As we bid farewell to 2023, it's time to reflect on the twists and turns of the Halifax real estate market. Join me, Brenda K from Brenda K's Halifax Home Selling Group, for a comprehensive overview that not only breaks down the December 2023 stats but also delves into predictions for the upcoming year.
Active Listings:
At present, we have 744 active listings for homes in December, showing a 30% increase from the previous year but a decline from the previous month. This trend suggests a continued normalization of the real estate market, aligning with the pre-COVID era.
Total Home Sales:
December witnessed 228 home sales, marking a 12% decrease from the previous year. However, when we step back and view the broader picture, the last two years' data reveals a significant shift. In 2020, there were 492 home sales in December, highlighting a more than 100% decrease. This normalization is a topic we'll explore further at the end.
Year-to-Date Home Sales:
The year 2023 saw a total of 4,534 home sales, indicating a 13% decline from 2022. This downward trend, when compared to the extraordinary highs of 2020 and 2021, signals a market that is adjusting to a more balanced state.
Days on Market:
The timeline to secure a conditional sale increased by one week in 2023 compared to the previous year. It's crucial to acknowledge this shift as a return to a more typical real estate market in Halifax.
Average Price:
The average home price in December 2023 stands at $534,487, showcasing a year-over-year increase of $44,885. This upward trajectory over the last three years, with a gain of $121,622 in equity from 2020, emphasizes the need for a careful balance to prevent pricing out potential buyers.
Equity Growth:
Historically, Halifax has experienced a 2 to 4% per year equity growth in homes. December 2023, however, saw a 9.2% increase in appreciation. While this is a positive sign for current homeowners, it's essential to maintain a sustainable growth rate for the long-term health of the market.
Shift in Buyer Demand:
Analyzing the demand graph, we observe a shift in buyer preferences. The $400,000 to $500,000 category has taken the lead, indicating an adjustment in response to rising prices in the lower range.
2024 Outlook:
For boomers and seniors with homes falling into the specified categories, 2024 is an opportune year to sell before potential higher mortgage payments loom in 2025. With interest rates fluctuating, buyers are urged not to sit on the fence but to act promptly.
In my upcoming 2024 real estate market predictions, I'll delve deeper into what this means for both buyers and sellers. For specific neighborhood insights, feel free to direct message me or comment below.
Whether you're a seasoned real estate pro or a curious observer, stay informed, make educated choices, and remember, if you're thinking real estate in Halifax, think Brenda K
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