Oddly enough, the inventory actually declined a little last month going against the annual trend. Seems that the early year market buzz has wained, and we have settled back into lacklustre market activity.
After a slow start to the season, and what appeared to be the start of a price correction trend, average sales prices bumped back up again to take the top spot overall. So although there is a lot to choose from out there, sellers are holding on to their prices.
Not really surprised here as sales continue to slump all over Halifax. Lowest sales count for February in over a decade, with a measly 305 sold on the books (not including private sales). So our high inventory/low sales trend continued on in February, and the woes of the down market continued to take their toll on all connections to the purchase and sale of property, not just sellers.
Reporting from all areas of the industry, mortgage specialists, lawyers, insurance brokers, inspectors, Real Estate agents, bankers, have all chimed in with regards to the poor market and lack of activity. At this point, there is not a whole lot of people that I meet, including property buyers, that do not know the current state of affairs here in Halifax. Some looking to get in while the market is soft, and others waiting to get in until the market improves. Unfortunately, it looks the unforgiving market is going to hang around for a bit longer, and we can only hope that the Spring will turn things around with warmer weather and renewed interest. Thanks for stopping by!
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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 leave a public comment or question below. 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.
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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