As expected, July witnessed the highest inventory levels that Halifax has ever seen. 221 more units than the record breaker that we had last year. If Annual trend holds true, than we should see the inventory slowly decline for the rest of the year.
Values remained solid in July, averaging just over the $281k mark. Month over month this stat has been steady, with slow growth and minimal sway from the upward momentum. Although we are not in the greatest market, ROI seems solid, if you can sell that is.
Not much of a peak here, just a return to the valley. Sales seem to have peaked in May this year so far, which has, oddly enough, been the trend for the last three years. The three years prior (09,10,11) all had decent sales spikes in June.
With no changes to the market over the last few years, we seem to be following the "high inventory, high value, low sales" trend. A very strange market indeed, where all signs would point to a "buyers market", but with sales remaining strong, sellers seem to be holding out for what they think they're properties should sell for. There is a lot of products on the market, but good quality properties at good prices are still being snapped up in certain areas of the city. Seems almost to be a vulture mentality on the market where the landscape has dried up, and savvy buyers circle in wait for the "new meat" of the market, swooping in once discovered, sometimes two or three at a time. So although it has not been a great market year so far, there is still action out there, and people are finding ways to buy and sell in it.
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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