Halifax (HRM) Residential Market Statistic Update For Week of September 19th to September 26th 2013 (Previous weeks numbers in brackets) *Last year this week New Listings: 423 (441, 498, 410, 382) *415 Sold: 110 (88, 125, 105, 145) *125 Sale To List Ratio: 26% (20%, 25%, 26%, 38%) *30% Expired/Cancelled/Withdrawn: 137 (138, 124, 227, 136) *85 Total Active Halifax/Dartmouth Inventory: 5,465 (5,473, 5,414, 5,335, 5,478) Active Single Family Home: 3,623 (3,617, 3,553, 3,499, 3,594) *3,052 Average Single Family Home List Price: $283,446 ($278,083, $293,593, $313,101, $294,462) *273k Average Single Family Home Selling Price: $272,234 ($269,851, $282,520, $302,438, $291,877) *268k Average Days On Market Single Family Home: 105 (100, 92, 108, 98) *101 Active Condos: 419 (403, 405, 399, 411) *303 Average Condo Listing Price: $289,416 ($247,566, $244,546, $264,208, $270,364) *294k Average Condo Selling Price: $281,333 ($237,544, $211,000, $250,541, $264,664) *285k Average Days On Market Condos: 80 (131, 132, 67, 104) *63 Halifax/Dartmouth Absorption Rate (weeks): 58 (51, 46, 45, 44) *39 Little bit of positive activity this week, if you want to call it that. The listing appointments have ramped up again, giving sellers the stresses of making the property show ready, and more then likely, the false hope that an offer may be looming. It's the repetitive psychological build up and let down that starts to weigh down the excitement of selling a property, and ultimately leads to decisions solely based on frustration. I challenged the sellers of Halifax a few weeks back to speak up about their experiences, and ultimately, the reason they felt that their property had not sold. I am yet to get a response. From a listing agent's perspective, it's a vicious circle that seems to go around on a weekly, bi-weekly, or on the rare occasion, monthly basis, "the check in (dun dun daaa). The "why hasn't my property sold yet" update. It's a conversation that never comes out and clearly says it, but you feel it as you listen. But is it the listing agent or the marketing approach? Now, I'm going to go out on a limb here and address two issues. Agents that are going to listing presentations and presenting property specific analysis, being told what the seller "thinks they feel it's worth, and that number is 15% over your calculation...DON"T TAKE THE LISTING! Save yourself, and the overall impact of another overpriced listing hitting the market resulting in its probable outcome. And sellers, if your listing hasn't sold in three months, reduce by at least 10%, or get your listing agent to compile a new market analysis to see if selling is a realistic goal in this market. Remember what I mentioned a while back, "There is no name brands in property, no amount of marketing or advertising is going to sell your overpriced product", yet time and time again the song is the same. Will these scenarios ever stop? No. But I feel that both buyer and seller are more educated and realistic then ever before, and know deep down where the real problem rests. As a general question, because I have ranted about it before, what is the benefit from changing listing agents if they have been doing a good job? Next week I think I'm going to touch on the elephant in the room "real estate commissions". Are they the secret to selling in a down market? Thanks for stopping by! The feature aDOGtable(s) this week is a Dixie. Dixie is another young Mushkadoodle girl who's age is unknown. Dixie and her infant puppies came to us via Fed Ex in June and have been staying with their foster home ever since. Her pups have all been adopted and she is now spayed and ready to go to her new home. Dixie is a sweetheart and would do great in any home. She weighs approx. 45 pounds, is great with children and very clean and house trained, she loves people and loves to be around people, she is ok with some dogs but doesn't like some others. they are currently being cared for by Litters and Critters, a non-profit rescue organization out of Dartmouth, NS. Details about this beauty and others ready for a "furever" home including how to adopt, other dogs for adoption and ways to donate, can be found by clicking the picture :) Thank you for your consideration! 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! 