Inventory Replenishes.
We currently have 959 active listings in Halifax with both single-family homes and condos combined. Inventory has been increasing slowly over the past couple of months, which is giving a bit more options to buyers. This is the most inventory we have seen since September 2020. We assume that with the new Short-Term Rental Restrictions in Halifax, more listings are now coming to market. We now have 165 more properties for sale than we did at the beginning of September, but there are still many hungry buyers out there, so we are going to need a lot more inventory to bring our market back in the buyer’s favor.
Last month, 300 single-family homes and 30 condos were sold. This is slightly down overall when compared to last year, however, in just speaking on single-family homes, we saw a bit of an increase. We assume as we have said over the past couple of months, sales are slower than last year due to increased interest rates and costs of living.
Prices continue to rise in both single-family homes and condos. Until we reach a balanced market of about 6 months of inventory, it’s hard to say that prices will fully stabilize or decline. What we do know is, the increase in prices has slowed compared to the past couple of years. Although they are still rising, they are rising at a much slower rate. Even if we do see a dip in prices of about 10-15% in the coming months, prices have risen by 63% over the past 4 years. A small dip should not be a concern for sellers.
The number of days on the market has increased in both single-family homes and condos. It is now on average taking about a month to sell a property. This has been pretty consistent over the past couple of months, however, properties priced in that competitive 300-500K range are selling much quicker. Offer deadlines and competing offers are still present in our market.
The months of inventory are slowly building, but as you can see, we remain in a seller’s market. Buyers, you have more inventory to work with than you did over the past few years, but it is still competitive out there. Sellers, price increases have slowed, but you should still get a great return on your investment, especially if you have owned it for at least 5 years.
Author: Jordan Gunn
Real Estate Assistant
Andrew Perkins Real Estate
Keller Williams Select Realty