HALIFAX REAL ESTATE MARKET UPDATE FOR NOVEMBER 2012. THE NUMBERS BELOW ARE BASED ON MLS® STATISTICS FOR AREAS 1-40 WHICH ENCOMPASS ALL OF HRM.
Residential*
November 2012
Average Sale Price – $287,004
Number of Sales – 312
% vs November 2011(price) – +4.4%
% vs November 2011(sales) – -34%
Average Days on Market – 92
Active Listings – 2397
Absorption Rate – 33 weeks
Type of Market – buyers
Multi-Family**
November 2012
Average Price – $394,727
Number of Sales – 11
% vs November(price) – -.7%
% vs November(sales) – -8%
Average Days on Market – 92
Active Listings – 62
Absorption Rate – 25 weeks
Type of Market – balanced
* Includes single family homes and condominiums
** Includes multi- family homes 2-12 units
Synopsis
Residential
November month in the Halifax real estate market saw a significant decline in sales. With the tightening of the mortgage rules by the federal government we have seen a drastic slowdown in the number of sales, decreasing by 34%. This is due in large part by the speculation bought on by the shipbuilding announcement this time last year . Average price continued to increase by 4.4%. After experiencing a sellers market for most of the year we are now in a buyers market.
Multi-Family
Investment properties in HRM saw average price remain the same as 2011 and sales decreased by 8%. The absorption dropped to 25 weeks making the multi-family market balanced.
If you would like more information on the Halifax Real Estate market we can be easily reached by email info@realtypartner.com or by phone 902-877-1787.
Kind Regards,
The Realty Partners
