Halifax Real Estate Market Report - April 2023

Halifax has experienced an inventory struggle for the past couple of years, and unfortunately, this trend has not yet lifted. In April 2023, there were only 760 active listings available in a city of 500,000 people. Out of these listings, 655 were single-family homes, and 105 were condos. This means that there are not many options available for buyers in Halifax, which can make it challenging for those looking to purchase a property.

Despite the low inventory, it's worth noting that it has started to increase this past month, with 102 more active litsings than in March. The springtime is always the busiest time of year for the Halifax Real Estate Market, and this year was no different. While inventory is still relatively low, this increase in active listings is definitely a positive sign for the real estate market.

When compared to last year, Halifax had a decrease in number of sales. One possible reason for the decrease could be due to inflation and the increased cost of living compared to the previous year. As the cost of living and interest rates rises, it can become more difficult for buyers to afford homes and condos, which may lead to a decrease in demand for properties.

Another factor that may be contributing to the decrease in sales is higher interest rates. Higher interest rates can make it more expensive for buyers to obtain a mortgage, which may make it more difficult for them to afford a property. Prices have declined slightly this month, however, if you follow our newsletter and watched our latest video Market Report, you can see that the overall trends still show Halifax’s prices increasing.

Despite certain challenges, it's important to note that the Halifax real estate market is still relatively strong. Properties are still selling quickly, and the market remains a seller's market, with only 1.75 months of inventory. This means that there is still high demand for properties in Halifax, and sellers have the upper hand.

Overall, it's important for buyers and sellers to work with a professional real estate agents (like us!) who can help them navigate the current market conditions. By understanding the factors that are contributing to the decrease in sales and the increase in inventory, buyers and sellers can make informed decisions about their real estate transactions.

Author: Jordan Gunn
Real Estate Assistant
Andrew Perkins Real Estate
Keller Williams Select Realty

Halifax Real Estate Market Report - March 2023

We need more listings.

We feel like broken records reporting the same thing each month, but it couldn’t be more true. Halifax has been in a tight squeeze for housing inventory for the past couple of years. Every day we work with buyers ready to purchase yesterday, but there is nothing on the market for them.

As of today, Halifax has 654 single family homes and condos for sale. Although March was the first month since at least November where more homes were listed than sold, we are still in a crunch. When Halifax had a buyer’s market a few years back, there were 2000-3000 active listings at any given time to put it in perspective. We need our inventory to more than double.

This, paired with unprecedented inflation, and steep interest rates hikes over the past few months (we hope they have now stabilized), has caused a decrease in both sales and sold prices when compared to last year.

We have also noted an increase in time spent on market for both single family homes and condos. This coincides with decreased sale prices and number of sales. When activity slows due to these economic factors stated above, days on market will inevitably increase.

Buyers, we are still a ways away from a balanced market. The single family home market is as competitive as ever, especially in the 300-500K range. Equip yourself with a seasoned realtor to help you navigate these challenges.

Sellers, the market still remains in your favour. If your home is in the 300-500K price range, you will likely see lots of action on your listing.

Contact us today to get started towards your real estate success.

Halifax Real Estate Market Report - February 2023

With currently 500 single-family homes, and 70 condos for sale in the Halifax Real Estate Market. We have 2.6 months of inventory. Is this anywhere near a balanced market? No, but it’s the most months of inventory we have seen in a while.

Our current supply of properties for sale is not and has not been meeting the demand for the past few months. With fewer and fewer available properties, competition increases. This is why we have been seeing bidding wars re-emerge.

Even with bidding wars and prices rising, the number of sales has diminished since this time last year. As we stated last month, we think there are still many potential buyers waiting on the sidelines to be sure interest rates remain stable. Many also wait until spring to purchase, which we see every year.

Properties are staying on the market for about a month on average. This doesn’t seem to be too different from this time last year. Sellers, just because there are bidding wars happening, doesn’t mean your property will be snatched up in one day necessarily.

We are eager to see inventory grow. It is not easy being a buyer in this market: you have all the buyers in a population of 500,000 competing for the same 500 homes. The average Halifax Resident seems to fall into the 300-500K property range, which is where we are seeing the most activity. Within that price range, there are only 103 active properties currently. Imagine the competition.

Buyers, just because it’s hard doesn’t mean it’s impossible. Equip yourself with a strong realtor for better chance at success!

Author: Jordan Gunn
Real Estate Assistant
Keller Williams Select Realty
The Andrew Perkins Real Estate Team

Halifax Real Estate Market Report - January 2023

Inventory continues to dwindle, resurrecting the age of the bidding war.

Inventory has not been this low since this past summer. With only 516 single-family homes and condos for sale in all of Halifax, buyers are starting to feel the pressure again.

In our own personal experience, just over the weekend, our clients found themselves in a bidding war of 24 offers. With pressure like this, prices will likely begin to rise again.

We have 82 fewer properties for sale than when we started 2023, because although 158 new listings came to market last month, 240 were sold.

