Since the beginning of the year, the average selling price of property in the HRM was shaky at best. Throughout most the year, values dipped below the regular annual gain, and below previous years heights. Since September, values have remained below those of 2013, which could be indicate the natural market reaction of a price correction given our conditions over the last few years.
Inventory should be no secret or surprise to anyone, it was high...really high. Records where smashed again last year because of this statistic, which remained above average for the majority of the year. On a positive note, inventory plummeted in the last month of the year, and ended up reporting below 2013's numbers which may give sellers a fighting chance in the new year, if the current trend holds.
Where to begin with sales. Again, no real surprises here (unless this is the first time reading the blog), and improvement by means of active buyers seems to be just a hope for the new year at this point. For the majority of the year, sales numbers have tanked lower than eight years ago in some months, and on average, reported below the previous five years showings more than 50% of the time. That's not an impressive marker to have leading into what is rumoured to be a "turn-around" year for Halifax. Things could change however, and when they do, it can happen relatively fast.
So with 2014 in the books, we will have to take the good with the bad and persevere into the new year with renewed optimism. Property values are on the way down, as well as inventory, so with an injection or market bump we may yet see a recovery in 2015. Irving has edged closer to ramping up the government contract, with boasts of a start as early as September 2015. From a property prospective, that would mean the hiring process and the relocation of individuals to carry out the work should begin much sooner. Couple that with speculation of a mortgage interest rate hike, and it might be the motivation buyers need to finally commit to making that property decision.
Either way, 2015 should prove to be another interesting year to say the least and I, for one, am looking forward to seeing how it all plays out. Make sure to stay tuned to the blog to track the market in the new year, and remember, I'm just a call or email away if you have any questions, or are looking to get rolling with your property plan!
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Have a question about the Halifax Real Estate market? Thinking this might be the time to purchase or list your property? I can provide you with a complimentary comparative market analysis or you can Contact me to advise you on your best plan of action for your real estate transaction and get the most advanced real estate system working for you. Feel free to contact me with questions or comments. Follow me on Twitter to keep up to the minute with all things Halifax real estate @HalifaxRealEst and friend me on Facebook and Google+ :) Please note that these opinions and comments are solely mine and mine alone. 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 fourteen years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah