THE HALIFAX REAL ESTATE BLOG MONTHLY MULTI-RESIDENTIAL MARKET STATISTICS AND NEWS REPORT FOR OCTOBER 2012
Halifax Multi Residential Inventory
Multi Residential inventory remains lower then average with only 2010 coming in below it in the last 8 years. This low showing is also being mimicked by the residential real estate market and shows these property types have demand.
Halifax Multi-Residential Average Sold Price
Sale prices are again much like the 2010 market year where there was a large spike in august and a steep spike downwards in the months to follow. Mortgage renewal and portfolio changes may be the cause.
Halifax Multi Residential Market Share
Once again, Duplex's reign supreme in the domination of the Halifax Multi-Residential market. Looking for a property that has 5 to 12 units in it has proven to be a difficult task for many and even more challenging if you are looking for anything over 15. There are only 2 active over 15 unit properties currently for sale on the market and this type of property does sell most of the time without actually going active on the MLS or ICX.
So our multi-residential market sales average is pretty average for this time of year and our inventory remains lower then average, which seems to be the same trend affecting the residential market. With contracts for Irving shipyard addition construction in hand and the ship building contracts themselves gaining momentum, one can't help but look to the not so distant future and think of what the new year will bring. Thanks for stopping by!
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Jeremiah Wallace, CD
Jeremiah has been involved with many aspects of the Real Estate industry for over fourteen years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah