My weekly look at the state of the Halifax Real Estate Market
This week I am taking a look at the Halifax Real Estate market based on the first quarter MLS stats released by CMHC(Canadian Mortgage and Housing Corporation) late last week. If you would like to know more information about your specific area you can contact me 902-488-0012 or email andrew@halifaxrealestateguy.com.
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By The Numbers for the Halifax Real Estate Market in 2009
It’s the beginning of the New Year and my first day back at it, so to speak. I am sure everyone is wondering what happened with the Real Estate market in HRM in 2008. I am going to break it down by the numbers and compare it to the last 3 years to give you a better perspective of what happened in 2008 and what the future could possibly hold for 2009.
Halifax Real Estate Market update for areas 1-40 which encompasses all of HRM for single family detatched, semi detached, condos, townhouses, mobile homes and new construction for 2008
| Halifax Real Estate Market Report 2008 | |||||
| Month | Average List Price | Average Sale Price | Sale to List Price | Average List Duration | Number Of Sales |
|---|---|---|---|---|---|
| DEC-2008 | 271018 | 259079 | 96% | 125 days | 167 |
| NOV-2008 | 257290 | 248442 | 97% | 106 days | 229 |
| OCT-2008 | 248009 | 241477 | 97% | 92 days | 347 |
| SEP-2008 | 258152 | 250061 | 97% | 86 days | 428 |
| AUG-2008 | 244441 | 238281 | 97% | 79 days | 476 |
| JUL-2008 | 252022 | 244445 | 97% | 78 days | 605 |
| JUN-2008 | 252050 | 246247 | 98% | 81 days | 646 |
| MAY-2008 | 261217 | 255677 | 98% | 80 days | 706 |
| APR-2008 | 243789 | 238362 | 98% | 83 days | 667 |
| MAR-2008 | 245340 | 240486 | 98% | 85 days | 447 |
| FEB-2008 | 236164 | 230777 | 98% | 94 days | 407 |
| JAN-2008 | 240145 | 233061 | 97% | 112 days | 309 |
| Averages: | 250165 | 243706 | 97 % | 87 days | 5344 |
Market update for areas 1-40 which encompasses all of HRM for single family detatched, semi detached, condos, townhouses, mobile homes and new construction for 2007.
| Halifax Real Estate Market Report 2007 | |||||
| Month | Average List Price | Average Sale Price | Sale to List Price | Average List Duration | Number Of Sales |
|---|---|---|---|---|---|
| DEC-2007 | 237375 | 231076 | 97% | 97 days | 234 |
| NOV-2007 | 234007 | 227936 | 97% | 95 days | 383 |
| OCT-2007 | 237669 | 230701 | 97% | 88 days | 429 |
| SEP-2007 | 243007 | 235348 | 97% | 87 days | 441 |
| AUG-2007 | 236618 | 230713 | 98% | 85 days | 540 |
| JUL-2007 | 242494 | 237386 | 98% | 93 days | 561 |
| JUN-2007 | 241706 | 235010 | 97% | 75 days | 680 |
| MAY-2007 | 239595 | 234632 | 98% | 83 days | 775 |
| APR-2007 | 232561 | 227660 | 98% | 84 days | 627 |
| MAR-2007 | 229275 | 223956 | 98% | 92 days | 557 |
| FEB-2007 | 224548 | 219183 | 98% | 114 days | 425 |
| JAN-2007 | 213150 | 207194 | 97% | 100 days | 360 |
| Averages: | 235170 | 229335 | 98 % | 89 days | 6012 |
Market update for areas 1-40 which encompasses all of HRM for single family detatched, semi detached, condos, townhouses, mobile homes and new construction for 2006.
| Halifax Real Estate Market Report 2006 | |||||
| Month | Average List Price | Average Sale Price | Sale to List Price | Average List Duration | Number Of Sales |
|---|---|---|---|---|---|
| DEC-2006 | 235102 | 227734 | 97% | 109 days | 246 |
| NOV-2006 | 216704 | 208972 | 96% | 96 days | 355 |
| OCT-2006 | 219657 | 213271 | 97% | 98 days | 381 |
| SEP-2006 | 228307 | 221237 | 97% | 90 days | 443 |
| AUG-2006 | 228232 | 221459 | 97% | 99 days | 485 |
| JUL-2006 | 218124 | 211352 | 97% | 94 days | 482 |
| JUN-2006 | 213731 | 208620 | 98% | 84 days | 600 |
| MAY-2006 | 227248 | 221344 | 97% | 86 days | 667 |
| APR-2006 | 233124 | 227161 | 97% | 80 days | 493 |
| MAR-2006 | 218737 | 214242 | 98% | 98 days | 550 |
| FEB-2006 | 218299 | 212236 | 97% | 104 days | 376 |
| JAN-2006 | 210985 | 203496 | 96% | 109 days | 293 |
| Averages: | 222374 | 216125 | 97 % | 94 days | 5371 |
A Quick Summary
2006 – Average price was $216,125/Number of sales 5371
2007 – Average Price was $229,335/Number of sales 6012
2008 – Average Price was $243,706/Number of sales 5344
Looking at these numbers it is easy to see that the market is in great shape going in to 2009. The average price is up 6.1% from 2007 and 12.4% from 2006. Number of sales is down 11% from 2007(which was a recrod year) and stayed the same as 2006. Days on market suprisingly went down each year although we are seeing days on market creep up in the latter part of 2009.
