Halifax (HRM) Residential Market Statistic Update For Week of May 17th to May 24th 2012
New Listings: 520 (563, 632, 468, 519) Sold: 192 (199, 292, 172, 199) Sale to List Ratio: 37% (35%, 32%, 37%, 38%) Expired/Cancelled/Withdrawn: 104 (65, 69, 187, 64) Active Single Family Home: 2964 (2950, 2897, 2823, 2850) Average Single Family Home List Price: $291,706 ($296,277, $293,401, $294,469, $285,936) Average Single Family Home Selling Price: $286,217 ($288,607, $289,016, $288,806, $280,799) Average Days on Market Single Family Home: 76 (79, 60, 67, 81) Active Condos: 256 (252, 240, 225, 225) Average Condo Listing Price: $284,242 ($254,110, $255,601, $245,635, $226,141) Average Condo Selling Price: $280,175 ($250,032, $250,116, $242,470, $222,575) Average Days on Market Condos: 123 (84, 144, 48, 133) *Halifax/Dartmouth Absorption Rate: 25.5 (weeks) With the spring market coming to a close, there seems to be an unusual number of property coming off the market right before summer. The apparent "hottest time to sell" has come and gone without much of a fuss nor caused any exaggerated market frenzy. Granted, there has been records broken every month in one way or another, but the overall market behaviour is steady. The market is healthy, healthy as ever in fact. But it is not in what I believe to be a boom/bust type of scenario...yet. The absorption rate is keeping pace with inventory, whether its the demand causing sales or sellers jumping off the market to try again another day (52 cancelled listings alone this week). Or perhaps its just the calm before the storm and the flurry of activity that we have seen so far is local market driven by people making their move before its too late. Many theories, a lot of speculation...but thats all there is at this point. *In addition to my usual stats, I am going to start tracking the Halifax "absorption rate" as requested by my loyal readers. I have included an "absorption rate" definition below. "The Absorption Rate is the ability of the real estate market to absorb or sell all of the houses for sale in a given amount of time. For example, if 100 homes are sold every month and there are 1200 homes for sale, it will take 12 months to sell all of the homes currently for sale. If there are 2400 homes for sale, the absorption rate will be 24 months or 2 years for all of the homes to sell, this does not take into count the number of houses which will eventually come on the market in addition to those already for sale. If you would like to sell in 12 months, you need to take the absorption rate into account. In the above scenario with 2400 homes for sale, we know that only 1/2 of them will sell in the next 12 months. If you need to sell within the next 12 months you need to price the property in the lower 50% of the price range for similar properties in order for it to sell in the next 12 months. To sell in the next 6 months it would have to be priced in the lower 25% of the competition." Thats generally speaking of course. Currently, the Halifax absorption rate is 25 1/2 weeks and is a key statistic to keep an eye on to ensure your listing will sell in the time you desire and for the price you are hoping for. One of the many key factors that I use to price a home competitively. If you would like to know what the absorption rate is for your neighbourhood you can contact me anytime. Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? 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 Newest Blog post HERE
Halifax (HRM) Residential Market Statistic Update For Week of May 10th to May 17th 2012
New Listings: 563 (632, 468, 519, 539) Sold: 199 (292, 172, 199, 189) Sale to List Ratio: 35% (32%, 37%, 38%, 35%) Expired/Cancelled/Withdrawn: 65 (69, 187, 64, 77) Active Single Family Home: 2950 (2897, 2823, 2850, 2796) Average Single Family Home List Price: $296,277 ($293,401, $294,469, $285,936, $298,168) Average Single Family Home Selling Price: $288,607 ($289,016, $288,806, $280,799, $294,101) Average Days on Market Single Family Home: 79 (60, 67, 81, 75) Active Condos: 252 (240, 225, 225, 223) Average Condo Listing Price: $254,110 ($255,601, $245,635, $226,141, $273,494) Average Condo Selling Price: $250,032 ($250,116, $242,470, $222,575, $268,400) Average Days on Market Condos: 84 (144, 48, 133, 97) Yet another week just below the "balanced market" range and still hanging in a "buyers" market. However, as I've reported in the past there is still pockets of the city that are enjoying a "balanced" or even a "sellers" market. To explain the sales to list ratio a bit further for those who are wondering, the sales to new listings ratio is simply the number of sales divided by the number of new listings, and is an indicator of whether we are in a buyer's market or a seller's market. There is no standard ratio for any market, but some analysts agree a ratio less than 40% is a buyer's market, 40%-60% is a balanced market and over 60% is a seller's market. Its a great indicator for buyers and sellers alike to react to fluctuations in these numbers and make timely decisions with their real estate transaction (if waiting is an option). Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? 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
