As we dive into April's market update, it's clear that momentum continues to build throughout the spring. With an average sold price of $562k, marking a 6.5% increase from this time last year, homeowners are witnessing steady appreciation in their property values. The number of sales has surged by 9%, totaling 1028 transactions year-to-date, once again pointing towards steady buyer activity. With 868 homes currently listed for sale, up by 20% compared to April 2023, there is slightly more inventory to explore for buyers. Additionally, the uptick in new listings by 21% provides more options for those seeking to make a purchase. Despite a slight increase in days on market to 41 days, compared to 36 days last year, homes are still moving relatively quickly off the market. However, with the current months of supply sitting at 2.1, up from 1.8 in April 2023, we continue to observe a sellers market. Dive deeper into these trends in our market update video above and let us help you navigate the Halifax real estate market with confidence!
Halifax Real Estate Market Report - March 2024
As March comes to a close, we are once again, firmly entrenched in a sellers market. With an influx of buyers entering the market just in time for spring, the number of sales saw an 18% increase over February. The average sold price in Halifax in March was $566K, up just 2% year-over-year. Inventory continues to hold relatively steady, sitting at 1.9 months of supply. Buyers are likely to experience considerable competition, especially within the “Under $500K” price range. Follow along with the market stats video above for some of the key insights shaping todays local market!
Halifax Real Estate Market Report - February 2024
As we conclude the month of February, we are still firmly entrenched in a seller’s market. However, the beginnings of a spring market are on the horizon. Prices held steady in February, down two percent over January 2024. The number of sales increased a whopping forty percent over last month, pointing towards a shift in the market. We’ve seen a slight uptick in inventory, but again, with spring just around the corner, it’s likely that buyers will flood the market in the coming months resulting in a more competitive market for all. Check out the video above for a more detailed overview of the Halifax Real Estate Market in February!
Halifax Real Estate Market Report - January 2024
As the holiday season draws to a close and many return to the hustle and bustle of everyday life, the real estate market is following suit. The number of sales held steady this month at 227, while the average sold price continued to climb by 9% from this past December. Given that it is still early in the year, we are likely to continue seeing some shifts as we enter the spring market. New listings saw a significant uptick, with 414 coming to the market in January, marking a 160% increase over December. Although there were numerous new listings this past month, inventory continues to hover around the 2.0 mark. Follow along with the video above for a more detailed overview of January’s market stats!
Halifax Real Estate Market Report - 2023 Overview
Check out our 2023 Market Overview
As 2023 came to a close, the Halifax Real Estate Market held steady. With an average sold price for single-family homes of $545K, up just one percent over last year, we began to see some stabilization in the market. The number of sales are down year over year, and with low inventory, we are in the midst of a strong sellers market. Expect to see some competition amongst buyers resurface; especially with properly priced properties. Click the video above to get the full re-cap of the 2023 market and make sure to stay tuned until the end of the video for Andrew’s 2024 predictions!
Halifax Real Estate Market Report - November 2023
Inventory Increases.
The Halifax Real Estate Market is taking a breather as the holidays draw near. Inventory's been on a steady incline for another month, boasting a solid 946 single-family homes and condos currently for sale. That's 77 more listings than we had just last October. Great news for buyers! More inventory translates to more choices and less elbowing in the race for that perfect property. While we're not entirely out of the seller's market, this uptick in inventory sets a promising tone for what lies ahead.
Now, onto the sales scene. Single-family homes are holding their ground with a slight uptick, while condos are taking a bit of a breather this past month. The numbers are very similar to this time last year. Winter's settling in, and as tradition has it, November and December often see a slowdown as Halifax residents shift focus to holiday festivities rather than home hunting.
Sold prices are following a similar trend. Single-family homes are on a modest rise, and condos have decreased slightly. When looking at all property types, however, November has seen a 5% price increase overall when compared to last year. We're past the 2021 and 2022 times of 20+ offers on a property. The bidding wars we see typically now (if there are any) are around less than 5 offers, in our experience.
