Another month of a strong seller's market in Halifax!
It seems that every month we keep saying that inventory is at its all-time lowest, assuming that it cannot possibly get any lower: this month proves us wrong. With just over 350 active listings for single family homes and condos, in a city of almost half a million residents, the market has never been under this much pressure before.
Sales have decreased in both single-family homes and condos in comparison to this time last year, simply due to the lack of inventory. There are eager buyers out there, purchasing anything they can get, but the supply cannot keep up with the demand, making sales decrease.
Prices are still on the rise, as they have been for the past year. It’s no surprise with this limited inventory and competing offers on many properties that prices will continue to rise. We expect this to last for some time, or until at least the market can replenish. This can also explain the decrease in the number of days properties are spending on the market.
Sellers, the numbers don’t lie. If you have a property you want to sell, there is no better time in recent history than now. Buyers, expect a challenge, hope for the best, and work with us to get your dream home.