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 September 12th to September 19th 2013 (Previous weeks numbers in brackets) *Last year this week New Listings: 441 (498, 410, 382, 365) *423 Sold: 88 (125, 105, 145, 135) *121 Sale To List Ratio: 20% (25%, 26%, 38%, 37%) *29% Expired/Cancelled/Withdrawn: 138 (124, 227, 136, 123) *114 Total Active Halifax/Dartmouth Inventory: 5,473 (5,414, 5,335, 5,478, 5,520) Active Single Family Home: 3,617 (3,553, 3,499, 3,594, 3,622) *3,030 Average Single Family Home List Price: $278,083 ($293,593, $313,101, $294,462, $287,645) *281k Average Single Family Home Selling Price: $269,851 ($282,520, $302,438, $291,877, $280,777) *274k Average Days On Market Single Family Home: 100 (92, 108, 98, 112) *88 Active Condos: 403 (405, 399, 411, 430) *293 Average Condo Listing Price: $247,566 ($244,546, $264,208, $270,364, $258,454) *225k Average Condo Selling Price: $237,544 ($211,000, $250,541, $264,664, $253,809) *216k Average Days On Market Condos: 131 (132, 67, 104, 110) *75 Halifax/Dartmouth Absorption Rate (weeks): 51 (46, 45, 44, 44) *37 There is no stopping the inventory additions, too bad the same cannot be said for sales. With sales not keeping pace with new listings, our inventory continues to climb, which is contrary to annual trend at this time in the market. The spread from listing price maintains a larger then average gap, coming in at just under 10k of reduction on average. Does that mean sellers are becoming a little more pliable to price negotiations? or, is the time factor playing a roll as sellers realize that selling season is coming to a close for the year? Either way, I have touched on selling factors and the true motivation of sellers when it comes to an agreeable price to let their properties go in the past, I can only imagine that time has become a factor. Whether it's time from sitting on the market, or time on prime selling months coming to a close, it must weigh on the minds of all property owners that are currently listed. The stats are still reflecting a buyers market, and the stats don't deceive...or do they? The statistics that are brought to you every week on the Halifax Real Estate Blog are sourced from the back-end of the MLS (Multiple Listing Service), which is a database that REALTORS® use to input listings and update them accordingly. There was a fantastic article written by Garth Turner last week on his blog "The Greater Fool" which discussed the reporting of misleading property statistics. Listings that have been input with several separate MLS numbers for the same property, or duplicated by separate listing agencies. So what is the cause and of these errors? Well, I believe it boils down to a couple things, the imputing system that listing agents use to reflect on the MLS, and the data that is entered by the inputting user of that system. Until a major crackdown happens, fines start flying, or an flawless inputing system is created, these errors will continue to plague any truly accurate reporting of property statistics. The reports that I create are solely for general idea purposes, to get an idea of how the market is performing each week. There are a few statistics that are omitted each week that may skew the numbers that are reported. Is this meant to deceive anyone? Absolutely not! Let me give you a glimpse of how the blog is reported, and please know that finding and reporting these statistics each week is very time consuming and hard to locate (guess that's why there is not a ton of these sites around) My idea was to give a general market performance reflection, to give the general public an idea of what is going on in the Halifax real estate market. There is also no reporting of private sales, or sales that are not entered into the MLS. As status of property changes, the status is also changed on the MLS into several categories as it goes through the selling process. Below is a table of these stats (blue reflects the stats that I report);
As you can see, there are several categories that can be selected, and only one can be selected when in process. That means if 120 properties are conditional/pending, they will not show up on my general report. Couple that with inputting errors, duplicate listings and time reporting, 100% accuracy is next to impossible. So if you are trying to get an exact, 100% mathematical count of market reflection each week, I would say that this may not be the blog for you. Please know that I endeavour to continually improve accurate statistical reporting, and that there are steps that I am taking to bring you the most accurate reports with the tools I have at my disposal. Until a dramatic change happens in the industry, the data you see should be used at your discretion and not taken as gospel. I wanted to thank the blog readers that have taken the time to write in about this topic. Please do not hesitate to contact me by your preferred method with any further questions or concerns. I always welcome your comments, so keep them coming! Thanks for stopping by! The feature aDOGtable(s) this week is a Daisy. This wonderful girl needs someone to call her own. Good with cats, people, but nervous around excitable dogs and small kids. they are currently being cared for by Pit Project Rescue, a non-profit rescue organization out of Lawrencetown, NS. Details about this beauty and others ready for a "furever" home including how to adopt, other dogs for adoption and ways to donate, can be found by clicking the picture :) Thank you for your consideration! 