Single-family homes are still selling in about a month – no change from last year's pace. Condos are taking a bit more time to find their buyer, typically selling in just over a month. This trend has been consistent since fall, and our outlook suggests it's likely to continue through the winter. Sellers take note: price it right, especially if it's under $750K, and your property will likely find its buyer within a month or so.
With an average of 2.3 months of inventory, we're still comfortably seated in a seller's market. That being said, we are witnessing small shifts every day. With more inventory, a deceleration in price increases, and a tad more time on the market, the prospect of a buyer's market is on the horizon. Sellers, if you're contemplating a move, consider making that decision sooner rather than later. And buyers, it’s not as scary out there as it has been in the past couple of years – the times are evolving, and we're here to ensure your success in this ever-shifting market. Cheers to navigating Halifax's real estate landscape together! 🏡🤝
Author: Jordan Gunn
Real Estate Assistant
Andrew Perkins Real Estate
Keller Williams Select Realty
Halifax Real Estate Market Report - October 2023
Prices Stabilize.
There are currently 970 single-family homes and condos for sale in Halifax and surrounding areas. This is a 25% increase from this time last year. More properties are coming to market as new municipal restrictions come into place on short-term rentals. We expect this trend to continue in the winter months, with inventory remaining at a surplus when compared to last year.
Sales have also increased in both single-family homes and condominiums. This may be due to having more inventory than last year. There is less competition in this market when compared to last year, as many buyers have been sitting on the sidelines due to the rising interest rates and cost of living. Now that the Bank of Canada has held its 5% for the second time in a row, buyers may be starting to feel more confident in purchasing again.
Prices continue to climb but nowhere near the rate as previous months. We may even see a small price decline in the winter months. Even if prices decline slightly, we have had unprecedented increases in prices over the past three years, so the long-term trajectory will still show an increase - sellers, do not fret!
The number of days on the market has remained quite consistent this year and is very similar to this time last year. It takes about a month to sell a property when priced properly. If your property falls within the 300-500K range, it may sell much faster as there is a large pool of buyers in that price range.
While we still remain in a seller’s market, the trend over the past few months has been that inventory is increasing. Sellers, if you have been on the fence about selling, now is the time. Our market may stabilize further in the coming months, and you may miss the peak in our seller’s market if you delay. Again, it is never a wrong time to sell or buy, as your personal situation will ultimately dictate when you are ready - but if there is nothing stopping you now, and you have been thinking about it for some time, don’t delay!
Buyers, inventory is higher than it has ever been in the past three years. If you have been hesitant to buy, the market is starting to settle, and now is a great time to reach out and start your buying journey. Competition is less fierce, and although we are not seeing many properties going under asking, we are definitely seeing fewer bidding wars.
Tune in next month when we analyze November!
Author: Jordan Gunn
Real Estate Assistant
Andrew Perkins Real Estate
Keller Williams Select Realty
Halifax Real Estate Market Report - September 2023
Inventory Replenishes.
We currently have 959 active listings in Halifax with both single-family homes and condos combined. Inventory has been increasing slowly over the past couple of months, which is giving a bit more options to buyers. This is the most inventory we have seen since September 2020. We assume that with the new Short-Term Rental Restrictions in Halifax, more listings are now coming to market. We now have 165 more properties for sale than we did at the beginning of September, but there are still many hungry buyers out there, so we are going to need a lot more inventory to bring our market back in the buyer’s favor.
Last month, 300 single-family homes and 30 condos were sold. This is slightly down overall when compared to last year, however, in just speaking on single-family homes, we saw a bit of an increase. We assume as we have said over the past couple of months, sales are slower than last year due to increased interest rates and costs of living.
Prices continue to rise in both single-family homes and condos. Until we reach a balanced market of about 6 months of inventory, it’s hard to say that prices will fully stabilize or decline. What we do know is, the increase in prices has slowed compared to the past couple of years. Although they are still rising, they are rising at a much slower rate. Even if we do see a dip in prices of about 10-15% in the coming months, prices have risen by 63% over the past 4 years. A small dip should not be a concern for sellers.
