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In an earlier blog, I discussed the Fall Real Estate Market in the Halifax area. I thought it would be a good idea over the next couple of days to break Halifax and the HRM into separate areas for discussion.  So today, I have for you some sales statistics and trends for downtown Halifax and the Peninsula focusing on single family detached homes and condominiums.

Key indicators for any Real Estate market are:

• Price Trends: the direction where housing prices are going.
• Absorption Rates: the number of weeks a house can be expected to remain on the market based on the previous months sales. This is a very strong indicator in determining if a current market is a “Buyer’s market” or a ”Seller’s market”.

Below are price and absorption rates for single detached homes:

Below are price and absorption rates for condominiums:

Housing prices for single detached homes are holding strong from previous year performance, but generally it is a Buyer’s market. This may indicate that there will be a softening of prices over the short term.

Overall, condo prices have not gained very much in the past 12 months. On the positive side, prices may begin to increase over the next couple of months, as the condo market is generally a Seller’s market.

As always, I can be contacted by e-mail: bruce@listhalifax.com or cell: 497-6865.

Cheers,

Bruce Annis, Halifax REALTOR®

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