How did the Halifax Real Estate Market perform in the 3rd Quarter?
Sales for the third quarter down 5% year over year and trail 2007 by 7.3% up to and including the third quarter.
Number of sales 2008 = 5325 Number of sales 2007 = 5746
Active Listings are up 16 percent
The only area that had a slight increase in sales was Dartmouth up 2.8% year over year.
Fall River, Bedford, Sackville, Hammonds Plains all recorded double digit declines in the number of sales year over year.
Despite the declines, sales in the third quarter remain at the second highest on record and average price growth remained steady at 6.7%
Areas of Note
Sackville - average price rose by 13%
Halifax North End - 10.5% average price increase
Halifax South End - 19.7% average price increase
Fall River - 9.4% average price increase
Crichton/Albro Lake - 13.9% average price increase
Spryfield - 22.4% average price increase
Average days on Market down by 5 days from 84
The Halifax Real Estate Market remains healthy through the 3rd quarter of 2008. Most forecasters were predicting a 2-3% price increase and we continue to see a 6-7% percent increase. What does all this mean? If you are buyer it is a great time to buy. Prices are continuing to rise and inventory is high, thus it is a buyers market. If you are sitting on the fence now is not the time to wait. Our economy in Halifax remains strong in the face of all the financial turmoil going on around the world. If you would like more information on this, or you are looking to buy or sell Halifax Real Estate Contact me anytime.
Your Halifax Real Estate Expert