What a year we have had with the Halifax Real Estate Market! 2021 was truly a year like no other. Inventory has never been lower, and prices have never been higher. This past year was consistently an extremely competitive market for buyers and a very profitable one for sellers.
With under 200 active listings, single-family homes and condos combined, we are definitely in unprecedented times. Before the pandemic, it was usual to have about 2000 active listings for buyers to browse. Now, we have fewer listings than Halifax Real Estate Agents!
Priced have risen by almost 30% in both single-family homes and condos since 2020. With this limited of inventory, we do not see a near end in sight concerning price increases.
The amount of time listings remain on the market has decreased again this year. If you have been trying to purchase a condo or home in the past 12 months, you know that they sell fast, they sell for a lot, and they typically have multiple offers.
We have a little under 2 weeks of inventory currently. This means, that if no new properties were to hit the market, and buyers continued to purchase at the rate they are purchasing, we would have no properties for sale in Halifax in under 2 weeks.
Buyers, we urge you to get pre-approved, prepare for bidding wars and reach out to us early to succeed in this market. Sellers, you’ve heard us say it before and we will say it again, there is no time like now to sell.