty interesting snapshot this week. More properties are coming to market, buyers are still making deals, but the balance between supply and demand is continuing to shift. New listings jumped considerably this week, pushing overall inventory to another recent high, while the number of completed sales remained relatively consistent. At the same time, we're seeing a significant increase in price adjustments, which is an important sign that sellers are responding to the changing environment. This doesn't necessarily mean the market is falling apart, far from it. In fact, homes that are properly priced are still selling very close to asking, and the underlying sales activity remains respectable. What is changing is the amount of choice buyers have and the amount of competition sellers are facing. The single-family market is where I think the story gets particularly interesting. Inventory has continued to build and is now substantially higher than it was a year ago. At the same time, the six-month median sale price has remained remarkably stable, sitting only slightly below where it was last year. That's an important distinction: we're seeing more inventory without seeing a corresponding collapse in the underlying price levels. The average sale price is down from the unusually high number we saw last week, but weekly averages can move around considerably depending on the mix of properties that sell. The longer-term median is a much better indicator of the broader market, and that number continues to show relative stability. The sale-to-list ratio also remains strong. Buyers may have more negotiating power than they did previously, but they're still paying close to asking price when they find a property that makes sense. Days on market remain higher than last year, however, which reinforces the idea that buyers are no longer feeling quite the same urgency. Good homes are still selling, they're just having to earn the buyer's attention. The condo market continues to tell a slightly different story. Inventory has actually eased a little from the previous week, and the six-month median sale price remains essentially unchanged. Compared with last year, the average selling price is lower, but again, the longer-term median suggests considerably more stability than the weekly averages might initially imply. The bigger story is the increase in days on market. Condos are taking longer to sell than they were earlier in the summer, and buyers appear to have more time to compare buildings, locations, fees, condition and pricing before making a decision. The encouraging piece for sellers is that condos that do sell are still achieving roughly 97% of asking price. This isn't a market where buyers have stopped buying, it's a market where they're becoming more selective about what they buy. The Bottom Line I think we're officially entering the price it properly or prepare to wait phase of the market. We're seeing a pretty dramatic increase in price changes, and I don't think that's a coincidence. Sellers are looking at the growing number of competing properties and realizing that yesterday's pricing strategy may not necessarily work in today's environment. At the same time, buyers aren't disappearing, they're simply being given more opportunities to shop around. That's an important distinction. When buyers have limited choices, almost anything reasonably priced can attract attention. When they have hundreds of options, the properties that stand out are the ones that offer the right combination of price, condition, location and overall value. And that's exactly what we're starting to see. The interesting part is that despite all this additional inventory, properties that do sell are still selling very close to asking price. So rather than thinking of this as a market where buyers are suddenly demanding huge discounts, I'd describe it as a market where buyers are becoming much more selective about which properties deserve their offer. For sellers, that makes the initial pricing decision more important than ever. For buyers, it means patience and comparison shopping can pay off. And for those of us watching the market week to week, this is probably one of the more interesting transitions we've seen in a while. 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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