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Existing Home Sale Prices Up

There were 652 existing home sales in the month of May in the HRM, a decrease of 4.1 per cent from the 680 sales recorded in May of 2009. Sales declined the most in Halifax County Southwest, falling from 61 in May of 2009 to 45 last month. The submarkets of Fall River-Beaverbank and Sackville recored the largest increses in existing homes sales last month of 20 and 13 per cent, respectively constant in May as the city recorded 172 sales compared to 175 a year ago. Sales in Dartmouth City exhibited a sililar trend as 188 sales were recorded lase month compared to 184 in May of 2009.

The average sale price in May was $262,894, which is an increase of 7.5 per cent over last May's average sale price of $244,642. The average sale price increased the most in Halifax County Southwest (26.3 per cent), while the submarkets of Fall River-Beaverbank and Halifax County East also recorded large increases of 16.5 and 15.8 per cent, respectively.

On a year-to-date basis, exciting home sales in the HRM are up 18.7 per cent over last year as each submarket with the excpetion of Sackville posted increases in sales. There have been 2,588 sales through five months of the year compard to 2,180 in 2009.

The Fall River-Beaverbank submarket has recorded the largest increase in sales, 42.6 per cent, while the Halifax City and Dartmouth City submarkets posted year-to-date increases of 25.6 and 23.8 per cent, respectively.

The year-to-date average sale price increased to $251,969 from $237,428 last year as each submarket has recorded a year-to-date increase in price. Lower inventory levels, evidenced by a reduction in active listings in all submarkets, have been exerting upward pressure on average prices for most of the year. The largest increase in price through five months of the year was recorded in Halifax County Southwest where prices were up 15 per cent to $240,112. Bedford-Hammonds Plains recorded the highest year-to-date average sale price of $324,199, an increase of 7.7 per cent over last year. Average price growth in Halifax City and Dartmouth City was more modest at 2.9 and 0.9 per cent, respectively.

Residential Construction

Residential Construction Increased in May

The housing market in the Halifax Regional Municipality (HRM) continued to exhibit stength in the month on May as total housing starts, new home prices and re-sale prices all posted increases. There are 303 total housing starts in the HRM last month, a significant increase over the 126 starts recorded in May of 2009. The increase in total housing starts was due in large part to an increased level of apartment consturction as there were 187 apartment starts in May compared to just 34 in May of last year. Single starts were up over 19 per cent last month to 80 starts. On a year-to-date basis, there have been 992 total starts in the HRM though the first five months of the year compared to 484 starts a year ago as most struction types have recorded strong year-to-date growth. Single starts have increased from 237 in 2009 to 376 this year, an increase of 59 per cent. In the condominium market, there were 98 starts year-to-date compared to seven a year ago. The largest year-over-year increase was recorded in apartment starts where after two years of reduced activity, 379 units have broken ground year-to-date compared to 124 a year ago. The year-to-date average price to the 368 new single-detached home sales this year in $343,623, which is six per cent higher than the average new single-detached home price (of the 422 sales) last year of $323,700. The increase in average price is attributed to a decline in the number of new home sales in below average priced submarkets (including Dartmouth City and halifax County East) and more stable new home sales in above average priced submarkets (including Halifax City, Bedford-Hammonds Plains and Halifax County Southwest).

MLS® Sales And Average Sale Price Increased

In the existing homes market, there were 680 sales last month compared to 522 in April of 2009, representing an increase of over 30 percent. All submarkets, with the exception of Sackville, which posted a 1.9 percent decline in sales, recorded stong sales growth in April. Despite an increase in sales in HRM, average prices remained relatively flat in April, $244,851, compared to $243,465 a year ago.

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