Halifax (HRM) Residential Market Statistic Update For Week of January 23rd to January 30th 2014 (Previous weeks numbers in brackets) *Last year this week New Listings: 341 (345, 389, 378, 101) *365 Sold: 76 (51, 51, 49, 26) *100 Sale To List Ratio: 22% (16%, 13%, 13%, 26%) *27% *Listings that went conditional/pending: 88 Expired/Cancelled/Withdrawn: 90 (89, 114, 113, 502) *87 Total Active Halifax/Dartmouth Inventory: 4,499 (4,411, 4,347, 4,238, 4,087) *3,828 Active Single Family Home: 2,869 (2,828, 2,800, 2,729, 2,632) *2,480 Average Single Family Home List Price: $304,586 ($262,263, $286,360, $287,474, $299,508) *301k Average Single Family Home Selling Price: $286,986 ($245,527, $280,295, $267,447, $288,888) *392k Average Days On Market Single Family Home: 106 (125, 113, 179, 125) *114 Active Condos: 438 (436, 415, 390, 371) *288 Average Condo Listing Price: $242,886 ($269,900, $245,728, $248,400, $253,233) *292k Average Condo Selling Price: $230,212 ($262,450, $240,664, $237,100, $243,722) *288k Average Days On Market Condos: 104 (126, 107, 135, 110) *76 Halifax/Dartmouth Absorption Rate (weeks): 52 (102, 75, 62, 57) *53 MARKET RANT Thought I would spice things up a little this week and add another statistic! Welcome "listing status that has changed from "for sale" to "conditional/pending"". I figured that the timeframe from "for sale" to "sold" can be a large one, this statistic should be a more current representation of market activity for the week. Usually the offer process is not a drawn out one, and the duration from making an offer to accepting it is usually no longer then a few days. For those of you reading this and are wondering what "conditional/pending" means, it just simply means that an offer was made by a buyer(s) to a seller(s) and after agreeing to terms, accepted the offer. Now the due diligence process begins (usually a 10+ day process), which after completion is marked as "sold". So what does that mean for buyers who may have missed out on their opportunity? It means that if you still have an chance to place a "back-up" offer on the conditional/pending property, giving you first kick at the can if the due diligence phase of the offer doesn't complete for whatever reason. This statistic is not without its flaws however, there is a decent amount of properties that will never finish the due diligence phase for whatever reason and subsequently return to market, or pull out entirely. I do not have that statistic, but rest assured I am working on getting it, even if its just an average. You may be asking what is included, or what happens during the "due diligence" phase of an offer? These are conditions that the buyer has set forth to the seller with a timeline to complete, and be satisfied with various aspects of the transaction. Things like getting a lawyer to look over the deed and documents, getting an inspection(s) done, making sure the property is insurable, making sure financing for that specific property can be attained, etc etc. So, back to the point of tracking this stat. I think it will be a preview of things to come in future weeks, and give a more current idea of buyers/sellers activity. If you apply it to this week for instance, there was 88 properties that went conditional/pending. If the due diligence process averages 10-14 days, and lets say that 10% of those offers do not what we in the business call "firm up", or become "unconditionally sold". That would mean in two weeks we should see around 80 sales in the HRM. May be advantageous for sellers to have that information two weeks sooner to gauge market activity more precisely. What's your thoughts on the new statistic? Thanks for stopping by! WEEKLY ADOGTABLE Layla is 2 years old , fully vaccinated and spayed , she is a very loving girl and thrives on human companionship , she loves nothing more than to cuddle up with you and be loved. Layla is also excellent with kids , Layla does need to be the only dog in the home , she is unsure of other dogs and their intentions towards and if other dogs are in her face or too lively she feels uncomfortable and will snap , no cats either for Layla. If you have a pet free home and are looking for a mellow , quiet cuddle bug then Layla is your girl! This handsome fella is available through Nova Scotia Pitbill Rescue Society, a non profit rescue organization from Halifax, Nova Scotia. More info about this and other adoptable's looking for their forever home, and ways to help or donate can be found by clicking HERE. ViewPoint Realty Are you familiar with ViewPoint Realty? How about the ViewPoint real estate map? Its a great tool for all your real estate research needs and when you are ready to buy or sell, its the competitive edge over your competition! Not to mention is now more rewarding then ever to become a ViewPoint Client. Click HERE to find out more. More savings and more information, sign up today! 