Although inventory continues to remain low, Halifax experienced a price decrease in December 2022 (when compared to 2021).
Every December, the Halifax Real Estate market almost halts to a standstill. The weather becomes colder, making showings seem less inviting, and we all have the holidays on our minds. The real estate market is not immune to this mentality.
Prices and the number of units sold in December both decreased slightly when compared to last year. The keyword here is “slightly”. As you can see, the average single-family home price only dropped by 2K, and the average condo price only by 5K. This is to be expected when comparing interest rates and the cost of living to December of the previous year. Buyers also had much bigger pre-approval amounts in 2021. When interest rates increase, buying power decreases, and homes begin selling for less.
Properties are starting to stay on the market longer as well, which makes sense given the above points.
All of this being said. Our supply still cannot keep up with demand. While 182 new properties came to market in December 2022, 251 listings sold. This puts 69 fewer properties available than the previous month. When supply cannot meet demand, we remain in a seller’s market.
We’ve said it before and we will say it again, until inventory increases, we expect a seller’s market to remain. In our personal experience, there are still bidding wars occurring. Are properties selling for 100K over asking like in 2020? No. Is it still competitive out there? Yes.
Reach out to us today to learn the steps you need to take to have real estate success in 2023!
Licensed Real Estate Assistant
Keller Williams Select Realty