Competing offers begin again as demand continues to outpace supply in the Halifax Real Estate Market, creating a favourable environment for sellers.
The Halifax real estate market has had limited inventory for years now, and this month is no different. With only 763 active listings currently available, scarcity of properties creates a sense of urgency among buyers, making it an perfect time for sellers to capitalize.
In May 2023, 744 new properties came to market, which was a 21% decrease compared to May of the previous year (2022). When fewer properties come to market, inventory dwindles and competitiveness resumes. We haven’t witnessed properties selling for 100K over asking in this market, but sellers are still getting more than listing price for the most part.
In terms of sales volume, 493 single-family homes and 91 condos sold last month. While this is a decrease from last year, the pace of sales remains fast due to the high demand and limited inventory.
The average sale price for single-family homes in Halifax is 540K, which has risen compared to the previous year. This price appreciation hints at the desirability of Halifax as a place to call home, attracting buyers even at higher price points. More and more people are moving from other provinces and countries to our city, and this immigration paired with low inventory is a perfect recipe for price increases.
Halifax's real estate market has been known over the past couple of years for its fast-paced nature, with properties typically remaining on the market for an average of 5-6 days. Properly priced properties tend to attract multiple offers and sell quickly, amplifying the competitive atmosphere.
Halifax is currently experiencing a strong seller's market with only 1.9 months of inventory available. This is the amount of time it would take to sell out all available properties if no new listings entered the market.
Real estate markets function based on the interplay of supply and demand. When supply exceeds demand, buyers have more negotiating power, and prices may decline. On the other hand, when demand overtakes supply, as is the case in Halifax, sellers have the upper hand, leading to price appreciation and faster sales.
Our market presents a unique opportunity for sellers due to limited inventory, quick sales, and rising prices. Buyers must act quickly and diligently to secure their desired properties in this competitive environment.
As real estate professionals, we are here to guide you through the intricacies of our market, ensuring you make informed decisions that align with your goals. Contact us today to start your real estate journey!
Author: Jordan Gunn
Real Estate Assistant
Andrew Perkins Real Estate
Keller Williams Select Realty