Halifax (HRM) Residential Market Statistic Update For Week of May 3rd to May 10th 2012
New Listings: 632 (468, 519, 539, 463) Sold: 202 (172, 199, 189, 149) Sale to List Ratio: 32% (37%, 38%, 35%, 32%) Expired/Cancelled/Withdrawn: 69 (187, 64, 77, 79) Active Single Family Home: 2897 (2823, 2850, 2796, 2742) Average Single Family Home List Price: $293,401 ($294,469, $285,936, $298,168, $294,434) Average Single Family Home Selling Price: $289,016 ($288,806, $280,799, $294,101, $291,162) Average Days on Market Single Family Home: 60 (67, 81, 75, 85) Active Condos: 240 (225, 225, 223, 233) Average Condo Listing Price: $255,601 ($245,635, $226,141, $273,494, $266,329) Average Condo Selling Price: $250,116 ($242,470, $222,575, $268,400, $259,655) Average Days on Market Condos: 144 (48, 133, 97, 152) WOW.... Thats a lot of new listings this week! Its been a while since we hit over the 600 mark for new inventory additions, including the beginning of the month cycle. Decent about of sales this week but not enough to inject any excitement or buzz over the apparent "coming days" of real estate pandemonium. Like I mentioned in my April monthly wrap up (scroll down), its a market of reluctant optimism. We have seen record breaking stats since the ship building contract was awarded to Nova Scotia but a good majority of people believe that it won't impact Haligonians or the Halifax real estate market as much as they might think. I have seen a strong and healthy market so far this year and expect it to remain so. Whats your thoughts? Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? 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 Newest blog post HERE
On a non-real estate related subject, I will be attending the first annual "Blingo Gala" this friday in support of the SCRI Society. A fantastic event to help this great club that gives people with disabilities, special needs or difficulties with learning and communication a place to spend time and enjoy fun activities with friends. The details are below if you would like to attend. Ticket info is below and can be purchased at the door. I do have an extra ticket if someone would like to attend with me! Hope to see you there! Blingo GalaFriday 11 May 2012, 7pm to 10pm A gala evening of sparkle and dance with 'Blingo' prizes,silent auction, refreshments, and live music from The Action Figures Hosted by Jeremy Webb A charity event in support of SCRI Society 'The Club' www.theclubscri.comSt James Anglican Church Hall, Armdale Rotary, Halifax, Nova Scotia Tickets $20 each, or two for $30, includes one Bingo card and one beverage, plus entryDrop In Club Members only, tickets $5, includes one Bingo card Available from The Drop In Club or by emailing theclubgala@gmail.comIf you would like to donate items for our Silent Auction, please email Sharon or Alice at theclubgala@gmail.comWe look forward to seeing you all at our first Annual Fundraiser
Halifax (HRM) Residential Market Statistic Update For Week of April 26th to May 3rd 2012
New Listings: 468 (519, 539, 463, 673) Sold: 172 (199, 189, 149, 166) Sale to List Ratio: 37% (38%, 35%, 32%, 25%) Expired/Cancelled/Withdrawn: 187 (64, 77, 79, 167) Active Single Family Home: 2823 (2850, 2796, 2742, 2670) Average Single Family Home List Price: $294,469 ($285,936, $298,168, $294,434, $288,845) Average Single Family Home Selling Price: $288,806 ($280,799, $294,101, $291,162, $281,360) Average Days on Market Single Family Home: 67 (81, 75, 85, 96) Active Condos: 226 (225, 223, 233, 249) Average Condo Listing Price: $245,635 ($226,141, $273,494, $266,329, $248.003) Average Condo Selling Price: $242,470 ($222,575, $268,400, $259,655, $243,167) Average Days on Market Condos: 48 (133, 97, 152, 102) Even with the beginning of the month renewed expired listings cycle, the sales to list ratio had a decent showing this week. Single family home inventory had its first reduction in inventory in weeks. This might be signs of improving weather to bring out buyers or a late start to the usually hot spring market. How about the days on market stats? Those are the lowest they have been all year. 14 Condo's sold this week and they sold on average of 48 days! So, condo's enjoy high demand and see there value ever improving and inventory is either reducing or only making marginal gains. Don't forget to scroll down and check out the April monthly wrap up and come back later this week as I will be posting the Multi-Residential monthly stats for all those interested. Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? 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 Newest blog post HERE
 Inventory remains at record lows even with over 500 new additions each week being added on. The absorption rate seems to be handling the addition of these new listings but I can only wonder how much longer with the poor performance of sales during the first quarter of 2012 (see below).
