October has been a fairly steady month in the Halifax real estate market for the last four years. For four years in a row now, the sales figures for October have hovered within a 5% range throughout the entire province of Nova Scotia, and Halifax certainly fits within that larger pattern. While there have been some small year-over-year ups and downs, the consistent pattern has been that October is a predictable month. 2016 has certainly proved no exception to the rule.
This year, there were 378 homes sold in the Halifax area in October. This was 1.6% fewer than were sold last year during the same month, falling within that slight margin of change that has been observed over the past four years. However, it is worth noting that while October might be predictable, 2016 is still ahead of 2015 in terms of year-to-date sales activity. Overall through to the end of October, 2016 has seen more homes sold in Nova Scotia than 2013, 2014, or 2015.
Prices Up Very Gradually in the Halifax Market
Along with a relatively steady pattern of sales activity in Halifax comes a relatively steady pattern of prices. Although residential home prices have climbed somewhat in the city, the increase in prices is in no way excessive. The increase of 4.3% on a year-over-year basis is a tiny sliver of growth compared to the rapid price rises that are being seen in much of the country. The average price of a residential property sold in the city during October 2016 was $279.611. The average price of all homes sold throughout 2016 to date showed even less change when compared to the same figure from 2015. This price landed at $286,861, which was only 1.9% higher than the price over the same period of time last year.
Listings in Nova Scotia Down Nearly 10%
The Nova Scotia Association of Realtors monitors listing statistics for the entire province rather than breaking the statistics out by city. Throughout the entire province, there were 1,250 new properties listed for sale in October which was 9.8% fewer than in 2015.
Overall, the month of October has been historically very stable in both Halifax and the entire province of Nova Scotia. Home buyers in the market for a home shouldn’t run into surprises at this time of year. The apparent stability of the market means that historic data should provide some very valuable insight about what the fair market prices of given properties should be.
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