It’s always a good idea to review the market statistics in your area to keep you informed on buying and selling conditions!
We currently have a total of 529 active listings in all of Halifax, and 820 properties sold last month. This means that properties are selling faster than they are being listed. This has been the trend for the past year and has caused a serious lack of inventory in the area. Buyers are competing for their dream homes and sellers are making larger profits than ever before.
Sales are on the rise substantially in comparison to last year. And we thought last summer was hot! Buyers are continuing to snatch up any properties they can get. This causes a price increase as well, as you can see with our green arrows. If you follow our Instagram, you will see that both single-family homes and condos are selling above the asking price every single day.
When we look at the average number of days a property stays on the market before an offer is accepted, we can see that properties are selling fast. The number of days has been reduced by over half in both types of properties in comparison to last year.
We are in a seller's market, there is no doubt about that. With less than a month of inventory, it’s no surprise that many properties are receiving competing offers. Work with us today to have the best chance of success buying and selling property in Halifax.