The number of days on the market has increased in both single-family homes and condos. It is now on average taking about a month to sell a property. This has been pretty consistent over the past couple of months, however, properties priced in that competitive 300-500K range are selling much quicker. Offer deadlines and competing offers are still present in our market.
The months of inventory are slowly building, but as you can see, we remain in a seller’s market. Buyers, you have more inventory to work with than you did over the past few years, but it is still competitive out there. Sellers, price increases have slowed, but you should still get a great return on your investment, especially if you have owned it for at least 5 years.
Author: Jordan Gunn
Real Estate Assistant
Andrew Perkins Real Estate
Keller Williams Select Realty
Halifax Real Estate Market Report - August 2023
Prices Continue to Climb.
As of August 31, 2023, we only had 683 single-family homes and 108 condos for sale. Inventory continues to remain extremely limited. Competition is still fierce, and the pressure will not lift anytime soon without a significant increase in inventory.
With only 534 new listings in August and 596 sold, we now have 62 fewer listings than we did at the start of July. This marks another month where inventory has not met demand. Our statistics have consistently shown that Halifax buyers are purchasing homes faster than residents are selling them, creating intense competition in our market. We have not had a balanced market in over three years.
Sales have decreased for single-family homes and increased for condos compared to last year. The overall trend in the market indicates a decline in sales this year. We have less inventory than we did last year, and some buyers have been on the sidelines due to rising interest rates and the cost of living, resulting in lower sales. Condo sales may have risen due to the new condo development, Navy Lane Condos, that hit the market this summer.
Prices have risen again in both single-family homes and condos, which is entirely expected given the factors we have discussed repeatedly. We do not anticipate this trend ending anytime soon.
Properties are selling a bit slower than they were at this time last year, but still relatively quickly. On average, you can expect your property to sell in about a month when priced properly and competitively.
Our market still has about 1.4 months of inventory. To put it in perspective, in order to achieve a balanced market where inventory meets demand, we would need to have 6 months of inventory. For now, we remain in a strong seller's market for another month.
Buyers, despite the significant increase in interest rates over the past year, they are still historically low. Work with us today to navigate this competitive landscape. Success is still attainable in today's market.
Sellers, another month has passed, and the market remains in your favour. If you are considering selling, there is no better time than the present.
Author: Jordan Gunn
Real Estate Assistant
HalifaxCondos.co
Keller Williams Select Realty
Halifax Real Estate Market Report - July 2023
As the summer continues on the Halifax Real Estate Market remains strongly in the seller’s favour. When properties are priced properly, we are still seeing multiple offers and over-asking selling prices. This is still being attributed to our lack of inventory. Unlike the rest of Canada, where markets are cooling due to interest rates, we have had such a lack of inventory for the past few years, that the pent up demand is keeping our market competitive. This competitiveness will not stop anytime soon without a large increase in available properties for sale.
Currently, there are only 661 single-family homes for sale and 106 condos. While 767 properties may seem like a lot, for a population of 500K residents, it is only a drop in the bucket of what is needed. 563 new properties were listed, and 605 sold, leaving us in a deficit of 42 properties. Our inventory is decreasing, which is great news for sellers, and not so great for buyers.
Sales have decreased in both single-family homes and condos when compared to this time last year. While July and August are usually some of the slower months in the Halifax Real Estate Market, we anticipate that this year is especially slower than last year due to the higher interest rates causing many buyers to take pause.
Prices continue to rise in both single-family homes and condos. This has been an ongoing trend for the past few years and we do not anticipate it ending anytime soon. We are a growing city with more and more residents each year looking to purchase, and our supply hasn’t met demand for some time.
Although prices are increasing and our market remains competitive, properties are staying on the market slightly longer than this time last year. We are still seeing properties in that competitive 300K-500K mark selling quickly, similar to the averages of last year, but our overall averages show that if you are selling a property, you should expect your property to sell in about a month.
