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!
Licensed Real Estate Assistant
Andrew Perkins Real Estate Team
Keller Williams Select Realty