Halifax Real Estate Market Report November 2020

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Market Trends

 

Overview

 

The Halifax Real Estate Market continued to boom for home and condo sellers in November! The number of active listings in comparison to last year is down by half for Halifax single-family homes and by a quarter for condos. This is putting some serious pressure on Halifax buyers, as there is extremely limited inventory. 

 

Many Halifax homes and condos are selling over asking price due to competing offers. Even with this limited inventory, sales are on the rise by on average 40% in comparison to last year! Buyers are motivated and snatching up anything that comes their way. 

 

This is also causing the sold price to increase by approximately 20% in comparison to last year, likely due to these competing offers. If you want your condo or home sold FAST, this year is the year to do it: the average time properties sit on the market has been cut in half in just one year. 

 

If houses and condos keep selling at the rate they are selling, all of the current active listings will be bought within the next month! 2020 is like no other year! If you are a Halifax home buyer and the market is causing you to feel overwhelmed, the solution is simple: hire an experience REALTOR®. A knowledgable agent will find you your dream home even in the most competitive times.

 

Sincerely, 

 

Andrew Perkins

andrew@andrewperkins.ca

902-488-0012