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