February Market in Review

 

For Nova Scotia and the Annapolis Valley, the “Spring Market” started back in November! The selling season never really slowed down as it usually does once the snow starts flying. In the Annapolis Valley, the number of homes sold in February 2020 is up 20% over February 2019 with 64 sold and closed. The number of days on market continues to decrease as well, dropping 36% from last years February, with properties lasting just 74 days on the market, many times getting an accepted offer within hours or days of being listed.  Low inventory beginning to affect sale prices. The sale price of the homes sold in February across the Annapolis Valley remained virtually unchanged at $177,836. Just a .004% increase from last year.  Even though sale prices in the V2 district of the Valley ( Hantsport to Aylesford) were higher at $195,411, this actually marked a drop in sale prices from last year of $220,763.   With the lack of inventory happening for the past year, it was driving buyers to pay more and increasing home prices between 4-6% across the province. The lack of inventory now is forcing buyers to expand their search parameters to farther away locations and less desirable properties in lower price ranges. These lower homes sale prices do not properly reflective of the actual demand for desirable properties that are not yet on the market.