Halifax (HRM) Residential Market Statistic Update For Week of October 24th 2013 to October 31st (Previous weeks numbers in brackets) *Last year this week New Listings: 323 (386, 330, 416, 445) *298 Sold: 96 (96, 97, 116, 108) *131 Sale To List Ratio: 30% (25%, 29%, 28%, 24%) *44% Expired/Cancelled/Withdrawn: 188 (149, 148, 153, 413) *307 Total Active Halifax/Dartmouth Inventory: 5,161 (5,247, 5,246, 5,278, 5,276) Active Single Family Home: 3,426 (3,478, 3,519, 3,536, 3,547,) *2,810 Average Single Family Home List Price: $288,708 ($,284,754, $263,775, $291,777, $289,210) *290k Average Single Family Home Selling Price: $279,192 ($275,216, $256,071, $281,699, $279,744) *283k Average Days On Market Single Family Home: 103 (113, 101, 95, 105) *75 Active Condos: 398 (401, 399, 409, 405) *279 Average Condo Listing Price: $220,585 ($241,620, $268,519, $259,544, $291,476) *229k Average Condo Selling Price: $213,892 ($234,480, $261,570, $252,246, $283,476) *223k Average Days On Market Condos: 64 (48, 73, 56, 120) *72 Halifax/Dartmouth Absorption Rate (weeks): 55 (55, 52, 54, 69) *38 So after a few false starts to the annual trend declination, things are finally starting to taper off. Inventory is down, listing additions are down, expiries are up, you know, the usual for this time of year. Looks like we had a pretty good sales week last year with the sales to list ratio coming in at 44%, close to the highest report of the year. This week is sitting at 30%, and if you can believe it, it's pretty darn close to the highest report of the year as well. The market is still a buzz with active buyers frequenting open houses, making inquires, and the odd offer. As long as the sunny weather holds out, I have a feeling that we will be milking this cow well into November. Thanks for stopping by and have a Happy Halloween! Since October is "Pit Bull awareness" month, figured I would feature adoptable Pit Bull's all month. As many of you know, that breed is near and dear to my heart (Hamish & Bruin). The feature aDOGtable this week is a Damian. Although not much information is posted about Damian at this time, you can click on the picture to be taken to the website to contact the rescue. He is currently being cared for by the NSPCA, 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 Halifax (HRM) Residential Market Statistic Update For Week of October 17th 2013 to October 24th (Previous weeks numbers in brackets) *Last year this week New Listings: 386 (330, 416, 445, 423) *348 Sold: 96 (97, 116, 108, 110) *127 Sale To List Ratio: 25% (29%, 28%, 24%, 26%) *36% Expired/Cancelled/Withdrawn: 149 (148, 153, 413, 137) *105 Total Active Halifax/Dartmouth Inventory: 5,247 (5,246, 5,278, 5,276, 5,465) Active Single Family Home: 3,478 (3,519, 3,536, 3,547, 3,623) *2,958 Average Single Family Home List Price: $284,754 ($263,775, $291,777, $289,210, $283,446) *298k Average Single Family Home Selling Price: $275,216 ($256,071, $281,699, $279,744, $272,234) *290k Average Days On Market Single Family Home: 113 (101, 95, 105, 105) *83 Active Condos: 401 (399, 409, 405, 419) *313 Average Condo Listing Price: $241,620 ($268,519, $259,544, $291,476, $289,416) *277k Average Condo Selling Price: $234,480 ($261,570, $252,246, $283,476, $281,333) *270k Average Days On Market Condos: 48 (73, 56, 120, 80) *207 Halifax/Dartmouth Absorption Rate (weeks): 55 (52, 54, 69, 58) *41 Little bit of last minute shopping going on out there. Activity has picked back up again over the last few weeks, and buyers are out in full force trying to find the perfect place to spend Christmas. With November in our sights, it seems there may be a few extra weeks of market left to entice sellers to stick around a little longer. Although the numbers aren't reflective of the activity I'm talking about, you could pick up the phone and call a bunch of different brokerages and I'm sure they would all say that the market has picked up. Is it temporary? most likely. But if nothing else, the market this year has been interesting to away the least for some, and a roller coaster of emotions others. Slowly but surely our statistics are starting to align with last years numbers, besides the inventory, and outlook has actually shifted towards the positive. There are many folks out there putting stock in the year to come, guess only time will tell. Thanks for stopping by! Since October is "Pit Bull awareness" month, figured I would feature adoptable Pit Bull's all month. As many of you know, that breed is near and dear to my heart (Hamish & Bruin). The feature aDOGtable this week is a Sirius. He is a very sweet older boy who is young at heart. He may not be the prettiest looking dog out there, but will love you unconditionally! He needs a home where he is the only doggie, and with no young children please. Stop by HBCP and meet him