Sales are significantly down since this time last year. The market slowed quite a bit over the past few months due to interest rate hikes, however, we expect these numbers to begin to pick up again as rates are now stabilizing. Single-family home prices have decreased slightly when compared to 2022, and condo prices have increased by 22K (on average).

We have noticed in both the statistics and in our day to day business, properties are staying on the market longer than this time last year. When you are listing, don’t let this fool you into thinking we are not in a seller’s market. Properties are still selling in on average one month, which is relatively fast.

If the market continues on this trend of low inventory, we expect a wild summer ahead.

Jordan Gunn
Licensed Real Estate Assistant
902-401-0373

Halifax Real Estate Market Report - November 2022

There are only 682 active listings in all of Halifax. With a population of 500,000, this is sure to put pressure on the market.

In the past few months, we started to see an increase in inventory, which was very hopeful for buyers. But, with these numbers, we cannot see an end in sight anytime soon for our seller’s market.

Sales have decreased in both single-family homes and condos in comparison to this time last year. This has been an ongoing trend over the past few months with rising interest rates and inflation. Even with fewer sales, prices continue to rise. 

Properties are staying on the market slightly longer than this time last year. Even still, most seem to be selling in under one month. This is especially true when they are priced correctly. Pricing a property in this market is very complicated, as comparables from even two months ago are not accurate considering the shifts in interest rates and buying power nationally. 

Sellers, price adjustments are to be expected - that being said, if you have owned your property longer than 5 years, you should make a great profit. 

We are still far away from a buyer’s market, with only approximately 2 months of inventory currently on the market. 

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

Halifax Real Estate Market Report - October 2022

Overview

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

The number of sales has decreased substantially in comparison to this time last year. This is to be expected. The real estate market in 2021 was an anomaly that we all knew was not sustainable. That being said, the overall trends for the past decade still show that even with the decrease in activity, Halifax is a booming market. Prices continue to rise, and many properties are still selling quickly despite inflation and increasing interest rates. We are still very much in a seller’s market. 

With less than two months of inventory in both single-family homes and condos, we are still a ways away from reaching a balanced market. Although properties are not selling instantly with multiple offers, they are still selling in under one month of hitting the market. 

The colder months hold unique opportunities to sell your home. First, there are typically fewer properties on the market, therefore less competition. Second, the winter months tend to weed out unmotivated buyers: those who are ready to buy will not be deterred by the cold. With less competition and more motivated buyers, winter is still a great time to sell. 

Buyers, we have worked with many successful clients in the past month that have secured properties without bidding wars and with little hassle. We would be happy to guide you through finding your dream property too!

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

Halifax Real Estate Market Report - August 2022

Overview

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

With a total of 752 active listings, and 710 sales last month, we still very much are in a seller’s market. 

The summer slowed down the multiple bidding wars and largely over-asking sale prices we have seen the past year, however even in the past week, we have noticed this beginning again. Properties our clients have been interested in over the past week or so had multiple bids and offer due dates. 

The number of sales in comparison to this time last year has decreased in both single-family homes and condos, and prices have increased. This shows that the market still remains competitive for buyers. Even though certain properties remain on the market longer than in recent times, The average number of days on market has still decreased slightly. 

Sellers, the best thing you can do for success at this time is the price your home correctly, and manage your expectations. We are at a very unique time in the market where selling prices and time spent on the market can be unpredictable. Stay patient and open-minded.

Buyers, we offer the same advice. Even though the market feels that it has slowed, we are nowhere near a buyer’s market just yet. You may run into competition offers in the coming months, so stay open-minded.

Call us today to talk all things Halifax Real Estate!

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

Halifax Real Estate Market Report - July 2022

It’s time to review the Halifax Real Estate Market for July 2022.

This summer we have noticed significant shifts in the Halifax Real Estate Market. Houses and Condos are not receiving extreme bidding wars like they were in beginning of the year. Buyers are concerned about rising interest rates, inflation, and are scared off by how intense the market has been for the past two years.

More and more sellers are catching word of how much the market has been in their favour, and with the warmer weather, are ready to list. This has caused an increase in inventory, lessening the competition for buyers. We are in a better market now for buyers than we have been since the pandemic began.

Sellers, the market is still in your favour, however, bidding wars and sold prices of 100K over asking are just not happening anymore. If you are planning to list, we suggest talking to us about the current market to help manage your expectations. There are many ways to still come out profitable. 

Significant numbers to note:

The average condo price in comparison to this time last year has only increased by 2%. This is significantly lower than the trend we have seen over the past two years (typically 20-30%). This is evidence the market is slowing.

Average Days on Market: Both single-family homes and condos are still selling on average in under two weeks. This is especially true for properties close to amenities, within the 300K-500K mark. 

Though the market is slowing, we are still in a seller’s market. We enter a buyers market when we have over 6 months of inventory. We are currently at just over 1 month of inventory.

Buyer or seller, give us a call today. We would love to hear your real estate goals and set you up for success.

Jordan Gunn
Licensed Real Estate Assistant
Keller Williams Select Realty
902-401-0373
jordan@andrewperkins.co

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