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 leave a public comment or question below. 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. Newest blog post HERE Halifax (HRM) Residential Market Statistic Update For Week of January 16th to January 23rd 2014 (Previous weeks numbers in brackets) *Last year this week New Listings: 345 (389, 378, 101, 119) *330 Sold: 55 (51, 49, 26, 51) *78 Sale To List Ratio: 16% (13%, 13%, 26%, 43%) *24% Expired/Cancelled/Withdrawn: 89 (114, 113, 502, 95) *98 Total Active Halifax/Dartmouth Inventory: 4,411 (4,347, 4,238, 4,087, 4,483) *3,749 Active Single Family Home: 2,828 (2,800, 2,729, 2,632, 2,852) *2,427 Average Single Family Home List Price: $262,263 ($286,360, $287,474, $299,508, $310,477) *338k Average Single Family Home Selling Price: $245,527 ($280,295, $267,447, $288,888, $298,157) *326k Average Days On Market Single Family Home: 125 (113, 179, 125, 142) *136 Active Condos: 436 (415, 390, 371, 407) *272 Average Condo Listing Price: $269,900 ($245,728, $248,400, $253,233, $283,655) *324k Average Condo Selling Price: $262,450 ($240,664, $237,100, $243,722, $279,561) *313k Average Days On Market Condos: 126 (107, 135, 110, 70) *104 Halifax/Dartmouth Absorption Rate (weeks): 102 (75, 62, 57, 48) *62 MARKET RANT Just like the weather, the market is cold and dreary. Still not catching up to pace last years numbers, the start of the year has been lagging. Once again sales are down this week which wreaked havoc on the sales to list ratio, and ultimately the absorption rate. Nothing is holding back the inventory, and as more and more listings flood the market, the selling challenge continues. So from last year (which wasn't a great year) to this year, our inventory is up in all areas, are sales are even lower. Average selling prices seem to be dipping a little lower however, and the spread from list to sale price was larger then usual. Uncertain times ahead as investors, property owners, potential buyers, analysts try to figure out the Halifax market enigma. The challenge of deciding whether or not to invest or sell becoming increasingly difficult as time wears on, with some people not having that option and having to roll the dice. Here's to hoping the warmer weather will not only take the snow, but our January market blues as well! Thanks for stopping by! WEEKLY ADOGTABLE Blade is around 3 years old , fully vaccinated neutered and microchipped , he is a great dog who loves human companionship , he is dog selective so requires a pet free home , he is kid friendly as well and would make a great family dog. This handsome fella is available through Nova Scotia Pitbill Rescue Society, a non profit rescue organization from Halifax, Nova Scotia. More info about this and other adoptable's looking for their forever home, and ways to help or donate can be found by clicking HERE. ViewPoint Realty Are you familiar with ViewPoint Realty? How about the ViewPoint real estate map? Its a great tool for all your real estate research needs and when you are ready to buy or sell, its the competitive edge over your competition! Not to mention is now more rewarding then ever to become a ViewPoint Client. Click HERE to find out more. More savings and more information, sign up today! 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 leave a public comment or question below. 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. Newest blog post HERE Halifax (HRM) Residential Market Statistic Update For Week of January 9th to January 16th 2014 (Previous weeks numbers in brackets) *Last year this week New Listings: 389 (378, 101, 119, 303) *394 Sold: 51 (49, 26, 51, 90) *78 Sale To List Ratio: 13% (13%, 26%, 43%, 30%) *20% Expired/Cancelled/Withdrawn: 114 (113, 502, 95, 353) *136 Total Active Halifax/Dartmouth Inventory: 4,347 (4,238, 4,087, 4,483, 4,727) *3,697 Active Single Family Home: 2,800 (2,729, 2,632, 2,852, 3,031) *2,402 Average Single Family Home List Price: $286,360 ($287,474, $299,508, $310,477, $302,000) *291k Average Single Family Home Selling Price: $280,295 ($267,447, $288,888, $298,157, $290,985) *280k Average Days On Market Single Family Home: 113 (179, 125, 142, 127) *133 Active Condos: 415 (390, 371, 407, 417) *261 Average Condo Listing Price: $245,728 ($248,400, $253,233, $283,655, $300,515) *331k Average Condo Selling Price: $240,664 ($237,100, $243,722, $279,561, $290,515) *323k Average Days On Market Condos: 107 (135, 110, 70, 110) *125 Halifax/Dartmouth Absorption Rate (weeks): 75 (62, 57, 48, 56) *71 MARKET RANT We hit a milestone this week on the blog! It has been a year since starting to report the total Halifax/Dartmouth inventory, which by my calculation is 650 more then last year. It's all areas of inventory that are up as well. Single family home inventory is up by 14% while condos increased by a whopping 37%! The sales to list ratio was down significantly