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