Current Halifax Market Report
Halifax Real Estate Market Update – 1st Quarter 2013
Halifax Real Estate Market Update - 1st Quarter 2013. The numbers below are based on MLS® statistics for areas 1-40 which encompass all of HRM.
Residential*
1st Qtr 2013
Average Sale Price – $289,776
Number of Sales – 858
% vs 2012(price) – +2.6%
% vs 2012(sales) – -34%
Average Days on Market – 94
Active Listings – 2812
Absorption Rate*** – 39 weeks
Type of Market – buyers
Synopsis
The 1st quarter in the Halifax real estate market saw a huge decrease in the number of sales(34%). This can be attributed to the speculation of the governments shipbuilding announcement last year which caused a significant uptick in the first quarter of 2012. The tightening of the mortgage rules also caused a decrease in sales. Prices continued increase at a steady pace of 2.6%.
Multi-Family**
1st Qtr 2013
Average Price – $426,572
Number of Sales – 22
% vs 2012(price) – +26%
% vs 2012(sales) – -31%
Average Days on Market – 84
Active Listings – 66
Absorption Rate*** – 31 weeks
Type of Market – buyers
Synopsis
Multi-Family
Multi-Family homes saw a significant price increase in the first quarter increasing by 26%. As was the case with single family residential sales were down substantially(31%).
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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
