Halifax Real Estate Market – 2nd Quarter Update 2013

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July 9, 2013  |  Buyers, Halifax, Halifax Market Updates, Investors, Moving to Halifax  |  Comments Off

 

Halifax Real Estate Market Update - 2nd Quarter 2013.  The numbers below are based on MLS® statistics for areas 1-40 which encompass all of HRM.

2nd Qtr 2013

Residential*

Average Sale Price – $296,991

Number of Sales – 1443

% vs 2nd qtr 2012(price) –  +1.5%

% vs 2nd qtr(sales) –  -22%

Average Days on Market – 81

Active Listings – 3583

Absorption Rate*** – 35 weeks

Type of Market – buyers

Synopsis

The 2nd quarter in the Halifax real estate market saw another substantial decrease in the number of sales – down 22% over the same period in 2012.  Average price continues to rise albeit only slightly by 1.5%.  The number of active listings currently in the Halifax real estate market is 3583.  This is very high and we are still experiencing a buyers market.  Average days on market is down from 91 to 81 days.

Multi-Family**

2nd Qtr 2013

Average Price – $387,228

Number of Sales – 39

% vs 2nd qtr 2012(price) –  -13%

% vs 2nd qtr 2012(sales) –   -17%

Average Days on Market – 84

Active Listings – 81

Absorption Rate*** – 27 weeks

Type of Market – buyers

Synopsis

Multi-Family

Multi-Family properties saw a  decrease in price the second quarter by 13%.   Number of sales also decreased by 17%.  We are currently experiencing a slowdown in the Halifax real estate market, both residential and multi-family.   As interest rates continue to rise we can expect this trend to continue into the fall of the year.

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* Includes single family homes and condominiums

** Includes multi- family homes 2-12 units

***Absorption Rate – The rate at which available homes are sold in a specific real estate market during a given time period. It is calculated by dividing the total number of available homes by the average number of sales per week. The figure shows how many weeks it will take to exhaust the supply of homes on the market. A high absorption rate may indicate that the supply of available homes will shrink rapidly, increasing the odds that a homeowner will sell a piece of property in a shorter period of time.

Buyer’s Market: Over 25 weeks of supply
Balanced/Transitional Market:  22-26 weeks of supply
Seller’s Market: Less than 22 weeks of supply

If you would like more information on the Halifax Real Estate market I can be easily reached by email andrew@halifaxrealestateguy.com or by phone 902-488-0012.

Kind Regards,

Andrew Perkins

Halifax Real Estate Guy

Halifax Real Estate Market Update – 1st Quarter 2013

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April 2, 2013  |  Buyers, Halifax, Halifax Market Updates, Investors, Moving to Halifax, Sellers  |  Comments Off

Halifax Real Estate Market Update - 1st Quarter 2013.  The numbers below are based on MLS® statistics for areas 1-40 which encompass all of HRM.

Residential*

1st Qtr 2013

Average Sale Price – $289,776

Number of Sales – 858

% vs 2012(price) –  +2.6%

% vs 2012(sales) –  -34%

Average Days on Market – 94

Active Listings – 2812

Absorption Rate*** – 39 weeks

Type of Market – buyers

Synopsis

The 1st quarter in the Halifax real estate market saw a huge decrease in the number of sales(34%).  This can be attributed to the speculation of the governments shipbuilding announcement last year which caused a significant uptick in the first quarter of 2012. The tightening of the mortgage rules also caused a decrease in sales.   Prices continued increase at a steady  pace of 2.6%.

Multi-Family**

1st Qtr 2013

Average Price – $426,572

Number of Sales – 22

% vs 2012(price) –  +26%

% vs 2012(sales) –   -31%

Average Days on Market – 84

Active Listings – 66

Absorption Rate*** – 31 weeks

Type of Market – buyers

Synopsis

Multi-Family

Multi-Family homes saw a significant price increase in the first quarter increasing by 26%.  As was the case with single family residential sales were down substantially(31%).

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* Includes single family homes and condominiums

** Includes multi- family homes 2-12 units

***Absorption Rate – The rate at which available homes are sold in a specific real estate market during a given time period. It is calculated by dividing the total number of available homes by the average number of sales per week. The figure shows how many weeks it will take to exhaust the supply of homes on the market. A high absorption rate may indicate that the supply of available homes will shrink rapidly, increasing the odds that a homeowner will sell a piece of property in a shorter period of time.

