Let's start the statistic report this month on positive note. Average sold price this month maintains its high-value over all previous years with a marginal 2% increase over 2011. Even with poor sales performance this year, sales values have maintained their constant strength.
It appears as though last month was the peak of the inventory season. Following the annual trend, we should start seeing inventory dwindle as we approach the Christmas season. Availability is still scarce in some areas of the city and homes are selling in certain regions.
Sales this month continued its lackluster performance and showing on the real estate market this month and as a matter of fact for September, it is the lowest it has been in over a decade. Many factors at work here causing this downward trend in Halifax real estate sales and I believe there's outside factors affecting overall performance.
I've talked before about poor sales performance and some of the factors that are weighed when discussing this topic. Some of these factors have included the national housing debate (housing on a downward trend, the new mortgage rules and the biggest thing I believe affecting our market currently is the Irving shipbuilding contract. If you have followed along with the blog and read some of the articles I've posted, you are aware that such a large-scale contract takes a lot of time to put together and come to final agreement. Things are moving along not as quickly as some prospectors would like, and as a matter fact they're still hashing out final details on the defense contract. Statements in the news articles that I have posted confess that the first piece of steel is not be cut for another two years so we still have not seen the economic impact of this contract yet. Positive notes of our market is that we are still seeing high sales values, inventory remains low and demand in certain areas of the city are still up. The other positive note is that property is still selling and quite quickly as well, the average days on market reflects this with week after week of low stats. The market year this year has proven to be interesting to say the least and overall I believe that we are still headed in the right direction. Whats your thoughts? 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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