 Can you spot the April sales statistic? Its hiding behind 2011! Not really the sales that speculators anticipated during the first quarter of the year however, the poor sales performance has had no significant bearing on inventory gain nor property value increase. Both of those stats remain strong as well as the average days on market (89).
 Sale prices remain at record highs this month. A good movement month for executive and stately properties to boost this stat along with the flourishing entry level property market. We are still seeing high demand in the key regions and property types but with the poor showing of sales, one can only wonder how much longer. So almost an exact repeat of last months activity. Record low inventory and sales value but sales themselves fell flat again for the third time this year. Talking with a few peers and colleagues, it seems the general mood is one of reluctant optimism. People are optimistic that the market has changed at that it will continue to change over the next few months but are still reluctant to fully commit to the investment and are waiting for the explosion. By then of course, its too late... Whats your thoughts on the Halifax real estate market? Got an insider tip for Halifax? I would like to here your thoughts Halifax or maybe your experience this year so far. To do so, simply leave a comment below. Have a question about the Halifax real estate market? Please do not hesitate to CONTACT ME with any and all inquiries that you might have. Follow me on Twitter to get instant messages about Halifax real estate @HalifaxRealEst and friend me on Facebook to keep up will all my activities and shenanigans. Newest blog post HERE
Halifax (HRM) Residential Market Statistic Update For Week of April 19th to April 26th 2012
New Listings: 519 (539, 463, 673, 552) Sold: 199 (189, 149, 166, 155) Sale to List Ratio: 38% (35%, 32%, 25%, 28%) Expired/Cancelled/Withdrawn: 64 (77, 79, 167, 64) Active Single Family Home: 2850 (2796, 2742, 2670, 2557) Average Single Family Home List Price: $285,936 ($298,168, $294,434, $288,845, $288,847) Average Single Family Home Selling Price: $280,799 ($294,101, $291,162, $281,360, $280,391) Average Days on Market Single Family Home: 81 (75, 85, 96, 83) Active Condos: 225 (223, 233, 249, 257) Average Condo Listing Price: $226,141 ($273,494, $266,329, $248.003, $264,309) Average Condo Selling Price: $222,575 ($268,400, $259,655, $243,167, $259,090) Average Days on Market Condos: 133 (97, 152, 102, 120)
I jinxed it!! Last week I decided to boast about the condo stats and "how great they were doing" and "how they have been on a consecutive week down trend." Well, this week marks the end of that great streak, even if it WAS only an inventory gain of two. All in all the market appears to be in a healthy state of flux. Pockets of sellers markets can still be found in desired areas, mainly in Metro. The remaining market sits at a line between a balanced or a buyers trend. My prediction is set for a late summer/early fall market ramp up as we really start to see the influx of new and returning residents to begin with the ship building contract if there is to be a noticeable impact on our market. Only time and statistics will tell. Fortunately, I have you covered with all things Halifax real estate! Make sure to come back this week as both the April residential wrap up will be posted as well as the April multi-residential report. Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? 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 Newest blog post HERE
Weekly Residential Market Statistic Update For Week of April 12th to April 19th 2012
New Listings: 539 (463, 673, 552, 476) Sold: 189 (149, 166, 155, 166) Sale to List Ratio: 35% (32%, 25%, 28%, 35%) Expired/Cancelled/Withdrawn: 77 (79, 167, 64, 63) Active Single Family Home: 2796 (2742, 2670, 2557, 2433) Average Single Family Home List Price: $298,168 ($294,434, $288,845, $288,847, $293,979) Average Single Family Home Selling Price: $294,101 ($291,162, $281,360, $280,391, $288,039) Average Days on Market Single Family Home: 75 (85, 96, 83, 86) Active Condos: 223 (233, 249, 257, 253) Average Condo Listing Price: $273,494 ($266,329, $248.003, $264,309, $243,105) Average Condo Selling Price: $268,400 ($259,655, $243,167, $259,090, $238,820) Average Days on Market Condos: 97 (152, 102, 120, 94) If you own a condo in Halifax and are thinking of selling it, now might be the time. Condo values are at an all time high, demand is way up and inventory is low and only getting lower. With entry level single family home prices and lacking availability in desired areas, buyers are finding themselves considering location over property and opting for budget wise condominiums. Some bigger condo projects are being developed and others are still being planned but the question remains if and when they hit the market, how high will the demand be at that point or will the lacking inventory cause a frenzy for these desired units. Clearly, this is one more element of the Halifax real estate market that we will have to keep a watchful eye on! Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? 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 Newest blog post HERE
