Prices Stabilize.
There are currently 970 single-family homes and condos for sale in Halifax and surrounding areas. This is a 25% increase from this time last year. More properties are coming to market as new municipal restrictions come into place on short-term rentals. We expect this trend to continue in the winter months, with inventory remaining at a surplus when compared to last year.
Sales have also increased in both single-family homes and condominiums. This may be due to having more inventory than last year. There is less competition in this market when compared to last year, as many buyers have been sitting on the sidelines due to the rising interest rates and cost of living. Now that the Bank of Canada has held its 5% for the second time in a row, buyers may be starting to feel more confident in purchasing again.
Prices continue to climb but nowhere near the rate as previous months. We may even see a small price decline in the winter months. Even if prices decline slightly, we have had unprecedented increases in prices over the past three years, so the long-term trajectory will still show an increase - sellers, do not fret!
The number of days on the market has remained quite consistent this year and is very similar to this time last year. It takes about a month to sell a property when priced properly. If your property falls within the 300-500K range, it may sell much faster as there is a large pool of buyers in that price range.
While we still remain in a seller’s market, the trend over the past few months has been that inventory is increasing. Sellers, if you have been on the fence about selling, now is the time. Our market may stabilize further in the coming months, and you may miss the peak in our seller’s market if you delay. Again, it is never a wrong time to sell or buy, as your personal situation will ultimately dictate when you are ready - but if there is nothing stopping you now, and you have been thinking about it for some time, don’t delay!
Buyers, inventory is higher than it has ever been in the past three years. If you have been hesitant to buy, the market is starting to settle, and now is a great time to reach out and start your buying journey. Competition is less fierce, and although we are not seeing many properties going under asking, we are definitely seeing fewer bidding wars.
Tune in next month when we analyze November!
Author: Jordan Gunn
Real Estate Assistant
Andrew Perkins Real Estate
Keller Williams Select Realty