The slow start to the year here in Dalhousie continues as we had just 3 completed sales in the month of February…and the properties that did sell had been listed on the market for a very loooong time.
As a result the Days on Market (DOM) number is rather skewed this month, coming in at a bloated 360 days with the 3 sales having been listed for 293, 177 & 610 (yes, not a typo…610!) days respectively.
The good news is the overall inventory has remained steady with 31 active properties which is good news at this point. Depending on what date range you take into account, the months of available inventory number varies dramatically. When you look at the past 6 months there was an average of 8.17 properties sold per month which would work out to 3.79 months of available inventory which isn’t to shabby but when you look at the slow sales over the past 3 chilly months there were just 4.67 sales per month which would then work out to 6.64 months of available inventory which would point to a firm buyer’s market.
We by no means have a crystal ball to rely on however our feeling is that there is likely a happy medium between the 2 and we should start to see some additional activity with the arrival of warmer weather (finally) and the emergence of previously hibernating buyers.
So what does these numbers all mean to you? They mean that sellers in Dalhousie still need to be extremely competitive and starkly realistic with their list prices and expected final sale prices and on the other end of the spectrum options continue to abound for buyers looking to call our community home.
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.