Halifax Real Estate Market – 2012 Year In Review

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


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