The Average Sold price in HRM held its increased value over the previous years by its usual percentage and followed its downward trend indicative of this time of year.
Monthly sales hit another monthly low just above last years numbers but still below the previous 4 years showing a continued lack of Buyer confidence in the market.
Residential inventory remians higher than the previous years with no clear signs of reduction anytime soon.
So sales are down, inventory is up and the price of sold homes is up. What does this mean? I think it means that Buyers are taking their time and exhausting all potential homes, completing their Due Diligence, educating and better preparing themselves for their home purchase. Sellers are holding out for their asking price, following market trends and holding confidence in their homes. Educating themselves and waiting for the right buyer. Typical behavior associated with "Buyers Market".
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..
Photo's by Jeremiah