The survey showed the average price of a standard condominium rose 13.1% in the first quarter of 2011 compared to the first quarter of 2010, reaching $191,500. Nationally, condos rose just 4% over the same period, according to Royal LePage.
“Prices are up, and in certain areas quite dramatically,” said Matt Honsberger, managing associate broker of Royal LePage Atlantic. “Due to a lack of inventory, central and downtown Halifax listings are receiving multiple offers.”
Condo prices rose the most in the North End of Halifax, up 18.4% to reach an average of $180,000. The average was $152,000 a year ago.
Nonetheless, Honsberger said listings are still selling 2% to 3% lower than the asking price, but he said this is typical for Halifax.
Prices for detached bungalows rose 7.3% in the first quarter compared to a year earlier, reaching an average of $264,833. The average price for standard two-storey homes was $298,000 in the first quarter this year, up 7.1%.
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