It’s time to review how the Halifax Real Estate Market behaved last month!
The inventory continues to remain at an all-time low! Similar to last month, we have under 500 listings available. With over 700 sales in total last month, our market continues to remain in the seller’s favour.
The number of sales is on the rise in comparison to this time last year for both single-family homes, and condos. Buyers are still out in full force. We expect that this trend may continue for the rest of the summer.
The average sold prices have also increased in comparison to last year. Limited inventory has been causing multiple bidding wars, which has driven the prices up in many cases. If you have had any action in this market, you know it’s tough out there.
The average number of days single-family homes sat on the market for has decreased significantly in comparison to last year. This means single-family homes are selling faster than ever: the average home has been selling in 20 days! We can see that the condo market has slowed a bit in comparison to last year: the condo market has been historically a bit slower than the single-family home market. That being said, with the number of sales and sold price increasing, this is still a great market for sellers!
Sellers, this market will not last forever. If you have a property that you are thinking of selling, now is the time!