Welcome to the Halifax Real Estate Market Update for May 2023! In this blog post, Brenda K from the Halifax Home Selling Group is here to provide you with valuable insights into the current state of the real estate market in Halifax, Nova Scotia. So, let's dive right in and explore the noteworthy trends and statistics for May 2023.
Active Listings:
In May 2023, there were 768 active listings, a significant increase compared to the 443 listings in 2021. This surge in inventory can be attributed to the heightened demand caused by the migration of buyers from Ontario during the spring of 2021.
Unit Sales:
The number of unit sales in May 2023 stood at 584, experiencing a slight decline from the 705 sales in the spring of 2022. However, it's important to note that year-to-date sales in May 2023 reached 1,781, indicating a robust demand in the Halifax market.
Average Days on Market:
The average days on the market decreased to 24 in 2022, compared to 11 in 2021 and 15 in 2020. These numbers reflect the continued dominance of a seller's market in Halifax, where properties typically sell within a short timeframe.
Month Supply:
Halifax currently has a two-month supply of inventory, assuming no new listings come on the market. This represents an increase from just over a month in 2022 and less than a month in 2021, reflecting the availability of housing options for prospective buyers.
Average Price:
The average sold price in May 2023 was $578,110, showcasing a steady increase from $573,449 in 2022. However, it's essential to strike a balance between price appreciation and affordability to ensure a sustainable housing market.
List-to-Sell Ratio:
The list-to-sell ratio remained below 100 percent, indicating a balanced market. In 2022, the ratio reached 103 percent, while it stood at 112 percent in 2021. It's crucial to monitor these ratios to assess the intensity of bidding wars and buyer demand.
Appreciation:
Despite a slight decrease in appreciation to 0.8 percent, the real estate market in Halifax has seen significant growth in recent years. From 2020 to 2021, home prices increased by 34 percent, followed by an 18.7 percent rise from 2021 to 2022. However, it's important to maintain sustainable growth to ensure homeownership remains accessible for all.
Top Performing Areas:
Sackville-Beaver Bank took the lead in May 2023 with 75 unit sales, while Fairview and Sambro and Cow Bay tied with three unit sales each. These areas offer unique opportunities for homebuyers looking to invest in the Halifax market.
Average Days on Market (By Area):
Sackville and Beaver Bank recorded the highest average days on the market at 39, reflecting a slightly longer selling timeframe. Conversely, Fairview had the lowest average days on the market, making it an attractive area for buyers.
Stay Informed About Halifax Real Estate:
For more specific insights into your neighborhood, click the calendar link below. Whether you're considering buying or selling a property in Halifax, Brenda K from the Halifax Home Selling Group is ready to assist you. Schedule a real estate discovery call to discuss your plans and benefit from our extensive expertise. That wraps up our Halifax Real Estate Market Update for May 2023. Stay tuned for more updates and analysis from Brenda K and the Halifax Home Selling Group.
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For weekly and monthly updates on the Halifax real estate market, tune into @HalifaxRealEstate on YouTube. To learn more about what’s happening in your neighborhood or explore your options, click the calendar link below to schedule a personalized consultation. Our team is here to provide valuable insights and help guide you through the ever-evolving Halifax real estate landscape. Cheers!
Watch the full video update here — > May 2023 Market Update for Halifax-Dartmouth
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