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(Previous weeks numbers in brackets) *Previous Year's Stats Total Market New/Back to Market Listings: 278 (262, 249, 270, 261) *265 Sold: 132 (126, 120, 143, 166) *125 Sale To Listing Ratio: 48% (48%, 48%, 53%, 64%) *47% Price Changes: 180 (164, 163, 143, 192) *133 Conditional Sale: 144 (149, 154, 149, 165) *157 Expired/Cancelled/Withdrawn: 63 (130, 56, 68, 72) *50 Total Active Halifax/Dartmouth Inventory: 2,303 (2,257, 2,272, 2,248, 2,249) *1,951 Absorption Rate: *18 (16, 15, 15, 14) *14 Single Family Home Stats Active Single Family Home: 1,246 (1,219, 1,226, 1,206, 1,210) *1,009 Average Single Family Home List Price: $640,640 ($662k, $652k, $636k, $665k) *$610k Average Single Family Home Selling Price: $633,643 ($642k, $646k, $622k, $654K) *$602k Single Family Home Sale to List Ratio This Week: 99% (97%, 99%, 98%, 98%) *99% Median Single Family Home List Price (6 mo):$599,900 ($600k, $599k, $600k, $600k) *599K Median Single Family Home Sold Price(6mo): $590,000 ($590k, $590k, $591k, $590k)*$591k Average Days on Market Single Family Home: 40 (39, 30, 36, 32) *42 Condo Stats Active Condos: 270 (266, 268, 270, 268) *227 Average Condo Listing Price: $437,452 ($435k, $495k, $484k, $392k) *$465k Average Condo Selling Price: $431,439 ($423k, $481k, $470k, $377k) *$460k Condo Sale to List Ratio This Week: 99% (97%, 97%, 97%, 96%) *99% Median Condo List Price (6 mo): $449,900 ($450k, $450k, $450k, $450k) *$450k Median Condo Sold Price (6 mo): $440,000 ($439k, $438k, $437k, $438k) *$440k Average Days on Market Condos 35 (50, 57, 33, 68) *51 Active Vacant Lots: 478 (467, 465, 448, 450) *443 Market Rant There’s a little bit of everything happening in the market right now, and this week gives us a good reminder that real estate is rarely moving in one perfectly predictable direction. Inventory continues to build, giving buyers more options and creating a more competitive environment for sellers. At the same time, sales activity remains healthy, and we're still seeing plenty of buyers making moves when they find the right property. In other words, buyers haven't disappeared, they're simply becoming more selective. For single-family homes, pricing remains relatively stable, and sellers are still achieving very strong sale-to-list ratios. However, homes are taking a little longer to sell than they were during some of the faster paced periods we've seen. That makes proper pricing and presentation increasingly important. The condo market is also holding fairly steady. Inventory is elevated compared with last year, but buyers are still active, and properly priced condos continue to attract attention. The broader condo market appears to be finding a fairly consistent pricing range, even with some week to week fluctuations. One thing that continues to stand out is the number of price adjustments happening across the market. With buyers having more choices, sellers can't simply rely on the market to push their property along. If a listing isn't generating the expected activity, the market is providing pretty clear feedback. Overall, we're in a market where buyers have choices and sellers have to compete. That's not necessarily a bad thing, it's just a different environment than the frenzier markets we've experienced in the past. The winds of change I think we're officially at the point where the old-school real estate advice needs to be put back on the shelf. "Just list it high and see what happens." "We can always reduce it later." "Someone will fall in love with it." Maybe... But when buyers have a growing number of properties to choose from, overpricing a home is no longer a harmless strategy. The first few weeks on the market are incredibly important, and buyers are comparing your property against everything else that's available. And here's the funny part: buyers aren't necessarily expecting a bargain... they're looking for value. There's a big difference. A well-priced home that shows beautifully can still generate strong interest, multiple offers and a quick sale. A home that's priced too aggressively can sit around while buyers wait to see what happens next. Meanwhile, sellers start thinking, "Maybe we should reduce it." Then the price gets reduced. Then buyers think, "Hmm... why has it been sitting?" And suddenly we're having a conversation about whether the property has become "stale". Don't try to beat the market. Read the market. Look at the competition. Look at what has actually sold. Look at what isn't selling. Look at how long properties are sitting. Then price accordingly. Because in a market with more inventory, being the best valued property in the neighbourhood is a much better strategy than simply being the most expensive one. The Bottom Line We're seeing a market with more selection, active buyers and increasingly important pricing decisions. It's not a bad market, it's a market that requires a little more thought and a lot less guessing. Buyers have options. Sellers have competition. And good strategy matters. Stay tuned to the blog to keep on top of the ever-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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