again this week, but that's large in part to the time of the year. Mind you, last year at this time we where up by 7 points. Values are down a little this week, as are the days on market for both categories. Inquiries are starting to pick up however, and the warmer weather may be giving buyers a false start to the season. Whatever it it, here's to hoping we get some energy pumped into a slumping market, and get back on track to a healthier state. What's your predictions for the 2014 Halifax property year? Thanks for stopping by! WEEKLY ADOGTABLE Scotia is a wonderfully sweet and well behaved girl. She is 6 years old and loves people. She is not all that fond of some other dogs, and she will chase cats so we recommend that she is an only child. Scotia weighs approx. 45 pounds, is very well behaved and exceptionally trained, she listens very well, loves the car, walks well on leash and would look great walking beside you. She is a gorgeous girl inside and out. This beauty is available through Litters 'N Critters, a non profit rescue organization from Halifax, Nova Scotia. More info about this and other adoptable's looking for their forever home, and ways to help or donate can be found by clicking the picture. ViewPoint Realty Are you familiar with ViewPoint Realty? How about the ViewPoint real estate map? Its a great tool for all your real estate research needs and when you are ready to buy or sell, its the competitive edge over your competition! Not to mention is now more rewarding then ever to become a ViewPoint Client. Click HERE to find out more. More savings and more information, sign up today! 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 leave a public comment or question below. 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. Newest blog post HERE Halifax (HRM) Residential Market Statistic Update For Week of January 2nd to January 9th 2014 (Previous weeks numbers in brackets) *Last year this week New Listings: 378 (101, 119, 303, 300) *331 Sold: 49 (26, 51, 90, 87) *58 Sale To List Ratio: 13% (26%, 43%, 30%, 29%) *18% Expired/Cancelled/Withdrawn: 113 (502, 95, 353, 128) *82 Total Active Halifax/Dartmouth Inventory: 4,238 (4,087, 4,483, 4,727, 4,974) Active Single Family Home: 2,729 (2,632, 2,852, 3,031, 3,210) *2,342 Average Single Family Home List Price: $287,474 ($299,508, $310,477, $302,000, $282.065) *270k Average Single Family Home Selling Price: $267,447 ($288,888, $298,157, $290,985, $272,556) *265k Average Days On Market Single Family Home: 179 (125, 142, 127, 107) *100 Active Condos: 390 (371, 407, 417, 431) *239 Average Condo Listing Price: $248,400 ($253,233, $283,655, $300,515, $277,485) *367k Average Condo Selling Price: $237,100 ($243,722, $279,561, $290,515, $269,842) *356k Average Days On Market Condos: 135 (110, 70, 110, 74) *192 Halifax/Dartmouth Absorption Rate (weeks): 62 (57, 48, 56, 102) *65 MARKET RANT Not a great start to the year, but I guess that is to be expected after the last few years performance. Lots of properties flood back onto the market this week, and it's a race back to active for most of the sellers that weren't able to sell last year. Still, if there was any stat to eye it was the single family home price spread from list to sell. The winter does hold a challenge for sellers, and a soft market does't help either, but the average spread for reduction this week was $20,000!! Thats a lot given we usually see a 8-11k fluctuation in that area. It is however, the start of the year. Deuces are wild and anything goes, so strap in and enjoy the ride. Lets just see if this week is an indicator of things to come, or just another speed bump on the road to recovery? And of course, I will be here to report the ever changing landscape of our market here in Halifax, so stay tuned! Thanks for stopping by! WEEKLY ADOGTABLE Blade is around 3 years old , neutered and fully vaccinated. He is a very loving boy and enjoys a good snuggle and lot's of human company , he does have some separation anxiety so a home where he will not be left all day is needed for him , he also requires a dog free home. This beauty is available through Nova Scotia Pit Bull Society, and more info about this and other adoptable's looking for their forever home, and ways to help or donate can be found by clicking the picture. ViewPoint Realty Are you familiar with ViewPoint Realty? How about the ViewPoint real estate map? Its a great tool for all your real estate research needs and when you are ready to buy or sell, its the competitive edge over your competition! Not to mention is now more rewarding then ever to become a ViewPoint Client. Click HERE to find out more. More savings and more information, sign up today! 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 leave a public comment or question below. 