How did the Halifax Real Estate Market perform in the 3rd Quarter?
Sales for the third quarter declined 5% compared to the 3rd quarter in 2007.
After three quarters, there were 5325 sales in 2008 compared to 5746 in 2007.
Active Listings are up 16% compared to 2007 numbers! That's 3463 listings in Sept 2008!
The only area that had a slight increase in sales was Dartmouth up 2.8% from 2007 numbers.
Fall River, Bedford, Sackville, Hammonds Plains all recorded double digit year to date declines in sales.
Despite the declines, sales in the third quarter remain at the second highest on record and average price growth remained steady at 6.7% for the year!
Areas of Note
Hammonds Plains (area 21) - 2.5% average price increase
Timberlea/Tantallon (40) - 2.8% average price increase
Bedford (20) - 7.8% average price increase
Fall River (30) - 9.4% average price increase
Halifax North End (4) - 10.5% average price increase
Sackville (25) - average price rose by 12.8%
Halifax South End (2) - 19.7% average price increase
Spryfield (area 7) - 22.8% average price increase
This average price increase can be attributed to the increase in sales for homes priced over $250,000 in HRM in 2008 compared to 2007. Home sales under $250,000 has decreased.
For 2008, the average selling times have shortened by 5 days to 84. Sale to list ratio continues to be high at 97% of list price!
The HRM Real Estate Market remains healthy through the 3rd quarter of 2008 with an overall increase in average sale prices of 6.7%.
What does this mean to you?
If you are buyer - there is a great number of homes on the market to choose from.
If you are a seller - property owners are continuing to receive decent returns on their home/real estate investments.
If you are sitting on the fence now is not the time to wait.
CMHC and the Government also continues to support Canadian mortgages by purchasing over $25 billion in mortgage pools!
Halifax & area real estate market remains strong despite the financial turmoil occuring in the USA and around the world.
If you would like more information on this, or you are looking to buy or sell Nova Scotia Real Estate Contact me anytime.
Paulette & Richard
Century 21 Admiral Cove Realty
Bedford, NS
1-877-C21-ADMI
paulette.upshall@century21.ca
PROUDLY SERVING BEDFORD, HALIFAX & BEYOND!