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! 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 September 5th to September 12th 2013 (Previous weeks numbers in brackets) *Last year this week New Listings: 498 (410, 382, 365, 460) *429 Sold: 125 (105, 145, 135, 125) *143 Sale To List Ratio: 25% (26%, 38%, 37%, 27%) *33% Expired/Cancelled/Withdrawn: 124 (227, 136, 123, 126) *95 Total Active Halifax/Dartmouth Inventory: 5,414 (5,335, 5,478, 5,520, 5,544) Active Single Family Home: 3,553 (3,499, 3,594, 3,622, 3,658) *3,010 Average Single Family Home List Price: $293,593 ($313,101, $294,462, $287,645, $296,009) *289k Average Single Family Home Selling Price: $282,520 ($302,438, $291,877, $280,777, $287,897) *282k Average Days On Market Single Family Home: 92 (108, 98, 112, 105) *81 Active Condos: 405 (399, 411, 430, 443) *285 Average Condo Listing Price: $244,546 ($264,208, $270,364, $258,454, $262,771) *228k Average Condo Selling Price: $211,000 ($250,541, $264,664, $253,809, $235,532) *222k Average Days On Market Condos: 132 (67, 104, 110, 85) *141 Halifax/Dartmouth Absorption Rate (weeks): 46 (45, 44, 44, 41) *36 Some different activity on the market this week. An unusual amount of new additions to the inventory this week has caused a rather large gain in the overall statistic. The sales remain low, which didn't help absorb the large influx of new listings. Speaking of which, the absorption rate gained another week this week, back to record breaking heights. There was a larger spread from list to sales price this week, more then usual anyways. With the amount of price reductions that have occurred in the last few weeks, it's not surprising that the sales spread is a little larger then usual. Sellers at this point have to make hard decisions on their listing as the end of the peak sales time draws near. September is usually a fairly decent marketplace to list in, but with the inventory piling on every week, advantage has turned to hinderance. I could not let this week pass without keeping the memory of all of the first responders from the devastating events that occurred on 9/11 2001 in heart and mind. Such a solumn week that passes every year, and the impact that it has had on so many lives can never be forgotten. The feature aDOGtable(s) this week is a mother and son. On the left is the mom , who is very friendly and playful. She is great with other dogs and is raised with children. On the right is her 1 year old pup. He is shy but friendly. He is also raised with children. Both have NOT been tested with cats. they are currently being cared for by Pit Project Rescue, a non-profit rescue organization out of Lawrencetown, NS. Details about this fella and others ready for a "furever" home including how to adopt, other dogs for adoption and ways to donate, can be found by clicking the picture :) Thank you for your consideration! 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! 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 August 29th to September 5th 2013 (Previous weeks numbers in brackets) *Last year this week New Listings: 410 (382, 365, 460, 431) *378 Sold: 105 (145, 135, 125, 124) *119 Sale To List Ratio: 26% (38%, 37%, 27%, 29%) *31% Expired/Cancelled/Withdrawn: 227 (136, 123, 126, 118) *258 Total Active Halifax/Dartmouth Inventory: 5,335 (5,478, 5,520, 5,544, 5,507) Active Single Family Home: 3,499 (3,594, 3,622, 3,658, 3,643) *2,988 Average Single Family Home List Price: $313,101 ($294,462, $287,645, $296,009, $328,441) *256k Average Single Family Home Selling Price: $302,438 ($291,877, $280,777, $287,897, $312,078)*247k Average Days On Market Single Family Home: 108 (98, 112, 105, 106) *77 Active Condos: 399 (411, 430, 443, 443) *270 Average Condo Listing Price: $264,208 ($270,364, $258,454, $262,771, $298,465) *248k Average Condo Selling Price: $250,541 ($264,664, $253,809, $235,532, $291,665) *244k Average Days On Market Condos: 67 (104, 110, 85, 109) *153 Halifax/Dartmouth Absorption Rate (weeks): 45 (44, 44, 41, 40) *36 And as a side caveat to this weeks report and at the request of a loyal reader, here are some cottage/recreation property