We often hear in the media how the Real Estate Market is doing, but do we really take the time to find out what all these numbers and percentages mean? In the Halifax-Dartmouth area there are, at the time of this writing, 4243 active listings. Also in the Halifax Dartmouth area there are 28 sub-districts. Each of these areas have their own real estate trends. By consulting a Real Estate professional we can help you see what the market is in your specific area.
Each year in Real Estate we see different trends emerging. One of the most important pieces of information that you need though is how is the market in your area? Here are some statistics from the Nova Scotia Association of Realtors® for the previous three years. These numbers reflect the Halifax-Dartmouth area as a whole. Specific neighborhoods may be different. These stats are for the months of September to October for three consecutive years.
From September to October of 2013 there were 1393 new listings, 649 were sold. The average Days On Market (DOM) for a sale was 101 days.
In the same months in 2014, there were 1326 new listings with 637 being sold. DOM was 109 days.
During 2015 there was 1111 new listings with 324 being sold. The DOM were approximately 87.
The percentage of listings to sales was 46.59% in 2013. In 2015 this has dropped to 29.16%
Again, what do all these numbers mean to you, the homeowner or perspective buyer? It really depends on a lot of other variables. Please consult an industry professional for further details!