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(Previous weeks numbers in brackets) *Previous Year's Stats Total Market New/Back to Market Listings: 263 (222, 234, 244, 278) *258 Sold: 115 (137, 138, 131, 132) *114 Sale To Listing Ratio: 44% (62%, 59%, 54%, 48%) *44% Price Changes: 190 (162, 123, 157, 180) *165 Conditional Sale: 132 (144, 148, 151, 144) *123 Expired/Cancelled/Withdrawn: 83 (136, 81, 84, 63) *54 Total Active Halifax/Dartmouth Inventory: 2,270 (2,228, 2,288, 2,299, 2,303) *2,003 Absorption Rate: *17 (17, 17, 18, 18) *16 Single Family Home Stats Active Single Family Home: 1,232 (1,202, 1,234, 1,240, 1,246) *1,041 Average Single Family Home List Price: $673,519 ($667k, $630k, $632k, $641k) *$585k Average Single Family Home Selling Price: $653,788 ($655k, $625k, $612k, $634k) *$573k Single Family Home Sale to List Ratio This Week: 97% (98%, 99%, 97%, 99%) *98% Median Single Family Home List Price (6 mo):$599,000 ($599k, $599k, $600k, $600k) *599K Median Single Family Home Sold Price(6mo): $587,000 ($589k, $590k, $590k, $590k)*$590k Average Days on Market Single Family Home: 43 (42, 42, 36, 40) *36 Condo Stats Active Condos: 260 (252, 263, 271, 270) *219 Average Condo Listing Price: $459,461 ($407k, $431k, $448k, $438k) *$477k Average Condo Selling Price: $445,492 ($394k, $413k, $440k, $432k) *$466k Condo Sale to List Ratio This Week: 97% (97%, 96%, 98%, 99%) *98% Median Condo List Price (6 mo): $449,000 ($447k, $450k, $450k, 450k) *$450k Median Condo Sold Price (6 mo): $437,500 ($438k, $438k, $440k, $440k) *$440k Average Days on Market Condos 44 (42, 58, 48, 35) *35 Active Vacant Lots: 467 (460, 471, 476, 478) *461 Market Rant As we turn the corner into September, the Halifax market is starting to show some of the seasonal changes we typically expect this time of year. New listings have eased, sales have pulled back from the stronger numbers we saw recently, and overall inventory has remained well above where it was a year ago. That said, this isn't a market that's sitting still. Buyers are still active, conditional sales continue to come in, and well-positioned properties are finding buyers. The difference is that we're seeing a little less urgency across the board, and that is creating a market where strategy matters more than momentum. The single family market continues to show reasonable stability despite the larger amount of inventory available to buyers. The six-month median sale price remains essentially unchanged, while the average selling price is still well above where it was at the same time last year. Homes are also continuing to sell very close to asking price, which tells us that buyers aren't necessarily looking for massive discounts when they find the right property. The bigger change is*time. We're now seeing homes take longer to sell than they were earlier in the summer. With more choice available, buyers can afford to take their time and compare properties rather than feeling pressured to make a decision immediately. For sellers, that means preparation and positioning are becoming increasingly important. A home doesn't necessarily need to be the cheapest option, but buyers need to feel that they're getting good value. The condo market is following a similar pattern, although it continues to move at a slightly different pace. Inventory has actually edged down from recent weeks, while the longer term median pricing remains remarkably consistent. The average selling price is also continuing to track fairly close to the average list price, although the current sale-to-list ratio suggests buyers are having a little more room to negotiate. Days on market remain elevated compared with last year, reinforcing the idea that condo buyers are taking their time. For sellers, this is a market where pricing, presentation and patience all matter. Buyers have options, and they're doing their homework before committing. Bottom Line: I think we're entering the part of the year where patience is going to become one of the most valuable tools in the market. We've spent the summer watching inventory climb while buyers continued to purchase, and now we're starting to see the normal seasonal slowdown creep in. The temptation is to look at a few slower weeks and immediately declare that the market is falling apart, but I don't think the numbers support that. What we're seeing is a market with more choices, more negotiating room and a little less urgency. And honestly, that's not necessarily a bad thing. Buyers can take their time, sellers have an opportunity to properly position their properties, and everyone has a little more information to work with. The interesting part will be watching what happens as we move further into the fall. If inventory continues to hold while sales remain steady, we'll have a very different market than we had a year or two ago. But if inventory starts to come down and buyers continue to transact, we may simply be watching the market settle into a new, more steadied pace. The next few weeks should tell us a lot. 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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