2017 was a market year that capitalized on the momentum driven from the late 2016 market push. The result, an interesting market year indeed.
One of the biggest stories of the year was the reduction of inventory. From the record highs of 2015, who knew that just a couple years later that the inventory would be reporting its lowest levels since 2012. There were several contributing factors to this reduction, including fewer listings to market and more active buyers, which certainly helped. Because of these factors, many buyers found themselves with less selection, higher competition, and overall, more of a challenge to find the right property.
Slow and steady wins the race. While the Halifax real estate market doesn't have a Vegas stye market as seen in other parts of the country (looking at you Vancouver!), we do see a more reliable and consistent one. Values overall see small surges from time to time, but ultimately, we are known for slow and steady growth. This even holds true in poor sales years like 2015, where sales were reporting lower than ever and inventory was at record highs, but there was still an increase in property value. 2017 carried this added value to the slow gain market, and beat out every past year, except for September. Hopefully, 2018 can be counted on to carry on with this trend.
2017 was a great year for sales. Somewhat of a slow starter, but when it ignited, the market burned hot well into the winter. The second half of the year reported stronger than ever, and bested many years in overall sales. Where 2015 had high inventory and low sales, 2017 had exactly the opposite. 2017 also witnessed the change in market categories from a Buyers market to a more balanced market. There are certainly some areas of the HRM that have actually tipped into the Sellers market category, especially if priced appropriately. You could feel the turn out there on the front lines, but seeing the overall impact statistically really brings it home.
So 2017 turned out to be the turnaround year for HRM, and a welcomed change for many from the doldrums of the 2013-15 years. Much like 2016 provided the 2017 market year, 2017 is handing the momentum torch to a new year, which has already started on a hot foot. Make sure to stay tuned to the blog, to keep an eye on the market and see if 2018 will continue the turnaround, or if 2017 was a one and done. Thanks for stoping 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