As the summer comes to a close it appears the residential inventory took a vacation with only a 4 stat increase after the ebb and flow of monthly listings and sales activity.
The positive market factor that has stayed consistent and reliable this year has been the residential average price of sold listings. This stat has been strong all year and has stayed the highest value that the Halifax real estate market has ever seen.
And to the negative...At the onset of the year things started slow but the market attitude remained hopeful and optimistic with the ship building contract in hand. "Surly that is going to effect the overall real estate market here in Halifax!" But time and time again (this stat especially) has continued to disappoint on a monthly basis and last month is no exception. As a matter of fact, last month was the second lowest sales performance this year and the overall worst August sales that Halifax has seen in 8 years! I still think that lower then normal inventory is a minor contributing factor, as well as the summer factor but there must be other elements at play here contributing to the state of our real estate market. Many investors, speculators and home owners/buyers are still holding out for the final wrinkles in those ship building contracts to be ironed out before they make any decisions. However, the passive real estate traffic (the normal market ebb and flow) rate seems to be unusually slow this year as well. Its hard to predict the future of our market this year so hard facts and market reporting will indicate any change of the current state of affairs for Halifax real estate. Good thing this is the place to find what you need to stay on top of the market! Happy labour day everyone!
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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..
Photo's by Jeremiah