Buyer’s Market: Over 25 weeks of supply
Balanced/Transitional Market:  22-26 weeks of supply
Seller’s Market: Less than 22 weeks of supply

If you would like more information on the Halifax Real Estate market I can be easily reached by email andrew@halifaxrealestateguy.com or by phone 902-488-0012.

Kind Regards,

Andrew Perkins

Halifax Real Estate Guy

Halifax Real Estate Market – 2012 Year In Review

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January 15, 2013  |  Buyers, Halifax, Halifax Market Updates, Investors, Moving to Halifax, Sellers  |  Comments Off

Halifax Real Estate Market year in review 2012.  The numbers below are based on MLS® statistics for areas 1-40 which encompass all of HRM.

Residential*

2012

Average Sale Price – $286,818

Number of Sales – 5247

% vs 2011(price) –  +4.2%

% vs 2011(sales) –  +0.9%

Average Days on Market – 84

Active Listings – 2261

Absorption Rate*** – 55 weeks

Type of Market – buyers

Synopsis

2012 was another steady year for the Halifax real estate market.  Average price continued to increase at it’s normal pace, going up 4.3%.  After a very strong start to sales at the beginning of the year, sales cooled near the end but we still saw a slight increase of 0.9%.   Going forward in 2012 we see similar trends occurring in the Halifax real estate market. Sales will stay steady, possibly decreasing with the new mortgage rules and price continuing to increase by 3-5%.  The absorption rate climbed substantially in the last couple of months of 2012 now sitting at 55 weeks making it a very strong buyers market.   Look for this decrease as more buyers enter the market in the spring of the year

Multi-Family**

2012

Average Price – $402,270

Number of Sales – 142

% vs (price) –  +11.8%

% vs (sales) –   +19%

Average Days on Market – 62

Active Listings – 48

Absorption Rate*** – 30 weeks

Type of Market – buyers

Synopsis

Multi-Family

Multi-Family homes had a strong year in 2012.  Both average price and number of sales increased substantially.  With the goverments shipbuilding contract getting closer to fruition a lot of buyers are picking up investment properties to hold for the future.  We may see a slight slow down in this market segment in 2012 as a increase in price of 12% and sales of 19% is not sustainable.

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* Includes single family homes and condominiums

** Includes multi- family homes 2-12 units

***Absorption Rate – The rate at which available homes are sold in a specific real estate market during a given time period. It is calculated by dividing the total number of available homes by the average number of sales per week. The figure shows how many weeks it will take to exhaust the supply of homes on the market. A high absorption rate may indicate that the supply of available homes will shrink rapidly, increasing the odds that a homeowner will sell a piece of property in a shorter period of time.

Buyer’s Market: Over 25 weeks of supply
Balanced/Transitional Market:  22-26 weeks of supply
Seller’s Market: Less than 22 weeks of supply

If you would like more information on the Halifax Real Estate market I can be easily reached by email andrew@halifaxrealestateguy.com or by phone 902-488-0012.

Kind Regards,

Andrew Perkins

Halifax Real Estate Guy

Halifax Real Estate Market Update – November 2012

Halifax Real Estate Market update for November 2012.  The numbers below are based on MLS® statistics for areas 1-40 which encompass all of HRM.

Residential*

November 2012

Average Sale Price – $287,004

Number of Sales – 312

% vs November 2011(price) –  +4.4%

% vs November 2011(sales) –  -34%

Average Days on Market – 92

Active Listings – 2397

Absorption Rate – 33 weeks

Type of Market – buyers

 

Multi-Family**

November 2012

Average Price – $394,727

Number of Sales – 11

% vs November(price) –  -.7%

% vs November(sales) –   -8%

Average Days on Market – 92

Active Listings – 62

Absorption Rate – 25 weeks

Type of Market – balanced

* Includes single family homes and condominiums

** Includes multi- family homes 2-12 units

Synopsis

Residential

November month in the Halifax real estate market saw a significant decline in sales. With the tightening of the mortgage rules by the federal government we have seen a drastic slowdown in the number of sales, decreasing by 34%.  This is due in large part by the speculation bought on by the shipbuilding announcement this time last year .  Average price continued to increase by 4.4%.  After experiencing a sellers market for most of the year we are now in a buyers market.

Multi-Family

Investment properties in HRM saw average price remain the same as 2011 and sales decreased by 8%.  The absorption dropped to 25 weeks making the multi-family market balanced.

If you would like more information on the Halifax Real Estate market I can be easily reached by email andrew@halifaxrealestateguy.com or by phone 902-488-0012.

Kind Regards,

Andrew Perkins

Halifax Real Estate Guy