Inventory Increases.
The Halifax Real Estate Market is taking a breather as the holidays draw near. Inventory's been on a steady incline for another month, boasting a solid 946 single-family homes and condos currently for sale. That's 77 more listings than we had just last October. Great news for buyers! More inventory translates to more choices and less elbowing in the race for that perfect property. While we're not entirely out of the seller's market, this uptick in inventory sets a promising tone for what lies ahead.
Now, onto the sales scene. Single-family homes are holding their ground with a slight uptick, while condos are taking a bit of a breather this past month. The numbers are very similar to this time last year. Winter's settling in, and as tradition has it, November and December often see a slowdown as Halifax residents shift focus to holiday festivities rather than home hunting.
Sold prices are following a similar trend. Single-family homes are on a modest rise, and condos have decreased slightly. When looking at all property types, however, November has seen a 5% price increase overall when compared to last year. We're past the 2021 and 2022 times of 20+ offers on a property. The bidding wars we see typically now (if there are any) are around less than 5 offers, in our experience.
Single-family homes are still selling in about a month – no change from last year's pace. Condos are taking a bit more time to find their buyer, typically selling in just over a month. This trend has been consistent since fall, and our outlook suggests it's likely to continue through the winter. Sellers take note: price it right, especially if it's under $750K, and your property will likely find its buyer within a month or so.
With an average of 2.3 months of inventory, we're still comfortably seated in a seller's market. That being said, we are witnessing small shifts every day. With more inventory, a deceleration in price increases, and a tad more time on the market, the prospect of a buyer's market is on the horizon. Sellers, if you're contemplating a move, consider making that decision sooner rather than later. And buyers, it’s not as scary out there as it has been in the past couple of years – the times are evolving, and we're here to ensure your success in this ever-shifting market. Cheers to navigating Halifax's real estate landscape together! 🏡🤝
Author: Jordan Gunn
Real Estate Assistant
Andrew Perkins Real Estate
Keller Williams Select Realty