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