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Previous weeks numbers in brackets) *Previous Year's Stats Total Market New/Back to Market Listings: 270 (327, 263, 222, 234) *295 Sold: 103 (128, 115, 137, 138) *117 Sale To Listing Ratio: 38% (39%, 44%, 62%, 59%) *40% Price Changes: 187 (256, 190, 162, 123) *154 Conditional Sale: 146 (161, 132, 144, 148) *171 Expired/Cancelled/Withdrawn: 70 (78, 83, 136, 81) *80 Total Active Halifax/Dartmouth Inventory: 2,369 (2,343, 2,270, 2,228, 2,288) *2,096 Absorption Rate: *21 (18, 17, 17, 17) *18 Single Family Home Stats Active Single Family Home: 1,282 (1,277, 1,232, 1,202, 1,234) *1,092 Average Single Family Home List Price: $617,062 ($621k, $674k, $667k, $630k) *$570k Average Single Family Home Selling Price: $601,802 ($604k, $654, $655k, $625k) *$563k Single Family Home Sale to List Ratio This Week: 98% (97%, 97%, 98%, 99%) *99% Median Single Family Home List Price (6 mo):$599,000 ($599k, $599k, $599k, $599k) *590K Median Single Family Home Sold Price(6mo): $587,000 ($585k, $587k, $589k, $590k)*$586k Average Days on Market Single Family Home: 47 (42, 43, 42, 42) *45 Condo Stats Active Condos: 261 (256, 260, 252, 263) *235 Average Condo Listing Price: $415,827 ($458k, $460k, $407k, $431k) *$480k Average Condo Selling Price: $404,450 ($442k, $446k, $394k, $413k) *$461k Condo Sale to List Ratio This Week: 97% (97%, 97%, 97%, 96%) *96% Median Condo List Price (6 mo): $444,950 ($449k, $449k, $447k, $450k) *$450k Median Condo Sold Price (6 mo): $435,000 ($438k, $438k, $438k, $438k) *$440k Average Days on Market Condos 68 (57, 44, 42, 58) *77 Active Vacant Lots: 499 (485, 467, 460, 471) *471 Market Rant Well, the fall market is starting to make its presence known. After a busy summer of new listings and steady activity, we're now seeing a little more breathing room develop in the market. New listings have eased from last week's surge, but sales have also slowed, leaving us with another increase in overall inventory. Buyers have more choices than they did even a few weeks ago, while sellers are having to work a little harder to capture attention. The interesting part is that the increase in inventory isn't being matched by a dramatic change in the underlying price structure. The longer term median prices for single family homes and condos remain relatively stable, while properties that do sell are still achieving close to asking price. What we're seeing right now looks much more like a market that's taking its foot off the gas than one that's suddenly hitting the brakes. The single family market continues to show some resilience, but there are signs that buyers are becoming more deliberate. Inventory has edged higher again and is now well above where we were at this point last year. Meanwhile, average pricing has settled back from some of the higher weekly numbers we've seen recently. The more important number, however, is the six-month median sale price, which has actually ticked back up and remains very close to last year's level. That tells us something important: weekly averages can be noisy, but the broader market isn't showing a major price correction. The 98% sale-to-list ratio is another positive indicator for sellers. Buyers are still paying very close to asking when the property is priced appropriately. The catch is that they're taking longer to get there. Average days on market has climbed again, and we're now seeing homes take longer to find their buyer than they did earlier in the summer. In other words, the market hasn't stopped working, it's just taking a little longer to get the deal done. The condo market is where the slowdown is becoming much more obvious. Inventory remains fairly steady, but average days on market has jumped again, reaching the highest point we've seen in this recent run of numbers. Compared with last year, condos are still selling more quickly overall, but the recent trend is clearly moving toward longer decision times. The six-month median sold price has also edged lower, although it remains relatively close to last year's level. The 97% sale-to-list ratio continues to tell us that buyers aren't necessarily demanding huge discounts once they decide to purchase, they're simply taking more time to decide which property deserves their offer. And that's an important distinction. The condo buyer hasn't disappeared. They're just shopping. With more inventory available and fewer reasons to rush, buyers can compare buildings, fees, locations, condition and pricing before making a decision. Sellers who recognize that dynamic and price accordingly are going to be in a much better position than those waiting for the market to behave like it did during the more aggressive years. The Bottom Line I think we're finally seeing the difference between a "slow market" and a “bad market.” They're not the same thing. A slow market simply means buyers aren't in a hurry, and that's exactly what the numbers are telling us right now. Inventory is climbing, days on market are stretching out, and sales have slowed, but when buyers do make a decision, they're still paying remarkably close to asking price. That's not a market that's refusing to buy; it's a market that's refusing to be rushed. And honestly, I think that's probably the biggest adjustment sellers are going to have to make this fall. For the last few years, we've become accustomed to buyers scrambling to secure a property before someone else gets it. Now we're moving into an environment where a buyer can say, “I like this house… but let's see what else comes up next week.” That's a pretty significant psychological shift. Sellers don't necessarily need to panic and slash prices, but they do need to understand that overpricing now has a much bigger consequence than it did when inventory was tight. The market is giving buyers options, and buyers are using them. So if your house is sitting there wondering why nobody has bought it yet, the answer may not be that buyers aren't out there, it may simply be that they haven't found a reason to choose *your* house over the other options available to them. 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
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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