Like this:

On Friday, I commented on sales trends and statistics for Halifax and the Peninsula. So today, I have for you some sales statistics and trends for Bedford and the Hammonds Plains area, which will again focus 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:

Single family housing prices for Bedford and the Hammonds Plains area have had great price increases over the past 12 months. When I look at the absorption rate chart for  Bedford, I see a balanced market (the market is not favoring Buyers or Sellers). Prices for Bedford will likely stay their current course. The Hammonds Plains area however, is a Buyer’s market right now. This may be in indication that housing prices for the Hammonds Plains area will begin to drop.

Below are price and absorption rates for condos:

The condominiums in Bedford and the Hammonds Plains area show a very different picture from the single family homes. In 2009, prices for condos soared up 36% for both of these areas, but over the past 12 months, both areas have had double digit price decreases. When I look at the absorption rate chart, I see it is a heavy Buyer’s market. I believe the condominium market became a little inflated 2 years ago, and has corrected itself over the past 12 months. It will be interesting to see what happens over the next 6 months.

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

Cheers,

Bruce Annis, Halifax REALTOR®

Advertisement