The Halifax Real Estate Blog Monthly Wrap Up For January 2016, by Jeremiah Wallace of ViewPoint Realty
Welcome to the monthly wrap up for January 2016. The year starts off on a fairly good foot, and many will be looking for transition as the year progresses.
Known for its "slow and steady" sales gain year over year, Halifax sellers usually expect an average annual property value gain anywhere from 3-5%, but as we have seen, market value has been anything but predictable. You can definitely point to key months of the year and with confidence claim that each year sees marginal gain month over month. Although the overall trend points that way, there are still months that defy the trend, and end up going their own way. So far, this year has started soft with prices, right on par with 2014 and below that of 2012, 2013 and last year. In fact, the only year that it bested was 2011, which may have been a bad thing if not beings it was 5 years ago. First time home buyer market has heated up accounting for some of the reasoning, but I can't help but think that sales prices are finally correcting as well.
Call it what you will, but is it not interesting that coinciding with overall value reduction is a sales increase? Although the spread here is marginal, sales did manage to start off on a good note beating the last three years January numbers. Usually, we see this number increase over the next few months, so it will be interesting to see when we peak, and where that number rests.
Without further adieu, a slice of positivity for the sellers currently on the market, and those about to test it... inventory reduction! Now, we did see this false crest last year when listings dropped below that of the previous years start only to watch it ballon to record breaking heights later in the year, but there are a few more signs pointing in the right direction so far this year. What 2015 didn't have however, was the solid sales start that 2016 January had. Either way, it may be much too soon to tout a market recovery is on it's way, but the way the stats have been pointing, it certainly lends a bit of hope. 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 twelve years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah