The constant positive market factor, for sellers at least, is the fact that sale values have remained strong in our market. Many buyers and analysts still cry for a price correction, and have fingers to point at who they feel are responsible for the lack thereof. Then again, speculation is tossed around by the best of us when the root of cause is unknown. Still, for sellers, this value strength is a positive handle to hold onto.
As predicted, the slow start to the year caused a delayed listing reaction, which caused a bit of a tidal flood of listings to the market in May, beating out all other years and setting a record high. The third consecutive year over the 5,000 active listings, and the third consecutive year that has beat out the previous. Being on the frontline of the market, I can attest to the sea of listings that swell HRM neighbourhoods, and the challenge that buyers face finding a property. Although there are many listings currently active, the challenge for buyers is to wading through them all to find the right fit. Sometimes the buffet can be too large.
Although weather can be a factor with the reluctancy to get out there and look at homes, we have been freed from the poor weather over the last couple of months, and it still appears that we are not able to shake the "lack of sales" blues. As the season carries on, for now, it appears that the buyer/seller gap continues to widen as sales are fewer and listings greater. As you will see buy the graph, annual trend indicates a sales peak in May and June, followed by a taper into the winter. One can hope that the annual trend is a reverse year, right? If not, it may prove to be a long year for some sellers.
LET ME HELP YOU OUT
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 property 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.
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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