We currently have only 1.34 months of inventory for single-family homes and 1.34 months of inventory for condos. As you can see on the photo above, we are still no where near a buyer’s market. We feel like a broken record saying this, but our market will remain competitive and in the seller’s favour until more inventory comes to market. Buyer’s are still successfully purchasing properties every day in this market, so if you are ready to buy, it is never a wrong time to buy. Equip yourself with seasoned professionals like ourselves to navigate this process for the best chance of success!
Author: Jordan Gunn
Real Estate Assistant
Andrew Perkins Real Estate
Keller Williams Select Realty
Halifax Real Estate Market Report - June 2023
Summer is bringing the heat in more ways than one in Halifax this year.
With currently 836 active listings in the city, our market remains competitive. Buyers are dealing with competing offers once again, and sellers are receiving above-market value for their properties. The summer real estate market tends to be a bit slower than the spring market, and we’ve noticed that in terms of number of sales, however, this market remains competitive due to a lack of inventory.
Our inventory has been slowly replenishing for the past few months, but not at the rate that our city needs to slow our market. We are sitting at 85 more available properties than this we had in May, however, in October of last year, it was reported that Halifax will need an additional 38,000 housing units to address the housing shortage and account for our population boom. We are still a long way away from that.
Sales have decreased slightly in single-family homes and increased in condos in comparison to this time last year. When looking at all property types combined, sales are down this month overall. We attribute this to less inventory in the 300-500K range that is most affordable for the average Halifax resident, rising interest rates, and inflation. We talk to buyers almost weekly who state that they have been holding on their searches to see what the interest rates and cost of living will be like in the coming months.
Even with sales being down, prices continue to rise. This is a direct result of our limited inventory. Without enough properties to buy, competing offers inevitably results, and with the blind bidding system we have in Nova Scotia for offers, buyers offer over asking to secure their sought-after property, which drives prices up. We don’t anticipate this trend ending anytime soon.
Properties are still selling extremely fast when priced properly. Both single-family homes and condos are selling in under one week. There are outliers to this statistic, where properties sit on the market for much longer, but we have found that is normally due to being priced too high, or if a property is above the 300-500K mark, which is the most competitive price range in Halifax.
Our market cannot seem to get past 2.5 months of inventory for more than a year now. We are currently sitting at only 2.2 months of inventory for single-family homes and 1.9 months for condos. This means that if no new properties came to market and the rate of buying remained the same, we would sell out of all inventory in around 2 months. Why does this matter? This shows us that we are in a strong seller’s market. 6 months of inventory is considered a balanced market, which we are a long way away from.
Sellers, we continue to remain in a market that benefits you. If you have been on the fence about selling, now is a great time to make a move. Buyers, we feel like a broken record, but these challenging times are not going anywhere anytime soon. There are still many buyers succeeding in this market, and the best time to buy is when you are ready. Many buyers waited during the COVID-19 pandemic for fear of a market collapse, and are now wishing they purchased back then. If you are ready now, we are ready to help you secure your new home.
Author: Jordan Gunn
Real Estate Assistant
Andrew Perkins Real Estate
Keller Williams Select Realty
Halifax Real Estate Market Report - May 2023
Competing offers begin again as demand continues to outpace supply in the Halifax Real Estate Market, creating a favourable environment for sellers.
The Halifax real estate market has had limited inventory for years now, and this month is no different. With only 763 active listings currently available, scarcity of properties creates a sense of urgency among buyers, making it an perfect time for sellers to capitalize.
In May 2023, 744 new properties came to market, which was a 21% decrease compared to May of the previous year (2022). When fewer properties come to market, inventory dwindles and competitiveness resumes. We haven’t witnessed properties selling for 100K over asking in this market, but sellers are still getting more than listing price for the most part.
In terms of sales volume, 493 single-family homes and 91 condos sold last month. While this is a decrease from last year, the pace of sales remains fast due to the high demand and limited inventory.
