Halifax Real Estate Market Report - June 2022

Overview

Let’s Review the Halifax Real Estate Market for June 2022!

Inventory continues to climb in Halifax. Last month, we had 471 single-family homes, and 87 condos for sale. This month, these numbers have increased to 544 and 92. This is great news for buyers. More inventory means less bidding wars, less competition and more options when searching for a property. 

Prices continue to rise in both single-family homes and condos. This may begin to level out in the coming months with more inventory coming to market, but we do not expect it to dip much: Halifax is still on the lower end (price-wise) in comparison to the rest of Canada, and has just been catching up the past couple of years. More and more people are catching on that this is a great place to be.

Condos and single-family homes still continue to sell very quickly. We are noticing fewer listings with offer deadlines, which means when a good offer comes in, sellers are accepting them. Buyers, if you view a property you like, don't be scared to submit an offer! Without deadlines, you may be the only one offering at that given point.

Single Family Homes are selling for on average 13% more than their listing prices, and Condos are selling for on average 10% more than their listing prices. So, sellers, there are still profits to be made. We are at a very interesting point in the market that is worth watching on both sides.

Jordan Gunn
Licensed Real Estate Assistant
The Andrew Perkins Real Estate Team
Keller Williams Select Realty
 902-401-0373

Halifax Real Estate Market Report - May 2022

Overview

We have noticed in our day-to-day business that the market is starting to shift, and the numbers support this. The number of active listings has almost doubled since our last market report! This past month has had the most months of inventory in both the single-family home and condo markets since before the pandemic began. This is excellent news for Halifax buyers.

Properties are still selling faster than ever, but this may change in the coming months. Prices have continued to increase by approximately 30% since last year. We think it will still take some time to see prices level out. 

Sellers, we may have seen the peak of the market for now. That being said, inventory still has not reached pre-covid times. In previous years, we would expect around 2000 active listings this time of year. 

Buyers, while the market is still very competitive, inventory is increasing. It’s a great time to get serious about purchasing, get your pre-approval in place and start viewing properties.

Jordan Gunn
Licensed Real Estate Assistant
The Andrew Perkins Real Estate Team
Keller Williams Select Realty
902-401-0373

Halifax Real Estate Market Report - April 2022

Overview

It’s time to review the Halifax Real Estate Market Report for April 2022!

Inventory has started to climb this past month. At the beginning of March, there were 281 active listings in all of the Halifax area. This month, we have 354. This is still nowhere near where we were a couple of years ago, with the average being around 2000 active listings, but it is promising.

Sales have decreased in both single-family homes and condos in comparison to this time last year. This is simply due to there being slightly more homes for sale in April of last year, and many more condos. 

Prices continue to rise across the board by between 25 and 40%. This is very consistent with what we have been experiencing since the beginning of the pandemic. This will likely not slow until inventory and interest rates climb further.

Condos and homes are still selling faster than ever. It is so important to have your pre-approval and finances in order before searching for a property. At this speed, it is crucial for success.

If you have any questions about selling, buying, or investing in Halifax real estate, you know who to call! 902-488-0012

Jordan Gunn
Licensed Real Estate Assistant
The Andrew Perkins Real Estate Team | Keller Williams Select Realty
902-401-0373

Halifax Real Estate Market Report - March 2022

Overview

Let’s review the Halifax Real Estate Market for March 2022!

Our inventory is slowly starting to increase. For the past year, our months of inventory have been less than one, this month is the first time in a long time we see at least one month of inventory in both single-family homes and condos. In order for the market to turn in the buyer’s favour, we would need to have 6 months of inventory: we are nowhere near this yet, but it’s nice to see a small increase.

Sales have decreased in both single-family homes and condos in comparison to this time last year. We suspect this is due to the lack of inventory we had this winter. Spring is on the rise and we hope that means a continuous increase in homes and condos for sale!

Prices continue to rise at a steady 30%. Without more inventory, this will not halt. Condos and single-family homes are both selling faster this year as well, meaning buyers are still very much motivated and competitive. 

We can’t wait to see what the spring will bring!

Jordan Gunn
Licensed Real Estate Assistant
Andrew Perkins Real Estate Team
Keller Williams Select Realty
902-401-0373

Halifax Real Estate Market Report - February 2022

Overview

It’s time to review the Halifax Real Estate Market for February 2022!

The Halifax Real Estate Market continues to remain extremely competitive for buyers: currently, there are just under 200 active listings. If you are a buyer right now, you can attest that it’s not easy out there. Not impossible, but it certainly requires patience and an open mind.

Sales have decreased in comparison to this time last year in both single-family homes and condos. This is solely due to this year having less inventory. You can tell that buyers are still highly motivated, and the market remains in the sellers’ favour by the large increase in sold prices. The decrease in the number of days on the market signifies that properties are selling even faster than this time last year as if we even thought that was possible!

Staying informed about the market can be beneficial for both buyers and sellers. Key points to pay attention to for sellers are: properties are selling fast, in most cases over asking, and buyers are eager. Key advice to take away based on these stats for buyers is: Browse beneath your budget so you can remain competitive, and get pre-approved asap as homes are selling fast - your offer will likely not be accepted by a seller if you are not pre-approved. 

If you have any questions about the market, reach out!

Jordan Gunn
Licenced Real Estate Assistant
902-401-0373

Halifax Real Estate Market Report - January 2022

Overview

Let’s review the Halifax Real Estate Market for the first month in 2022!

Our market continues to remain in the seller’s favor. We have very limited inventory, causing many properties to sell above the asking price. We cannot see this ending anytime soon. 

Sales are down on average 15% in comparison to this time last year. This is solely due to the lack of inventory. It is evident that there are many eager buyers out there ready to purchase, as prices have risen dramatically. These price increases, paired with decreases in time spent on the market, confirm that the Halifax Market is competitive. 

We have had less than one month of inventory, consistently for over a year now. It’s not easy out there for buyers. If you are looking to buy, consider that you will have to offer over asking, and likely multiple times before securing your future home. We have had many buyers succeed in the market with our guidance, and would love to help you navigate these challenging times too. You can check out our Why Buy With Us page, to see what we bring to the table.

Sellers, this market may make selling seem simple, however, without an experienced team, you could miss out on multiple offers, and your property's maximum return. Check out our Why Sell with Us Page to learn about what we offer to our sellers to make their experience the best it can be!

Jordan Gunn
Licensed Real Estate Assistant - Andrew Perkins Real Estate Team
jordan@andrewperkins.co
902-401-0373