Day 7 HRM Real Estate Market Watch Week
Day 7 of HRM Real Estate Market Watch week I am taking a look at the stats for 2009 in the Fall River Real Estate Market. Prices have increased very little in the last two years and sales have declined.
If you are thinking of buying, selling or would like general information on the Halifax Real Estate Market you can always contact me by email andrew@halifaxrealestateguy.com or call 902-488-0012.
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My weekly look at the state of the Halifax Real Estate Market
This week I am discussing the Fall River Real Estate Market. Sales in that area are up 13% over last year and price is up a modest 1.3%. If you would like to know the stats for your area or, you are considering buying or selling real estate in Halifax and surrounding areas you can call 902-488-0012 or email andrew@halifaxrealestateguy.com
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Halifax Real Estate guys top 5 tips for sellers.
When selling your home their are a number of tips that will make for a successful sale. In this video blog I discuss my top 5 tips for sellers of real estate in Halifax, Dartmouth and surrounding areas. If you are thinking of selling your home and would like more information you can call me 902-488-0012 or email andrew@halifaxrealestateguy.com.
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My Weekly look at the state of the Halifax Real Estate Market.
This week I am taking a look at the Fall River Real Estate Market. If you would like to know the stats for your area you can email me andrew@halifaxrealestateguy.com or call 902-488-0012
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- Monday Market Watch – Sackville Real Estate Market
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My weekly look at the state of the Halifax Real Estate Market
This week I am taking a look at the Halifax Real Estate market based on the first quarter MLS stats released by CMHC(Canadian Mortgage and Housing Corporation) late last week. If you would like to know more information about your specific area you can call me 902-488-0012 or email andrew@halifaxrealestateguy.com.
Releated Video Posts
- Monday Market Watch – Absorption Rates
- Monday Market Watch – Bedford Real Estate Market Update
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By The Numbers for the Halifax Real Estate Market in 2009
It’s the beginning of the New Year and my first day back at it, so to speak. I am sure everyone is wondering what happened with the Real Estate market in HRM in 2008. I am going to break it down by the numbers and compare it to the last 3 years to give you a better perspective of what happened in 2008 and what the future could possibly hold for 2009.
Halifax Real Estate Market update for areas 1-40 which encompasses all of HRM for single family detatched, semi detached, condos, townhouses, mobile homes and new construction for 2008
Halifax Real Estate Market update for areas 1-40 which encompasses all of HRM for single family detatched, semi detached, condos, townhouses, mobile homes and new construction for 2006.
A Quick Summary
2006 – Average price was $216,125/Number of sales 5371
2007 – Average Price was $229,335/Number of sales 6012
2008 – Average Price was $243,706/Number of sales 5344
Looking at these numbers it is easy to see that the Halifax Real Estate Marketis in great shape going in to 2009. The average price is up 6.1% from 2007 and 12.4% from 2006. Number of sales is down 11% from 2007(which was a recrod year) and stayed the same as 2006. Days on market suprisingly went down each year although we are seeing days on market creep up in the latter part of 2009.
You can look for prices to remain stable for the next couple of months and possibly see a slight increase halfway through the year. The number of sales will again go down, for a number of reasons. 1. The economic downturn and 2. No more zero down mortgages, although this could be offset by low interest rates.
I have some exciting plans for my blog in 2009. Keeping checking back for regular updates.
If you are looking to buy or sell Real Estate in Halifax, Dartmouth and surrounding areas do not hesitate to call me anytime at 902-488-0012.
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How is the Fall River Real Estate market doing in the last 3 months?
Fall River Real Estate Market update for August, September, October 2008 for single family detached and semi-detached homes
Fall River Real Estate Market update for August, September, October 2007 for single family detached and semi-detached homes
Number of Active Listings – 131
The Fall River Real Estate market has slowed down in the past 3 months. This has been a normal trend in a lot of areas of HRM. Number of sales are down 33 percent over last year, a huge decrease. The average price is also down slightly by 1.7%. Right now we are seeing a buyers market although there doesn’t seem to be a lot of buyers out there. Inventory is up and sales are down. This has to do with a number of factors. The slowing economy and the steady rise in housing prices.
In the coming months I see the trend remaining the same with not a lot of transactions in the Halifax Real Estate Market. This will continue into next year and hopefully we will start to see a turn around next summer. Surprisingly price continues to rise in most areas of Halifax.
Next week we will have a look at the Sackville Real Estate market. If you are looking to buy or sell Real Estate in Halifax send me an email andrewperkins@exitmetro.ca. I will respond promptly.
