The Halifax real estate market may to be successful due to the rise of apartment and condo buildings coming out everywhere. However, one division of the business is delaying, say real estate agents offering houses.
Exit Real Estate Professionals broker Scott Grace says this year is one of the most difficult in his career, due to characteristics of slow sales for a number of elements.
“It’s been really difficult with the increasing prices of real estates, and only having a few buyers in store for the market,” he said.
“People are out moving to the west for better opportunities. Baby boomers are now selling their homes and moving to apartments or condos for a smaller space they can call their own. With this element, there has been a great amount of listings in the market.”
As betoken in the Nova Scotia Association of Realtors, there has been 12% drop for residential sales in comparison to last year’s statistics.
In July 2015, around 490 residential units were sold compared to 559 residential homes sold last July 2014. At the same time, the average sale price continues to increase. This July, the average sale price is about $285,000 compared to just under $279,000 last year.
Greater Halifax Partnership lead economist Ryan Macleod described the descending housing trend as a modification in Halifax statistics. A number of young families prefer to buy the booming condo and apartment market. This goes to show that the demand for Halifax real estate is now focused on condos and apartments, more than houses.
“I perceive this as a reflection on the shift of demands towards a new product,” said Macleod.
John Kenny, a realtor for Sutton Group, claims 2015 has been a collapse. Although there are potential sales, the transition from the long winter has also been rough.
“Residential sales from January up till August show proofs that it has been going down by 7% over the previous year. It now takes longer to sell a house, so we have to spend longer days on the market. However, the business remains to be there, and we find ourselves busy at times.
Realtors hopes that the declining housing trend will modify once the national construction program in Halifax gets better. They still hope that selling Halifax real estate houses will turn out better soon.