today...he would love to meet you. He is currently being cared for by Homeward Bound City Pound, 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 October 10th 2013 to October 17th (Previous weeks numbers in brackets) *Last year this week New Listings: 330 (416, 445, 423, 441) *397 Sold: 97 (116, 108, 110, 88) *126 Sale To List Ratio: 29% (28%, 24%, 26%, 20%) *32% Expired/Cancelled/Withdrawn: 148 (153, 413, 137, 138) *149 Total Active Halifax/Dartmouth Inventory: 5,246 (5,278, 5,276, 5,465, 5,473) Active Single Family Home: 3,519 (3,536, 3,547, 3,623, 3,617) *2,986 Average Single Family Home List Price: $263,775 ($291,777, $289,210, $283,446, $278,083, $293,593) *285k Average Single Family Home Selling Price: $256,071 ($281,699, $279,744, $272,234, $269,851) *275k Average Days On Market Single Family Home: 101 (95, 105, 105, 100) *100 Active Condos: 399 (409, 405, 419, 403) *339 Average Condo Listing Price: $268,519 ($259,544, $291,476, $289,416, $247,566) *194k Average Condo Selling Price: $261,570 ($252,246, $283,476, $281,333, $237,544,) *190k Average Days On Market Condos: 73 (56, 120, 80, 131) *56 Halifax/Dartmouth Absorption Rate (weeks): 52 (54, 69, 58, 51) *42 Is it another false decline? or has the market finally decided to start the ebb into the annual trend. All major stat areas are down this week signalling the slow decline of market activity. Although we have a reasonably greater number of units on the market compared to this time last year, our weekly stats are starting to align. One of the weekly interests is the value of single family homes, will they continue this value decline? or will they recover to match, and hopefully surpass, the values of last year. Nothing else really out of the ordinary this week as we carry on with our mediocre market. One can only hope we see general interest pickup and market activity improve. Thanks for st Since October is "Pit Bull awareness" month, figured I would feature adoptable Pit Bull's all month. As many of you know, that breed is near and dear to my heart (Hamish & Bruin). The feature aDOGtable this week is a Jordie. Jordie is settling into foster and available for adoption! He is 5 years young and a TOTAL luvbug . Jordie is completely blind, so a patient, structured home would be great. Another dog as a guide would be perfect for this handsome man. MORE ABOUT JORDIE Prefers a home without: Young Children • House trained • Spayed/Neutered • Special Needs • Shots Current • Primary Color(s): Apricot or Beige • Coat Length: Short 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 October 3rd 2013 to October 10th (Previous weeks numbers in brackets) *Last year this week New Listings: 416 (445, 423, 441, 498) *347 Sold: 116 (108, 110, 88, 125) *101 Sale To List Ratio: 28% (24%, 26%, 20%, 25%) *29% Expired/Cancelled/Withdrawn: 153 (413, 137, 138, 124) *112 Total Active Halifax/Dartmouth Inventory: 5,278 (5,276, 5,465, 5,473, 5,414) Active Single Family Home: 3,536 (3,547, 3,623, 3,617, 3,553) *2,970 Average Single Family Home List Price: $291,777 ($289,210, $283,446, $278,083, $293,593) *258k Average Single Family Home Selling Price: $281,699 ($279,744, $272,234, $269,851, $282,520) *250k Average Days On Market Single Family Home: 95 (105, 105, 100, 92) *71 Active Condos: 409 (405, 419, 403, 405) *300 Average Condo Listing Price: $259,544 ($291,476, $289,416, $247,566, $244,546) *247k Average Condo Selling Price: $252,246 ($283,476, $281,333, $237,544, $211,000) *241k Average Days On Market Condos: 56 (120, 80, 131, 132) *66 Halifax/Dartmouth Absorption Rate (weeks): 54 (69, 58, 51, 46) *41 Back to the gain! New listings are still flooding the market, and as a result, created a gain in the overall inventory gain. So, which one was the culprit? Single family homes are down by nine units this week, where condo units gained four. Days on market have reduced to just over three months for SFH's, and less then two months for condos. The absorption rate dropped significantly this week, and the sales to list ratio has rebounded to it's "not so great" average. Other then price tag, this year is still a far cry from the market of last year, which isn't saying much. Last week I talked about real estate commissions, and the overall impact they may or may not have on your chances of selling. Out of the submissions I received, the majority of people think that it does in fact effect the sale of a property, especially in this type of market. One reader laments "Like it or not, the agent has bills to pay and will be biased by potential earnings." while on the other side of that token, we have a different opinion, "Most realtors are very ethical and do what is best for the client." REALTORS®, much live every other profession, are a vast array of different people and personalities. Given circumstance, each person will