The final numbers are in for the month of February and they are eerily similar to what we saw last year over the same time period.
There were just 3 sales this past month and all 3 were detached singe family homes that were in largely original condition. There are currently just 25 active listings across all property types in Dalhousie which is 13% lower than the 31 listings available last year, so overall it was a positive month despite the low number of completed transactions.
The overall Days On Market (DOM) number was lower than January coming in at 55.3 days but with such a small sample group it is not necessarily indicative of the current market conditions.
The most interesting factor still lies with the decreased number of listings as we have just 2.7 months of active inventory based on the 12-month rolling average in Dalhousie. We do expect to see more properties hit the MLS as we get closer to the arrival of ‘real’ Spring but if lower inventory levels persist, we could start to see a shift away from a buyer’s market.
The activity across the city has continued to build on the strong start to the year with a 23% increase in sales over last February, however to put the increase into perspective, last February marked one of the slowest sales activity months since the early 90’s so it would have been hard not to improve upon.
Looking further into 2020 it is difficult to tell how things will play out with positive factors like a drastic cut to interest rates and loosening of mortgage stress test rules battling against the negativity with the Coronavirus COVID-19 outbreak and the tanking of world oil prices as a result of the escalating price war between Russia and Saudi Arabia.
If you are thinking of making a move or if you would simply like a complimentary professional comparative market evaluation on your current property, please let us know.
For a closer look at all of the active listings in Dalhousie please click on the link below.