 In October, MLS® sales reached 493 units, growing 22.6 percent compared to October 2008. The monthly figure was just 2.4 per cent compared to October 2008. The monthly figure was just 2.5 percent off the October monthly record set in 2007 when MLS® sales reached 506. On a year-to-date basis, existing home sales are now down less than 10 percent-the lowest level of decline this year.
During October, all Halifax submarkets recorded increased level fo sales activity except for Dartmouth City which remained unchanged. The largest monthly increases were in Fall River-Beaver Bank and Bedford-Hammonds Plains with sales growth of 56.5 and 54 percent respectively.
Through ten months of the year, Dartmouth City remains the only submarket with an above average decline at 18.4 percent. Halifax City was next at 7.1 percent while Halifax County Southwest, Bedford-Hammonds Plains and Fall River-Beaver Bank recorded the lowest declines of 2.3, 2.8 and 3.1 percent respectively.
The average price of an existing home increased to 3.2 percent for the year reaching $236,850 as of October. Bedford-Hammonds Plains and Dartmouth City are recording the largest price increases in 2009 with 5.4 and 4.5 percent growth through ten months of the year.
Active listings climbed in October reaching 4324 and recording 26 percent growth while the average time to sell a home in 2009 increased by nearly ten days. These factors, combined with fewer sales, slower price growth and historic low interest rates, contribute to the market continuing to be more favourable to buyers than sellers.
To view entire article go to www.chmc.ca look for " Housing Now-Halifax CMA-Date Released: November 2009".
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