The average sale price for single-family homes in Halifax is 540K, which has risen compared to the previous year. This price appreciation hints at the desirability of Halifax as a place to call home, attracting buyers even at higher price points. More and more people are moving from other provinces and countries to our city, and this immigration paired with low inventory is a perfect recipe for price increases.
Halifax's real estate market has been known over the past couple of years for its fast-paced nature, with properties typically remaining on the market for an average of 5-6 days. Properly priced properties tend to attract multiple offers and sell quickly, amplifying the competitive atmosphere.
Halifax is currently experiencing a strong seller's market with only 1.9 months of inventory available. This is the amount of time it would take to sell out all available properties if no new listings entered the market.
Real estate markets function based on the interplay of supply and demand. When supply exceeds demand, buyers have more negotiating power, and prices may decline. On the other hand, when demand overtakes supply, as is the case in Halifax, sellers have the upper hand, leading to price appreciation and faster sales.
Our market presents a unique opportunity for sellers due to limited inventory, quick sales, and rising prices. Buyers must act quickly and diligently to secure their desired properties in this competitive environment.
As real estate professionals, we are here to guide you through the intricacies of our market, ensuring you make informed decisions that align with your goals. Contact us today to start your real estate journey!
Author: Jordan Gunn
Real Estate Assistant
Andrew Perkins Real Estate
Keller Williams Select Realty
Halifax Real Estate Market Report - April 2023
Halifax has experienced an inventory struggle for the past couple of years, and unfortunately, this trend has not yet lifted. In April 2023, there were only 760 active listings available in a city of 500,000 people. Out of these listings, 655 were single-family homes, and 105 were condos. This means that there are not many options available for buyers in Halifax, which can make it challenging for those looking to purchase a property.
Despite the low inventory, it's worth noting that it has started to increase this past month, with 102 more active litsings than in March. The springtime is always the busiest time of year for the Halifax Real Estate Market, and this year was no different. While inventory is still relatively low, this increase in active listings is definitely a positive sign for the real estate market.
When compared to last year, Halifax had a decrease in number of sales. One possible reason for the decrease could be due to inflation and the increased cost of living compared to the previous year. As the cost of living and interest rates rises, it can become more difficult for buyers to afford homes and condos, which may lead to a decrease in demand for properties.
Another factor that may be contributing to the decrease in sales is higher interest rates. Higher interest rates can make it more expensive for buyers to obtain a mortgage, which may make it more difficult for them to afford a property. Prices have declined slightly this month, however, if you follow our newsletter and watched our latest video Market Report, you can see that the overall trends still show Halifax’s prices increasing.
Despite certain challenges, it's important to note that the Halifax real estate market is still relatively strong. Properties are still selling quickly, and the market remains a seller's market, with only 1.75 months of inventory. This means that there is still high demand for properties in Halifax, and sellers have the upper hand.
Overall, it's important for buyers and sellers to work with a professional real estate agents (like us!) who can help them navigate the current market conditions. By understanding the factors that are contributing to the decrease in sales and the increase in inventory, buyers and sellers can make informed decisions about their real estate transactions.
Author: Jordan Gunn
Real Estate Assistant
Andrew Perkins Real Estate
Keller Williams Select Realty
Halifax Real Estate Market Report - March 2023
We need more listings.
We feel like broken records reporting the same thing each month, but it couldn’t be more true. Halifax has been in a tight squeeze for housing inventory for the past couple of years. Every day we work with buyers ready to purchase yesterday, but there is nothing on the market for them.
As of today, Halifax has 654 single family homes and condos for sale. Although March was the first month since at least November where more homes were listed than sold, we are still in a crunch. When Halifax had a buyer’s market a few years back, there were 2000-3000 active listings at any given time to put it in perspective. We need our inventory to more than double.
This, paired with unprecedented inflation, and steep interest rates hikes over the past few months (we hope they have now stabilized), has caused a decrease in both sales and sold prices when compared to last year.
