Halifax Real Estate Market 1st Quarter Review – February 2012.  The numbers below are based on MLS® statistics for areas 1-40 which encompass all of HRM.  

Residential*

Jan – March 2012

Average Sale Price – $281,168

Number of Sales – 1278

% vs 1st Qtr 2011(price) –  +2.7%

% vs 1st Qtr 2011(sales) –  +21%

Average Days on Market – 97

Active Listings – 2456

Absorption Rate – 21 weeks

Type of Market – Sellers

Multi-Family**

Jan – March 2012

Average Price – $346,496

Number of Sales – 28

% vs 1st Qtr 2011(price) –  +16.5%

% vs 1st Qtr 2011(sales) –  -15%

Average Days on Market – 92

Active Listings – 62

Absorption Rate – 29 weeks

Type of Market – buyers

* Includes single family homes and condominiums

** Includes multi- family homes 2-12 units

Synopsis

Residential

The first quarter in the Halifax Real Estate market saw gains across the board.  Average price was up 2.7% and the number of sales were up 21% compared to 2011.  The market has definitely been hot lately.  Their are lots of competing offers.  The absorption rate still sits at 21 weeks which constitutes a sellers market.  If a property is priced right it should’t take too long to sell with these market conditions.

Multi-Family

Investment properties in the first quarter in HRM saw average price increase by a 16.5% compared to February 2011.  Number of sales decreased by 15% .  We are starting to see some movement in this market segment. Now that the spring market is here  inventory is up for investment properties and we are seeing a slight buyers market.

ATLANTIC CANADIANS SAY IT MAKES SENSE TO BUY A HOME RIGHT NOW: RBC POLL

TORONTO, March 9 /CNW/ - Almost three-quarter of Atlantic Canadians (74 per cent) think it makes more sense to buy now than wait until next year, higher than any other region in Canada and 19 per cent higher than the national rate, according to the 18^th annual RBC Homeownership Study.

Overall interest in purchasing a home has declined slightly in the region, with 24 per cent indicating that they are likely to buy in the next two years, down two points from 2010. However, among those looking to buy a home, 43 per cent say they intend to buy within the next year, higher than any other province.

According to the poll, an overwhelming majority of Atlantic Canadians (92 per cent) believe that real estate in Canada is a good long-term investment and 54 per cent say it's a buyers market, up eight points from last year and 14 per cent higher than the national average.

"Overall confidence in real estate is high in Atlantic Canada with the majority of homeowners seeing the benefits of owning a home," said Heather McLane, Regional Sales Manager, Mortgage Specialists. "But there's a lot to consider when buying a home, including closing costs and maintenance on the property. The proper research and advice from a mortgage advisor can help you be prepared for these unexpected costs so that it fits into your overall financial plan."

The poll found that a majority of Atlantic Canadians feel that the value of their home has increased in the last two years, on par with the national average. Homeowners in the region are also confident in their efforts to manage their mortgage debt, as 87 per cent say they are doing a good or excellent job of paying down their mortgage, three points above the national rate.

Atlantic Canadians indicate they are looking to buy the following types of homes according to the 18^th Annual RBC Homeownership Poll:

• Detached house 72 per cent
• Condo/loft 5 per cent
• Semi detached house 10 per cent
• Townhouse 9 per cent
  
  From Newswire.ca
  

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