stats; Currently active HRM: 53 Currently active Nova Scotia: 392 Average listing price HRM: $153,428 Average listing price Nova Scotia: $159,304 Days on market HRM: 165 Days on market Nova Scotia: 184 Blame it on the long weekend, blame it on back to school, blame it on the rain (yeah, yeah), but whatever it was, this weeks market was dismal. Sales almost the lowest yet, absorption rate gained another week, and the sales to list ratio took a hard plunge. All other stats are in alignment with market trend however, inventory is slowly declining and the expiry/withdrawn pile is increasing, which is to be expected for this time of year. As I mentioned in the monthly stat report for August (scroll down), some tough decisions will have to be made by sellers who have been on the market for a while. That being said, buyers are also going to have to make some decisions of their own. Is now the right time to buy? Am I ready to commit to buying? How do I know what to look for in a home? How can I sort through the haystack to find my needle? Not only is a downturn market a questionable place for seasoned buyers, but imagine how first timers feel. I don't mean to take the wind from the sails of any buyer, but as an advisor to my clients, I feel compelled to ensure they are fully informed with regards to investing their hard earned money into the various types of property. I do, however, find that more and more buyers, including first timers, are much more educated and informed with these types conversations. As much as people want to think it's a "buyers market" and can get huge reductions from properties, sellers can be a stubborn breed and smash any conception of discount that buyers may have. The vast majority of sellers are holding steady to their value with the minimal decrease strategy, and then there is the sellers that need to sell. Like I tell all of my buyer clients before we submit an offer, "the way this offer will land solely depends on the motivation and expectations of the seller, and everyone's are different". The feature aDOGtable this week is Bugsy. I am a young active boy looking to find my furever home. I know how to play fetch and it's one of my favorite games to play! I need a home with no children please. Spayed/Neutered • Up-to-date with routine shots • House trained • Prefers a home without: young children • Primary colors: Red, Chestnut or Orange, White or Cream He is currently being cared for by Homeward Bound City Pound, a non-profit rescue organization out of Dartmouth, NS. Details about this fella and others ready for a "furever" home including how to adopt, other dogs for adoption and ways to donate, can be found by clicking the picture :) Thank you for your consideration! 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! 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 No surprise here. The record smashing inventory year continues the trend with yet another peak month. A difference of 800 listings from August of last year and 344 from the closest contender, August 2011. That's a substantial increase! For the second consecutive month, sales have jumped back into the annual trend pile, even if it's at the bottom of that pile. Large amounts of inventory may have made it difficult for buyers to choose a home, but interest rate increase and need may have influenced the commitment. Well, well, well. Just as I start talking about how sales performance has been improving, we see the average sale prices. Is it coincidental that the average sale price takes a dive and sales are finally up? I don't think so. Nearing the end of the summer pushes motivated sellers to make some tough decisions with regards to their property. The end of the spring contract with their sales representative is almost at an end and there are choices that need to be made. Do I change representatives in hopes a new company/person will sell my property? Do I reduce my price to make it more attractive? Do I rent the property until the market reflects what I want for my home? On, and on, and on. I would guess that at this point of the sales year, and by the stats, that many sellers have opted for reduction. Whether further down from previous reductions or after a change in representation. Either way, things look to be improving for now but the question remains, was August a result of a below average spring market, a fluke, or the start of the market upswing? Only time will tell... 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! 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 |
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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