Another Record Month Ladies And Gentlemen!
The Average Sold Price settles back down from last month's jump settling in just over the 240K mark. Not a record breaker by any means but it holds its overall annual gain over all previous years. Last season was really the only year that jumped over this years stats a few times, but not enough to knock this year out of first.
So after last month's shocking record breaking month, the holiday season finally cools the simmering real estate market. Most of the year was a sleeper until the news of the ship building contract woke it up. Home buyers pulled the trigger on the purchase of a new property to get the best deal before the projected 12% market price increase.
So heres the record breaker of the month. Not of all time like last months sales, but for the last eight years. Inventory is a key ingredient in the making of the market, buyers being the other. These two elements are what drive the market up (Sellers market), or down (Buyers Market). So I will now direct your attention to the current market conditions. We have a medium to high demand (as per sales) in property and the inventory has taken a sharp decline. Combine these elements with an influx of buyers (shipbuilding contract residual effect) and we have a recipe for a boom market. Of course there are many other factors that come in to play, but property is generally a supply and demand type product that is driven by this equation. In any case, I am looking forward to the new year in the Halifax real estate market and its ever changing elements.
Check in every Thursday for the weekly Halifax real estate stats update and news. Make sure to follow me on Twitter to stay informed with all things Halifax real estate and check out my Facebook pages for enhanced listing information. Feel free to leave a public comment or question or contact me for any personal inquiries.
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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