Weekly Residential Market Statistic Update For Week of April 5th to April 12th 2012
New Listings: 463 (673, 552, 476, 437) Sold: 149 (166, 155, 166, 169) Sale to List Ratio: 32% (25%, 28%, 35%, 28%) Expired/Cancelled/Withdrawn: 79 (167, 64, 63, 93) Active Single Family Home: 2742 (2670, 2557, 2433, 2368) Average Single Family Home List Price: $294,434 ($288,845, $288,847, $293,979, $302,404) Average Single Family Home Selling Price: $291,162 ($281,360, $280,391, $288,039, $296,761) Average Days on Market Single Family Home: 85 (96, 83, 86, 117) Active Condos: 233 (233, 249, 257, 253) Average Condo Listing Price: $266,329 ($248.003, $264,309, $243,105, $249,592) Average Condo Selling Price: $259,655 ($243,167, $259,090, $238,820, $244,333) Average Days on Market Condos: 152 (102, 120, 94, 63) Looks like the listing blitz continues with the 7th consecutive week of over 400 new listings. Sales made a healthy recovery this week adding a 7% gain on last weeks stats. Inventory climbs closer and closer to the 3000 mark but it still remains lower then the last 8 years. The feature statistic this week is the average list and sale price ratio for single family homes. Coming in just over the $3k mark in difference from the two stats, this has been the smallest reduction spread in years! The usual reduction spread sits anywhere from $7-12k at any given time giving buyers some wiggle room for negotiations. Looks like sellers might be using the strength of the Halifax market to stand their ground on Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? Contact me to advise you on your best plan of action for any of your real estate transaction needs. Feel free to leave a public comment or question below. Contact me if you would like a guest spot or would like to advertise on the Halifax Real Estate Blog. Follow me on Twitter to keep up to the minute with all things Halifax real estate @HalifaxRealEst Newest blog post HERE
Weekly Residential Market Statistic Update For Week of March 29th to April 5th 2012
New Listings: 673 (552, 476, 437, 463) Sold: 166 (155, 166, 169, 131) Sale to List Ratio: 25% (28%, 35%, 28%, 39%) Expired/Cancelled/Withdrawn: 167 (64, 63, 93, 82) Active Single Family Home: 2670 (2557, 2433, 2368, 2350) Average Single Family Home List Price: $288,845 ($288,847, $293,979, $302,404, $289,982) Average Single Family Home Selling Price: $281,360 ($280,391, $288,039, $296,761, $283,604) Average Days on Market Single Family Home: 96 (83, 86, 117, 97) Active Condos: 233 (249, 257, 253, 259) Average Condo Listing Price: $248,003 ($264,309, $243,105, $249,592, $246,056) Average Condo Selling Price: $243,167 ($259,090, $238,820, $244,333, $242,613) Average Days on Market Condos: 102 (120, 94, 63, 94)
And I thought last week was a good addition! This week beats last weeks inventory addition by a long shot. I boasted about how we finally reached over the 500 mark in inventory addition last week but we blew that stat out of the water with almost 700 new listings this week! This is also caused by the beginning of the month expired/renewed listing trend. Listings usually have a 90 day run with their chosen agent so those listings that went up in January and didn't sell, have expired and have been re-listed. Even though condo inventory is low, actives take another dive going against the grain of single family homes and actually reduce in numbers again this week. Condo owners must be wondering if this might be an opportune time to cash their chips in the condo market and use that profit to jump into a single family time? I know I would be...
Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? Contact me to advise you on your best plan of action for any of your real estate transaction needs. Feel free to leave a public comment or question below. Contact me if you would like a guest spot or would like to advertise on the Halifax Real Estate Blog. Follow me on Twitter to keep up to the minute with all things Halifax real estate @HalifaxRealEst Newest blog post HERE
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