We have also noted an increase in time spent on market for both single family homes and condos. This coincides with decreased sale prices and number of sales. When activity slows due to these economic factors stated above, days on market will inevitably increase.
Buyers, we are still a ways away from a balanced market. The single family home market is as competitive as ever, especially in the 300-500K range. Equip yourself with a seasoned realtor to help you navigate these challenges.
Sellers, the market still remains in your favour. If your home is in the 300-500K price range, you will likely see lots of action on your listing.
Contact us today to get started towards your real estate success.
Halifax Real Estate Market Report - February 2023
With currently 500 single-family homes, and 70 condos for sale in the Halifax Real Estate Market. We have 2.6 months of inventory. Is this anywhere near a balanced market? No, but it’s the most months of inventory we have seen in a while.
Our current supply of properties for sale is not and has not been meeting the demand for the past few months. With fewer and fewer available properties, competition increases. This is why we have been seeing bidding wars re-emerge.
Even with bidding wars and prices rising, the number of sales has diminished since this time last year. As we stated last month, we think there are still many potential buyers waiting on the sidelines to be sure interest rates remain stable. Many also wait until spring to purchase, which we see every year.
Properties are staying on the market for about a month on average. This doesn’t seem to be too different from this time last year. Sellers, just because there are bidding wars happening, doesn’t mean your property will be snatched up in one day necessarily.
We are eager to see inventory grow. It is not easy being a buyer in this market: you have all the buyers in a population of 500,000 competing for the same 500 homes. The average Halifax Resident seems to fall into the 300-500K property range, which is where we are seeing the most activity. Within that price range, there are only 103 active properties currently. Imagine the competition.
Buyers, just because it’s hard doesn’t mean it’s impossible. Equip yourself with a strong realtor for better chance at success!
Author: Jordan Gunn
Real Estate Assistant
Keller Williams Select Realty
The Andrew Perkins Real Estate Team
Halifax Real Estate Market Report - January 2023
Inventory continues to dwindle, resurrecting the age of the bidding war.
Inventory has not been this low since this past summer. With only 516 single-family homes and condos for sale in all of Halifax, buyers are starting to feel the pressure again.
In our own personal experience, just over the weekend, our clients found themselves in a bidding war of 24 offers. With pressure like this, prices will likely begin to rise again.
We have 82 fewer properties for sale than when we started 2023, because although 158 new listings came to market last month, 240 were sold.
Sales are significantly down since this time last year. The market slowed quite a bit over the past few months due to interest rate hikes, however, we expect these numbers to begin to pick up again as rates are now stabilizing. Single-family home prices have decreased slightly when compared to 2022, and condo prices have increased by 22K (on average).
We have noticed in both the statistics and in our day to day business, properties are staying on the market longer than this time last year. When you are listing, don’t let this fool you into thinking we are not in a seller’s market. Properties are still selling in on average one month, which is relatively fast.
If the market continues on this trend of low inventory, we expect a wild summer ahead.
Jordan Gunn
Licensed Real Estate Assistant
902-401-0373
Halifax Real Estate Market Report - November 2022
There are only 682 active listings in all of Halifax. With a population of 500,000, this is sure to put pressure on the market.
In the past few months, we started to see an increase in inventory, which was very hopeful for buyers. But, with these numbers, we cannot see an end in sight anytime soon for our seller’s market.
Sales have decreased in both single-family homes and condos in comparison to this time last year. This has been an ongoing trend over the past few months with rising interest rates and inflation. Even with fewer sales, prices continue to rise.
Properties are staying on the market slightly longer than this time last year. Even still, most seem to be selling in under one month. This is especially true when they are priced correctly. Pricing a property in this market is very complicated, as comparables from even two months ago are not accurate considering the shifts in interest rates and buying power nationally.
Sellers, price adjustments are to be expected - that being said, if you have owned your property longer than 5 years, you should make a great profit.
We are still far away from a buyer’s market, with only approximately 2 months of inventory currently on the market.