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. Newest blog post HERE Halifax (HRM) Residential Market Statistic Update For Week of December 26th to January 2nd 2014 (Previous weeks numbers in brackets) *Last year this week New Listings: 101 (119, 303, 300, 314) *206 Sold: 26 (51, 90, 87, 121) *49 Sale To List Ratio: 26% (43%, 30%, 29%, 39%) *24% Expired/Cancelled/Withdrawn: 502 (95, 353, 128, 148) *453 Total Active Halifax/Dartmouth Inventory: 4,087 (4,483, 4,727, 4,974, 4,976) Active Single Family Home: 2,632 (2,852, 3,031, 3,210, 3,239) *2,264 Average Single Family Home List Price: $299,508 ($310,477, $302,000, $282.065, $285,888) *312k Average Single Family Home Selling Price: $288,888 ($298,157, $290,985, $272,556, $268,293) *302k Average Days On Market Single Family Home: 125 (142, 127, 107, 107) *89 Active Condos: 371 (407, 417, 431, 413) *241 Average Condo Listing Price: $253,233 ($283,655, $300,515, $277,485, $235,185) *229k Average Condo Selling Price: $243,722 ($279,561, $290,515, $269,842, $227,971) *223k Average Days On Market Condos: 110 (70, 110, 74, 63) *55 Halifax/Dartmouth Absorption Rate (weeks): 57 (48, 56, 102, 48) *60 MARKET RANT It's anomaly week! This week is traditionally the highest week of the year for listing expiries. Some will not come back to market this year, the majority of them will, but only time will tell which ones are destined to sell. Obviously there was not many sales this week with the holidays in full swing, but surprisingly enough there was 26 that did! So as our numbers start to settle over the next few weeks and the turkey gets worked off, look for insight to the start of the market forthcoming. Hopefully a turn for the better is in the cards for 2014 as many happily close the books on 2013. Curious to know how 2013 performed? Scroll down to see the 2013 market year wrap up! Thanks for stopping by! WEEKLY ADOGTABLE Layla is 2 years old , up to date with vaccines and spayed , she came to us from GA where she was found as a stray and very underweight , she has now gained some weight and is looking much healthier. She absolutely loves people and kids, has no food aggression at all and is learning to walk well on leash, she is also being crate trained in her foster home and being taught basic commands. Layla needs to be the only pet in the home, she is unsure of other dogs and their intentions towards her and will snap if they are too close, over time with her forever owners she may do better with dogs if given the opportunity to socialise with the same dog on a regular basis, however this would need to be an ongoing training exercise and not something that will happen in a few weeks. Layla is available through Nova Scotia Pit Bull Society, and more info about this and other adoptable's looking for their forever home, and ways to help or donate can be found by clicking the picture. ViewPoint Realty Are you familiar with ViewPoint Realty? How about the ViewPoint real estate map? Its a great tool for all your real estate research needs and when you are ready to buy or sell, its the competitive edge over your competition! Not to mention is now more rewarding then ever to become a ViewPoint Client. Click HERE to find out more. More savings and more information, sign up today! 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 leave a public comment or question below. 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. Newest blog post HERE Nothing "out of the ordinary" for December as far as sales go. The stats show that it was a challenge for many sellers this year. Record low sales, lack of buyers, and an overall bleak market attitude played roles in sales performance. Maybe the reason for the lack of sales was the lack of inventory? Not the case here. We actually broke the record for all time inventory peak this year, and we remained well above the norm for the majority of the year. Ending on a positive note, or some would think it negative, property value remained high. There was many more listings on the market at the beginning of the year that listed high, but as the seasons wore on, they slowly started to correct. Not just a challenge to sell this year, as we witnessed somewhat of a similar market in 2012. Many sellers are ready to wave goodbye to 2013, and welcome in 2014 with hopes of renewed energy and improved market factors. If not, some will be faced with alternate methods of mortgage burden relief such as renting, or a lease to own type scenario. Buyers in most areas still have the upper hand going into 2014, and nothing as of now is pointing towards that changing any time soon. Thanks for stopping by and Happy New Year! |
Jeremiah Wallace, CDJeremiah has been involved with many aspects of the Real Estate industry for over fourteen years. This includes construction, residential renovations, interior design, and investing in various income generating property products.. ListingsPhoto's by Jeremiah
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