Existing home sales were mostly unchanged last month compared to Sept. 2008, while average resale home prices declined for the first time this year.
In September 2009, MLS® sales reached their lowest year-to date level of decline so far this year at 12 per cent.
With 481 sales in September 2009 in the Halifax Area, the third quarter ended down only 1.4 per cent compared to the third quarter of 2008. This follows first and second quarter declines of 26 and 12 per cent respectively.
Through the first three quarters of the year, Dartmouth City (zones 10-17) is the only part of the HRM to see above average sales decreases of nearly 20 per cent.
Halifax County Southwest (zones 9 and 40), Sackville (zone 25) and Fall River-Beaver Bank (zones 26 and 30) saw the lowest declines in the number of sales of 4.1, 6.8 and 6.8 per cent respectively.
The average price of an existing home slipped in September for only the second monthly price decrease in over five years. The decline of just one per cent, however, resulted in the average price, thus far in 2009, settling at $237,000 – which still represents a year-to-date increase of 3.2 per cent!
In 2009, MLS® area Bedford Hammonds-Plains has seen both the highest average price and the highest price growth at $307,000 and 6.3 per cent respectively.
The lowest average price in the Halifax area can be found in Sackville at nearly $179,000. Sackville saw a slight decline of 1.5 per cent in the average price compared to last year.
Inventory levels are virtually the same as last year while the average number of days on market has increased by nearly ten days in 2009 compared to 2008. This, combined with fewer sales, slower price growth and low interest rates, means the market has been becoming more favorable to buyers this year.