Halifax Real Estate Market – 2nd Quarter Update 2013

 

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.

__________________________________________________________________________

* 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


Comments are closed.