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