You can look for prices to remain stable for the next couple of months and possibly see a slight increase halfway through the year. The number of sales will again go down, for a number of reasons. 1. The economic downturn and 2. No more zero down mortgages, although this could be offset by low interest rates.
I have some exciting plans for my blog in 2009. Keeping checking back for regular updates.
If you are looking to buy or sell Real Estate in Halifax, Dartmouth and surrounding areas do not hesitate to call me anytime at 902-488-0012.
Andrew Perkins
Your Halifax Real Estate Expert
How is the Fall River Real Estate market doing in the last 3 months?
Fall River Real Estate Market update for August, September, October 2008 for single family detached and semi-detached homes
| Halifax Real Estate Blog Fall River Market Update | |||||
| Month | Average List Price | Average Sale Price | Sale to List Price | Average List Duration | Number Of Sales |
|---|---|---|---|---|---|
| OCT-2008 | 364392 | 380067 | 104% | 94 days | 12 |
| SEP-2008 | 294159 | 284697 | 97% | 76 days | 17 |
| AUG-2008 | 345033 | 338189 | 98% | 110 days | 9 |
| Averages: | 328387 | 327483 | 100 % | 90 days | 38 |
Fall River Real Estate Market update for August, September, October 2007 for single family detached and semi-detached homes
| Halifax Real Estate Blog Fall River Market Update | |||||
| Month | Average List Price | Average Sale Price | Sale to List Price | Average List Duration | Number Of Sales |
|---|---|---|---|---|---|
| OCT-2007 | 378485 | 361808 | 96% | 63 days | 13 |
| SEP-2007 | 335392 | 324842 | 97% | 99 days | 24 |
| AUG-2007 | 328565 | 324080 | 99% | 99 days | 20 |
| Averages: | 342825 | 333005 | 97 % | 91 days | 57 |
Number of Active Listings – 131
The Fall River Real Estate market has slowed down in the past 3 months. This has been a normal trend in a lot of areas of HRM. Number of sales are down 33 percent over last year, a huge decrease. The average price is also down slightly by 1.7%. Right now we are seeing a buyers market although there doesn’t seem to be a lot of buyers out there. Inventory is up and sales are down. This has to do with a number of factors. The slowing economy and the steady rise in housing prices.
In the coming months I see the trend remaining the same with not a lot of transactions in the Halifax Real Estate Market. This will continue into next year and hopefully we will start to see a turn around next summer. Surprisingly price continues to rise in most areas of Halifax.
Next week we will have a look at the Sackville Real Estate market. If you are looking to buy or sell Real Estate in Halifax send me an email. I will respond promptly.
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- Dartmouth Real Estate Market Update
- Bedford/Hammonds Plains Real Estate Update
Andrew Perkins
Your Halifax Real Estate Expert
How did the Halifax Real Estate Market perform in the 3rd Quarter?
Sales for the third quarter down 5% year over year and trail 2007 by 7.3% up to and including the third quarter.
Number of sales 2008 = 5325 Number of sales 2007 = 5746
Active Listings are up 16 percent
The only area that had a slight increase in sales was Dartmouth up 2.8% year over year.
Fall River, Bedford, Sackville, Hammonds Plains all recorded double digit declines in the number of sales year over year.
Despite the declines, sales in the third quarter remain at the second highest on record and average price growth remained steady at 6.7%
Areas of Note
Sackville – average price rose by 13%
Halifax North End - 10.5% average price increase
Halifax South End – 19.7% average price increase
Fall River – 9.4% average price increase
Crichton Park/Albro Lake – 13.9% average price increase
Spryfield – 22.4% average price increase
Average days on Market down by 5 days from 84
The Halifax Real Estate Market remains healthy through the 3rd quarter of 2008. Most forecasters were predicting a 2-3% price increase and we continue to see a 6-7% percent increase. What does all this mean? If you are buyer it is a great time to buy. Prices are continuing to rise and inventory is high, thus it is a buyers market. If you are sitting on the fence now is not the time to wait. Our economy in Halifax remains strong in the face of all the financial turmoil going on around the world. If you would like more information on this, or you are looking to buy or sell Halifax Real Estate, Contact me anytime.
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Andrew Perkins
Your Halifax Real Estate Expert
