We had another strong month of sales in September considering the weather wasn’t all the ‘Fall-like’ with 11 completed transactions. The mix of properties was again spread across several categories as we had 6 detached single-family home sales, 3 apartment sales (all in the Phoenician complex) and 2 rowhouse transactions.
The number of sales was lower than the 14 registered in September of 2018 but the big change comes in the inventory level as we have just 35 active listings compared to 47 last year, which marks a reduction of almost 26% year over year. Based on the past 6 months of sales the current inventory level works out to 3.0 months of available listings which is bordering on a balanced market and something we haven’t seen for some time. As alluded to last month however it is important to keep in mind that despite an anticipated strong October, the past 6-month period has represented what is generally the busiest time of the year.
The average Days on Market (DOM) numbers for the sold properties came in at 52.9 days which is a slight uptick from August and was pushed higher by 2 listings that spent more than 160 days on the MLS. On the opposite end we also had 5 properties that sold in less than 17 days so there was activity at both ends of the spectrum.
Despite the positive numbers in the community, the market as a whole is still feeling the effects of the lingering economic downturn so impactful events like the upcoming federal election and the beginning (or further delay) of the Trans-Mountain pipeline construction will go a long way to determining the mood of the market.
Let us know if you are thinking of making a move or if you would simply like to know the current market value of your home and we would be happy to complete a complimentary professional property evaluation.
For a closer look at all of the active inventory in Dalhousie please click on the link below.