Market Update September 2018
Below are Highlights for the Kings County (V2: Hants Border to Auburn) real estate market ending September 2018.
Number of Sales: Up by 11.5% at the end of September compared to the same period last year. However, the seasonal slow down typical in November, December and January could lower that percentage.
Average Sale Price: Up by 2.6% year-to-date.
Average Days on Market: Down to 110 compared to 120 last year (this means the average number of days it took to sell the homes sold to end of September this year).
Months of Inventory: At 6.9; this is an all time low compared to last year at 10.3 (this means that if no other properties were listed for sale, and at the present rate of sales, there would only be enough inventory to last 6.9 months. Normally, it would take 10 or more months; a few years ago it was as high as 24 months.)
Sales to Listing Ratio: 62% compared to 53% for the same period last year.
All of the above data indicates a “Sellers Market”, a much improved market for sellers. Number of Sales and the Average Sale Price are both up, whereas, Days on Market and Months of Inventory are both down. All good for the seller.
What are the implications?
For a seller: Very favourable to selling quicker than a few years ago and for more money.
For a buyer: The implications for a buyer in this type of market are not as favourable, with less inventory to choose from and increasing prices.
If you have any questions about the market, feel free to contact us at any time. Would you like a estimate of the market vale of your home, fill out our contact form here.