Halifax Real Estate Market update, December 3, 2008
How has the real estate market in Halifax performed in the last two months? With all the doom and gloom in the financial sector of the news lately I figured it would be a good time to look at the HRM real estate market as a whole compared to the previous year.
Market update for all areas of HRM for October, November 2008. Based on MLS stats for single family homes, condominiums and new construction.
| Halifax Real Estate Blog Market Update 2008 | |||||
| Month | Average List Price | Average Sale Price | Sale to List Price | Average List Duration | Number Of Sales |
|---|---|---|---|---|---|
| NOV-2008 | 248024 | 238845 | 96% | 104 days | 239 |
| OCT-2008 | 240011 | 233161 | 97% | 89 days | 383 |
| Averages: | 243090 | 235345 | 97 % | 95 days | 622 |
Market update for all areas of HRM for October, November 2007. Based on MLS stats for single family homes, condominiums and new construction.
| Halifax Real Estate Blog Market Update 2007 | |||||
| Month | Average List Price | Average Sale Price | Sale to List Price | Average List Duration | Number Of Sales |
|---|---|---|---|---|---|
| NOV-2007 | 229987 | 223989 | 97% | 98 days | 409 |
| OCT-2007 | 228744 | 221646 | 97% | 87 days | 479 |
| Averages: | 229317 | 222725 | 97 % | 92 days | 888 |
Total Active Listings – 3063
As you can see from these numbers the market is definitely softening over the last two months. Sales are down by 30% over last years numbers. Albeit last year was a record for sales but this is still a significant decline. The silver lining I guess is that price continues to increase. The average price has increased by 5.6%. Days on market has also increased by 3 days which is not too significant.
Right now we are seeing a buyers market in the Halifax Real Estate market. There is a lot of inventory out there and not a lot of buyers. Homes are sitting on the market for a long time. If you are looking to buy real estate in Halifax now is as good a time as any. There are deals to be had.
If you would like more info on market stats in your area, send me an email or call 902-488-0012. I would be more than happy to answer any questions you may have pertaining to real estate in Halifax, Dartmouth and surrounding areas. In the coming weeks I am going to be looking at HRM by design and new condo projects coming on board, so stay tuned for that.
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Andrew Perkins
Your HRM Real Estate Expert
Nice blog, I will check back again for updates.
Very useful information, interesting to see how the market is in Halifax.
Ryan Philipenko – Edmonton Real Estate
Very interesting for me as a Fraser Valley realtor to see what is going on in Halifax, keep up the good work!
Sharon Hollas – Langley Real Estate