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Andrew Perkins
Your Halifax Real Estate Expert
Today I am going to look at the average price in the Halifax Real Estate Market for the last 8 years dating back to 2000. This should give you an idea of how the Halifax Real Estate market has fared over the years and where is it headed in the future.
|
Halifax Real Estate |
Average Price |
Number of Sales |
% Price Change |
|
|
|
|
|
|
2000 |
$120,161 |
5843 |
|
|
2001 |
$127,337 |
6484 |
+5.6% |
|
2002 |
$142,034 |
6943 |
+10.3% |
|
2003 |
$156,539 |
6424 |
+9.2% |
|
2004 |
$167,720 |
6777 |
+6.7% |
|
2005 |
$181,560 |
6925 |
+7.6% |
|
2006 |
$194,150 |
6679 |
+6.5% |
|
2007 |
$207,198 |
7493 |
+6.3% |
|
2008 |
$221,737 |
6039 |
+6.6% |
|
Totals |
|
59,607 |
+7.3 |
Source: MLS data
The Halifax Real Estate market has had a very steady rise in price since the turn of the century. The number of sales has remained relatively the same over that period. This year we are on pace to be slightly behind last year’s numbers which were a record. I do see this trend slowing a little in the future due to the financial turmoil in the world markets, however I think Halifax will still remain as one of the healthiest Real Estate Markets in Canada. Some of the factors that I feel gives the Halifax Real Estate Market such promise are;
1) Gateway port
2) Military/Navy
3) University city
4) Hub for Atlantic Canada
5) IT sector
When I say that the market is going to slow I am referencing the number of sales. I do not see prices going down in the foreseeable future. Now is not the time to wait for that to happen in Halifax. The prices here are far below other cities in Canada and have a lot of room to grow.
If you are in the market to buy or sell Halifax Real Estate do not hesitate to contact me.
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How did the Halifax Real Estate Market perform in the 3rd Quarter?
Sales for the third quarter down 5% year over year and trail 2007 by 7.3% up to and including the third quarter.
Number of sales 2008 = 5325 Number of sales 2007 = 5746
Active Listings are up 16 percent
The only area that had a slight increase in sales was Dartmouth up 2.8% year over year.
Fall River, Bedford, Sackville, Hammonds Plains all recorded double digit declines in the number of sales year over year.
Despite the declines, sales in the third quarter remain at the second highest on record and average price growth remained steady at 6.7%
Areas of Note
Sackville – average price rose by 13%
Halifax North End - 10.5% average price increase
Halifax South End – 19.7% average price increase
Fall River – 9.4% average price increase
Crichton Park/Albro Lake – 13.9% average price increase
Spryfield – 22.4% average price increase
Average days on Market down by 5 days from 84
The Halifax Real Estate Market remains healthy through the 3rd quarter of 2008. Most forecasters were predicting a 2-3% price increase and we continue to see a 6-7% percent increase. What does all this mean? If you are buyer it is a great time to buy. Prices are continuing to rise and inventory is high, thus it is a buyers market. If you are sitting on the fence now is not the time to wait. Our economy in Halifax remains strong in the face of all the financial turmoil going on around the world. If you would like more information on this, or you are looking to buy or sell Halifax Real Estate Contact me anytime.
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Halifax Real Estate Market Report Multi Unit Buildings(4 units or less) based on MLS® data.
Today I figured I would look at something a little different. I have many clients who have and are actively looking for multi unit buildings as another way to enhance cash flow. There are things you need to look for when thinking of purchasing a multi unit rental. Firstly you have to make sure that the building generates income, a lot of multi units on the market today just won’t carry themselves and they are better served as an owner occupied so someone will help with the mortgage. I always advise my clients to look at the net income(rent minus heating, maintenance, and other expenses associated with the property). A general rule of thumb is if the net income is 10% of the purchase price it is definitely a building worth taking a closer look at. Secondly, what a lot of my clients look for and I recommend is electric heat and separate electrical meters. This way the heating and electricity of the units can be passed off onto the tenant. Obviously there are many other factors to look at but these are the main ones to keep in mind.
Lets take a look at the numbers over the years.
From Aug 20,2006 – Aug 20,2008 for area 1-40 which encompass all of HRM for multi unit buildings, 4 units or less.
number of sales – 330
average sale price – $274,920
number of days on market – 72 days
From Aug 20,2004 – Aug 20,2006 for area 1-40 which encompass all of HRM for multi unit buildings, 4 units or less.
number of sales – 282
average sale price – $247,671
number of days on market - 66 days
Looking at these numbers we can see that the same trend continues throughout the Halifax Real Estate Market. Average price continues to rise, an 11% increase. Number of sales are up 17% from the same period 2 years ago which goes against the trend in residential unit sales. Average days on market are up slightly.
What does all this mean? Well if you are in the market for rental units it may now be the best time as I don’t see the market going down anytime soon. Also the rental vacancy rate in Halifax is very low so there are a lot of prospective tenants out there. Rents continue to rise. If you would like more info on rental units or would like a market analysis done specific to your area, let me know.
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