2016 carried the momentum that the end of 2015 provided, but seemed to have tapered off into the winter months. Solid reports though, but definitely room for continued improvement.
The inventory reports for 2016 stayed pretty much in line with 2013, which was a decent year, but not one of the best ones we've seen in the last 6 years. 2015 reversed the increasing trend, and that carried though to the end of 2016 but not as much as hoped. New additions week to week reported less then the previous few years, and with more buyer activity early in the year this stat was expected to improve more then it did. But the vacancy of buyers in the second half of the market year kept the inventory from decreasing to its potential bottom.
Sale values usually see an upward trend year over year, and 2016 was no exception. Although the values started low in January, they picked back up the following month and continued to maintain their heights for the remainder of the year. It's a slow gain market here in Halifax, with average gains of 1-5% respectively, and it's good to see this holds steady regardless of the other influencing market factors.
What started out as a promising sales year quickly turned average by around the midpoint of the year. Although July usually sees the rapid decline of sales activity, 2016 experienced a rather steep drop which caused a report lower then the previous 5 years. Sales did recover a bit in August however, and continued to report averagely for the remainder of the year but I can't help to think how the market would have reported if the inventory numbers reported closer to the 2014/15 market years. My guess is that it wouldn't be good. But that wasn't the case, and hopefully buyers are back out in full force in 2017.
So a mixed year indeed, but one that saw recovery in some aspects and gains in others. The big note for 2016 is that the record inventory heights being reported during the 2014/15 market years was put back in line, and for the most part, stayed that way. We ended the year just below the inventory levels of 2015, but just barely. The last half of sales really took a toll on the remaining year, and I'm curious how this activity will affect 2017. Stay tuned to the blog to keep track of the market year, and stay informed with all things Halifax real estate. 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 twelve years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
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