react differently, and to a different end. Now, the majority of submissions selected the fact that agent Smith would in fact lean Mr and Mrs Buyerz to the home with the larger commission, for various reasons. Although I didn't receive 1,000 submissions or anything, it was enough to acknowledge the fact that real estate agents do have an impact and possible influence on the choice of buyers. So, the "necessary evil" of selling commissions are still a reality in our fair city, and probably the furthest thing from sellers minds when selling, but necessary to understand the possible impact of which rate you choose to offer the buyers agent. Thanks to all that contributed to the survey last week, and thanks for stopping by! Since October is "Pit Bull awareness" month, figured I would feature adoptable Pit Bull's all month. As many of you know, that breed is near and dear to my heart (Hamish & Bruin). The feature aDOGtable this week is a Gear. Gear is a 1.5 yr old pitty. His current foster has done a lot of work with him, and is now a great walker, and has gained confidence when meeting new people. He would do best in a home with a female dog, or laid back dog. No children, as he is still quite nervous of them. He is fine with cats. MORE ABOUT GEAR Prefers a home without: Young Children • House trained • Spayed/Neutered • Shots Current • Primary Color(s): White or Cream • Secondary Color(s): Apricot or Beige • Coat Length: Short 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 As I usually use the blog to report statistics and market activity, I'm not usually of the mind to advertise listings on a direct post. Yet, the magnitude of this acquisition could not go unsung and I feel very fortunate to have been selected to represent this great development by Scotian Homes. If anything, the great readers of my blog will know about the development, and hopefully pass it along if given the opportunity! you can find out more about the development by clicking on the Facebook badge on the right column. Thanks Everyone! No surprise here. Inventory maintains record breaking heights this month with a 400+ unit gain on the runner up. September is usually the last kick at the can for many sellers as the cold season approaches, and chances of selling slim. Moving in what I thought was a positive direction last month, sale prices in Halifax spiked to all new heights, shattering the "price correction" theory. This record has smashed the previous leader by 15K+ And yet, here we are. Falling to record lows, September did not follow what seemed to be a recovery trend, or at least, an attempt to get back in the fight. Struggling with a dismal year has been the story for sales here in Halifax, and one can only wonder if, and when things will turn around. There has been constant, and several price corrections in the past few months, as well as expiry's and cancellations of listings. Last week alone there was over 400 properties that expired! There was an end of month activity push in September that has now spilled over into October, let's see if that momentum carries or we fall deeper into the doldrums of a stale market. Thanks for stopping by! Are you familiar with ViewPoint Realty? How about the ViewPoint real estate map? It's 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 26th to October 3rd 2013 (Previous weeks numbers in brackets) *Last year this week New Listings: 445 (423, 441, 498, 410) *415 Sold: 108 (110, 88, 125, 105) *125 Sale To List Ratio: 24% (26%, 20%, 25%, 26%) *30% Expired/Cancelled/Withdrawn: 413 (137, 138, 124, 227) *85 Total Active Halifax/Dartmouth Inventory: 5,276 (5,465, 5,473, 5,414, 5,335) Active Single Family Home: 3,547 (3,623, 3,617, 3,553, 3,499) *3,052 Average Single Family Home List Price: $289,210 ($283,446, $278,083, $293,593, $313,101) *273k Average Single Family Home Selling Price: $279,744 ($272,234, $269,851, $282,520, $302,438) *268k Average Days On Market Single Family Home: 105 (105, 100, 92, 108) *101 Active Condos: 405 (419, 403, 405, 399) *303 Average Condo Listing Price: $291,476 ($289,416, $247,566, $244,546, $264,208) *294k Average Condo Selling Price: $283,476 ($281,333, $237,544, $211,000, $250,541) *285k Average Days On Market Condos: 120 (80, 131, 132, 67) *63 Halifax/Dartmouth Absorption Rate (weeks): 69 (58, 51, 46, 45) *39 It's nasty out there! Finally, the major areas of inventory have had significant reduction. Single family homes reduced by nearly 200 units, while the expired bucket made the largest impact. There was a large amount of inventory added this week, but I would think that some, not all, of the expired listings came back to market fudging the stats a bit. Values in all areas remain high, and days on market plateaued. The sales to list ratio wasn't unusual this week given the amount of sales that happened, but