Our Spring Market Begins.
In the Halifax Real Estate Market, it’s common to have the lowest amount of inventory in the winter months, and then a strong uptick in active listings during the spring. We expect this year to be no different. We can already see this effect occurring when you look at the number of new listings versus sold in March. For the past few months, the number of new listings was not keeping up with the amount sold, this latest report shows the opposite. With 86 new listings in March, and only 56 sold, we have 30 more condos for sale currently than we did at the beginning of March. We hope this trend continues as we are desperate for inventory in Halifax.
Sales seem to have decreased, as well as prices when compared to last year. We have to keep in mind, the economy is much different today than it was a year ago. Interest rates are much higher than they were, as well as inflation. These can all account for a slow in sales, and a slight decrease in prices.
Condos are still selling relatively fast when they do hit the market. When we look at Infosparks - a software that reports real estate statistics to Real Estate Agents, condos are selling in on average 5 days - the exact same amount of time as last year.
Even with prices and sales down, we remain in a strong sellers’ market. We currently only have 87 condos for sale for a city of half of million residents. Talk about a pressurized market.
Author: Jordan Gunn
Real Estate Assistant
Andrew Perkins’ Real Estate
Keller Williams Select Realty