This is seriously the lowest number of inventory the Halifax Real Estate Market has seen in at least the past decade, if not ever. With half of a million residents and over 1000 real estate agents, there are only 384 homes and condos combined for sale as of today. What is even more shocking is with these record low numbers, sales are still up from last year. These two factors are making the market extremely competitive for buyers. Many houses and condos priced within 200K-500K are selling over the asking price.
Prices have increased in comparison to last year as expected given the competitive nature of our hot market. This is also on par with what we have seen over the past decade: prices continue to climb steadily in Halifax. Based on last month, the condo market has slowed a little bit in comparison to last year, however, single-family homes have cut their time on the market almost in half. Even with the condo market slowing slightly, it is still close to what we have been seeing over the past year (2 months on market).
Both the condo and single-family home markets in Halifax continue to be in the seller's favour. Sellers, you do not need to wait until the summer to score top dollar for your homes, there are seriously motivated buyers in the area ready to make a deal.
Buyers, reach out. Having an experienced REALTOR® in your corner is the only way to succeed in the market we are experiencing.