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