that didn't stop the 10 week gain on the absorption rate. Hopefully the warmer weather will extend our selling season, in hopes of going into the new year on a positive note. Last week I mentioned I would discuss the elephant in the room when talking with potential listing agents, commission. Have you ever found yourself on the other end of a listing presentation, listening intently, waiting for the punchline? What's that saying from the 80's, "don't bore us, get to the chorus". I feel that quite often when discussing potentially listing and marketing the property, so I address it firstly. I won't go into too much depth on this topic because there are many aspects and angles that could be debated, and I don't want to be bombarded by the different agency's that have different models. I will say that there are many choices out there which vary from a flat fee to five, sometimes six percent (half to each participating brokerage). And I'm not going to touch on FSBO's (for sale by owners). The factor I wanted to address is how. or if it effects the sale of a property. In my opinion, it absolutely does. Real estate agents, much like any 100% commission based sales force, are driven by results. Much like any other profession, you put in hard work, long hours, dedication and expect to be rewarded for your efforts. Difference with commission based professions is that you never truly know when your next pay check is coming, and specifically with real estate professionals (mortgage brokers, agents, lawyers, inspectors etc) can be influenced by several outside factors, home sales being the biggest one. So when you are faced with a down market, sales become less frequent and harder to source. So what does all of that mean to the average seller? The vast majority of buyers see the value in having their own buyer representative, whether referred from a friend or relative, researched, or simply chose a bigger name in the industry. Someone to walk through the offer process with, ask questions, show them around, and the great part is...it's free! The working relationship can be as short as a few weeks, and can sometimes go for years. Maybe there was a couple properties that where viewed together before the offer, and maybe it was 100's (yes, that has happened). The longer the relationship = more time invested. Now let me paint a picture. Agent Smith (I am not agent smith, just to be clear) has worked diligently with new home buyer's Mr and Mrs Buyerz. Agent Smith has viewed over 30 properties, mentored and educated them, spent countless hours of research for each property, setting up appointments and showing the Buyerz around. The offer day has arrived and Mr and Mrs buyer have it narrowed down to 2 properties. Both identical in size and features and they cannot decide which one to offer on, so they look to agent Smith for guidance. Agent Smith is new to the industry and cannot wait to put forward the offer, and be on the way to being rewarded for the time and effort invested. Before responding to the Buyerz, agent Smith reviews the materials on the property in hopes of finding something to aide the Buyerz in their decision. Upon review, agent Smith notices that there are two vastly different offering commissions from the sellers of the property. Do commissions really make a difference? Before I chime in with my reasons that commission could potentially make or break a sale, I thought I would get your opinion on possible outcomes, or expectations in this scenario. Hopefully, with enough participation, we can keep the conversation going next week! October is Pit Bull awareness month. I thought I would take the opportunity to pass along facts about the breed this week, starting with the fact that "Pit bull" is not a breed. The “Pit Bull” isn’t an actual breed at all, but a slang term that current North American culture uses to describe any dog that has a big head, cropped ears, brindle coat or eye patch usually a large/stocky dog. The true breeds most commonly labeled as Pit Bulls are: American Pitbull Terrier, American Staffordshire Terrier and Staffordshire Bull Terrier. Unfortunately the Pit Bull has become popular with the gang-subculture who have exploited this breed by forcing them into dog fighting rings, and breeding and training them to be aggressive. Today, many people automatically associate the Pit Bull with crime, gangs, and poverty when, in fact, most Pit Bulls are owned by your average upstanding citizens. With the explosion of Pit Bull breeders, thousands of Pit Bulls are ending up in shelters across the country, topping the list of the most euthanized pet. The fact is, millions of Pit Bulls are living peacefully in homes throughout the country. 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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