|
Previous weeks numbers in brackets) *Previous Year's Stats Total Market New/Back to Market Listings: 243 (270, 327, 263, 222) *266 Sold: 132 (103, 128, 115, 137) *117 Sale To Listing Ratio: 54% (38%, 39%, 44%, 62%) *44% Price Changes: 196 (187, 256, 190, 162) *168 Conditional Sale: 129 (146, 161, 132, 144) *142 Expired/Cancelled/Withdrawn: 154 (70, 78, 83, 136) *143 Total Active Halifax/Dartmouth Inventory: 2,317 (2,369, 2,343, 2,270, 2,228) *2,070 Absorption Rate: *19 (21, 18, 17, 17) *17 Single Family Home Stats Active Single Family Home: 1,257 (1,282, 1,277, 1,232, 1,202) *1,078 Average Single Family Home List Price: $652,148 ($617k, $621k, $674k, $667k) *$553k Average Single Family Home Selling Price: $643,161 ($602k, $604k, $654, $655k) *$541k Single Family Home Sale to List Ratio This Week: 99% (98%, 97%, 97%, 98%) *98% Median Single Family Home List Price (6 mo):$596,000 ($600k, $599k, $599k, $599k) *590K Median Single Family Home Sold Price(6mo): $585,000 ($587k,, $585k, $587k, $589k)*$585k Average Days on Market Single Family Home: 43 (47, 42, 43, 42) *33 Condo Stats Active Condos: 252 (261, 256, 260, 252) *225 Average Condo Listing Price: $439,900 ($416k, $458k, $460k, $407k) *$517k Average Condo Selling Price: $421,250 ($405k, $442k, $446k, $394k) *$507k Condo Sale to List Ratio This Week: 96% (97%, 97%, 97%, 97%) *98% Median Condo List Price (6 mo): $447,000 ($445k, $449k, $449k, $447k) *$450k Median Condo Sold Price (6 mo): $437,500 ($435k, $438k, $438k, $438k) *$440k Average Days on Market Condos 46 (68, 57, 44, 42) *35 Active Vacant Lots: 490 (499, 485, 467, 460) *468 Market Rant There’s a little more life in the market this week. After a fairly sluggish stretch, sales picked up noticeably while new listings remained relatively restrained. That combination helped bring overall inventory down from last week, although we’re still sitting well above where we were at the same time last year. The market is definitely not back to the frantic pace we’ve seen in previous years, but this week’s numbers suggest buyers are still active when the right properties come along. The bigger story continues to be selection. Buyers have considerably more choice than they did a year ago, and that extra inventory is giving them more time to make decisions. Sellers, meanwhile, are still achieving very close to asking price when their property is positioned correctly. So while the market is taking longer to work through its inventory, we're not seeing the kind of broad-based price erosion that can sometimes accompany a slower market. The single family market continues to show some stability despite the increased inventory. Active listings dropped slightly this week, but we're still carrying considerably more single-family inventory than we were a year ago. Average pricing moved higher from last week, and the six-month median list price remains just below the $600,000 mark. More importantly, the six-month median sold price is sitting at $585,000, exactly where it was this time last year. That stability is worth paying attention to. The 99% sale-to-list ratio tells us that buyers are still willing to pay very close to asking price for the right property. The issue isn't necessarily the amount buyers are willing to pay; it's how long they're willing to wait before making that decision. Average days on market remains well above last year's level, which reinforces the idea that buyers have become more patient. This is becoming a market where pricing correctly from the beginning matters more than trying to test the upper limits of the market. A well-priced property can still generate strong results, but sellers shouldn't assume that simply putting a higher number on the MLS will produce the same outcome. The condo market is showing a similar pattern, although the numbers continue to suggest that condos are facing a little more resistance than single-family homes. Active condo inventory has dipped again, and average days on market has improved significantly from the previous few weeks. That's encouraging. However, condos are still taking longer to sell than they were a year ago, and the average sale-to-list ratio remains at 96%, suggesting buyers are finding a little more room to negotiate. The six-month median sold price has remained remarkably steady at $437,500, only slightly below last year's $440,000. That tells us the underlying condo market is relatively stable even though individual sales can vary considerably from week to week. The condo market continues to be very property-specific. Building, location, condo fees, condition, parking and overall value proposition are all playing a major role in how quickly a unit moves. Buyers have options, so condos that stand out for the right reasons are going to have a much easier time attracting attention. The Bottom Line Here's the thing I'm watching right now: the market is starting to separate the “good listings” from the “available listings.” Those aren't necessarily the same thing anymore. We have plenty of inventory, and buyers know they don't have to settle. They can look at one house today, another tomorrow and wait to see what hits the market next week. But that doesn't mean they're sitting on their hands, this week's increase in sales is a good reminder that buyers are still very much in the game. They're simply being selective about where they put their money. And I think that's the biggest shift we're seeing as we move through the fall. A property that is well priced, well presented and offers good value can still get a buyer and can still sell very close to asking. But if something is overpriced, dated or doesn't stack up against the competition, buyers are perfectly comfortable walking away. The market isn't necessarily rejecting properties, it's rejecting poor value. That's an important distinction for both buyers and sellers. Buyers have more leverage than they've had in recent years, but sellers still have plenty of opportunity if they understand what today's buyer is actually looking for. The days of simply putting a property on the market and waiting for demand to create the price are behind us for now. We're back to a market where strategy, presentation and realistic pricing matter, and honestly, that's probably a healthier place for the market to be. 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.
|
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
Archives
October 2026
Categories
All
|
RSS Feed