We need more listings.
We feel like broken records reporting the same thing each month, but it couldn’t be more true. Halifax has been in a tight squeeze for housing inventory for the past couple of years. Every day we work with buyers ready to purchase yesterday, but there is nothing on the market for them.
As of today, Halifax has 654 single family homes and condos for sale. Although March was the first month since at least November where more homes were listed than sold, we are still in a crunch. When Halifax had a buyer’s market a few years back, there were 2000-3000 active listings at any given time to put it in perspective. We need our inventory to more than double.
This, paired with unprecedented inflation, and steep interest rates hikes over the past few months (we hope they have now stabilized), has caused a decrease in both sales and sold prices when compared to last year.
We have also noted an increase in time spent on market for both single family homes and condos. This coincides with decreased sale prices and number of sales. When activity slows due to these economic factors stated above, days on market will inevitably increase.
Buyers, we are still a ways away from a balanced market. The single family home market is as competitive as ever, especially in the 300-500K range. Equip yourself with a seasoned realtor to help you navigate these challenges.
Sellers, the market still remains in your favour. If your home is in the 300-500K price range, you will likely see lots of action on your listing.
Contact us today to get started towards your real estate success.