Jordan Gunn
Licensed Real Estate Assistant
Keller Williams Select Realty
902-401-0373
Halifax Real Estate Market Report - October 2022
Overview
Let’s review the Halifax Real Estate Market for October 2022!
The number of sales has decreased substantially in comparison to this time last year. This is to be expected. The real estate market in 2021 was an anomaly that we all knew was not sustainable. That being said, the overall trends for the past decade still show that even with the decrease in activity, Halifax is a booming market. Prices continue to rise, and many properties are still selling quickly despite inflation and increasing interest rates. We are still very much in a seller’s market.
With less than two months of inventory in both single-family homes and condos, we are still a ways away from reaching a balanced market. Although properties are not selling instantly with multiple offers, they are still selling in under one month of hitting the market.
The colder months hold unique opportunities to sell your home. First, there are typically fewer properties on the market, therefore less competition. Second, the winter months tend to weed out unmotivated buyers: those who are ready to buy will not be deterred by the cold. With less competition and more motivated buyers, winter is still a great time to sell.
Buyers, we have worked with many successful clients in the past month that have secured properties without bidding wars and with little hassle. We would be happy to guide you through finding your dream property too!
Jordan Gunn
Licensed Real Estate Assistant
Keller Williams Select Realty
902-401-0373
Halifax Real Estate Market Report - August 2022
Overview
Let’s Review the Halifax Real Estate Market for August 2022!
With a total of 752 active listings, and 710 sales last month, we still very much are in a seller’s market.
The summer slowed down the multiple bidding wars and largely over-asking sale prices we have seen the past year, however even in the past week, we have noticed this beginning again. Properties our clients have been interested in over the past week or so had multiple bids and offer due dates.
The number of sales in comparison to this time last year has decreased in both single-family homes and condos, and prices have increased. This shows that the market still remains competitive for buyers. Even though certain properties remain on the market longer than in recent times, The average number of days on market has still decreased slightly.
Sellers, the best thing you can do for success at this time is the price your home correctly, and manage your expectations. We are at a very unique time in the market where selling prices and time spent on the market can be unpredictable. Stay patient and open-minded.
Buyers, we offer the same advice. Even though the market feels that it has slowed, we are nowhere near a buyer’s market just yet. You may run into competition offers in the coming months, so stay open-minded.
Call us today to talk all things Halifax Real Estate!
Jordan Gunn
Licensed Real Estate Assistant
Keller Williams Select Realty
902-401-0373
Halifax Real Estate Market Report - July 2022
It’s time to review the Halifax Real Estate Market for July 2022.
This summer we have noticed significant shifts in the Halifax Real Estate Market. Houses and Condos are not receiving extreme bidding wars like they were in beginning of the year. Buyers are concerned about rising interest rates, inflation, and are scared off by how intense the market has been for the past two years.
More and more sellers are catching word of how much the market has been in their favour, and with the warmer weather, are ready to list. This has caused an increase in inventory, lessening the competition for buyers. We are in a better market now for buyers than we have been since the pandemic began.
Sellers, the market is still in your favour, however, bidding wars and sold prices of 100K over asking are just not happening anymore. If you are planning to list, we suggest talking to us about the current market to help manage your expectations. There are many ways to still come out profitable.
Significant numbers to note:
The average condo price in comparison to this time last year has only increased by 2%. This is significantly lower than the trend we have seen over the past two years (typically 20-30%). This is evidence the market is slowing.
Average Days on Market: Both single-family homes and condos are still selling on average in under two weeks. This is especially true for properties close to amenities, within the 300K-500K mark.
Though the market is slowing, we are still in a seller’s market. We enter a buyers market when we have over 6 months of inventory. We are currently at just over 1 month of inventory.
Buyer or seller, give us a call today. We would love to hear your real estate goals and set you up for success.
Jordan Gunn
Licensed Real Estate Assistant
Keller Williams Select Realty
902-401-0373
jordan@andrewperkins.co