Halifax Real Estate Market Report - November 2021

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Market Trends

 

Overview

Let’s review the Halifax Real Estate Market Statistics for November 2021!

If you have been following our monthly Market reports for some time now, you know that we have said many times in the past year that inventory is at a record low. This month, there are fewer active listings than any month before. With under 300 active listings in a city of 450K residents, this is unheard of.

What is contributing to this limited inventory? We believe there are a few factors at play. First and foremost, Halifax is a great city to live in. We have a perfect balance of city living and rural nature that keeps people around. Once we get here, we do not want to leave! There are not many residents eager to list their homes as they fear they will not find another place in the city to stay.

Second, companies and investors are keeping Halifax on their radar as a city on the rise. Much of North America is catching on that this city has great growth potential, so the listings that do make it to market are not lasting long. Between investors and eager buyers, properties are selling in under a month for almost the past two years. Our supply cannot keep up with the demand. 

Third, when the holidays roll around, people tend to pause real estate ambitions. Many like to settle into their homes during the holiday season and postpone selling until the spring when their lives are less busy and the weather is better for moving. 

These factors are adding pressure to our market, which is continually driving prices up. We’ve seen on average a 30% increase in price in both single-family homes and condos over the past year alone.

Buyers, we are not going to lie, it's tough out there right now. If you want to succeed in this market you should have the following: patience, determination, and an experienced REALTOR® on your side. Sellers, if you are in the position to sell, you have an opportunity to make some serious profit! Reach out to us for a free market analysis of your property! 902-488-0012

 

Andrew Perkins
andrew@andrewperkins.ca
902-488-0012