Halifax Real Estate Market Month in Review – February 2012.  The numbers below are based on MLS® statistics for areas 1-40 which encompass all of HRM.  If you would like a market report on a specific area of Halifax, Dartmouth, Bedford, Sackville, Hammonds Plains or Fall River please fill out this form

Residential*

February 2012

Average Sale Price – $269,455

Number of Sales – 447

% vs Feb 2011(price) –  -2.27%

% vs Fen 2011(sales) -  +42.4%

Average Days on Market – 97

Active Listings – 2158

Absorption Rate – 20.9 weeks

Type of Market – Sellers

 

Multi-Family**

February 2012

Average Price – $385,492

Number of Sales – 13

% vs Feb 2011(price) –  +28.8%

% vs Feb 2011(sales) –  +44%

Average Days on Market – 114

Active Listings – 52

Absorption Rate – 17.3 weeks

Type of Market – sellers

 

* Includes single family homes and condominiums

** Includes multi- family homes 2-12 units

Synopsis

Residential

The month of February was a very busy month in the Halifax real estate market.  With 447 sales it was one of the strongest February months on record. Although we did see a price decrease for the first time in a long time.  Albeit only a 2.2% drop.  With that number of sales it is easy to see why.  It is a crazy market out there right now with lots of inventory moving and for the first time in several years we are actually experiencing a sellers market.

Multi-Family

Investment properties in HRM saw average price increase by a whopping 28.8% compared to February 2011.  Number of sales were also up by 44%.  We are starting to see some movement in this market segment. The inventory is still quite low for investment properties and like single family homes and condos we are also in a sellers market.

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