Halifax Real Estate MLS® Market Report July 23/2008
1st Half(January to July) 2008 stats for single family detached, semi-detached, and townhouse including new construction for areas 1 through 40 which encompasses all of HRM.
| Halifax Real Estate Blog Market Update 2008 | |||||
| Month | Average List Price | Average Sale Price | Sale to List Price | Average List Duration | Number Of Sales |
|---|---|---|---|---|---|
| JUL-2008 | 264787 | 258183 | 98% | 80 days | 316 |
| JUN-2008 | 258705 | 252530 | 98% | 76 days | 562 |
| MAY-2008 | 268838 | 263096 | 98% | 75 days | 613 |
| APR-2008 | 250189 | 244374 | 98% | 75 days | 558 |
| MAR-2008 | 252573 | 247693 | 98% | 83 days | 381 |
| FEB-2008 | 244055 | 238662 | 98% | 94 days | 345 |
| JAN-2008 | 248036 | 241041 | 97% | 109 days | 255 |
| Averages: | 256484 | 250601 | 98 % | 82 days | 3030 |
1st Half(January to July) 2007 stats for single family detached, semi-detached, and townhouse including new construction for areas 1 through 40 which encompasses all of HRM.
| Halifax Real Estate Blog Market Update 2007 | |||||
| Month | Average List Price | Average Sale Price | Sale to List Price | Average List Duration | Number Of Sales |
|---|---|---|---|---|---|
| JUL-2007 | 247258 | 242797 | 98% | 83 days | 331 |
| JUN-2007 | 246140 | 239302 | 97% | 72 days | 587 |
| MAY-2007 | 245833 | 240716 | 98% | 75 days | 653 |
| APR-2007 | 237912 | 232958 | 98% | 73 days | 538 |
| MAR-2007 | 233692 | 228264 | 98% | 75 days | 464 |
| FEB-2007 | 227927 | 222499 | 98% | 104 days | 357 |
| JAN-2007 | 211957 | 205833 | 97% | 94 days | 293 |
| Averages: | 237902 | 232395 | 98 % | 80 days | 3223 |
Number of Active listings – 2489
Based on these numbers you can see that the market slowing down a little. There has been a 193 fewer homes sold compared to the same time last year, however the average price has increased by 9.4%. Average days on Market remained basically the same year over year.
What do the numbers mean? Well if you are a seller it is a good time to sell as the price increase we have seen in the last few years are still on the rise but most economists are saying the percentage of increase is going to slow in the coming years. If you are buyer it is a good time to buy as the prices are not going to go down anytime soon especially here in Halifax. This market would be considered balanced.
Looking at other areas in Canada like Calgary, Edmonton and Regina we saw huge price increases over the last 3-4 years but it is starting to catch up with their respective markets. Here in Halifax we have been getting a healthy 5-6% increases year over year. We can look forward to another 4-5% increase this year.
I hope this post gave you some insight into local Market conditions. Over the next coming weeks I will be breaking the numbers down by area for Halifax, Dartmouth, Bedford, Hammonds Plains and Sackville as well as updating stats on the local Condo market. Until next time if you are looking to buy or sell Halifax Real Estate contact me.
Andrew Perkins
Your Halifax Real Estate Expert
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