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