Halifax Real Estate Sales Updates
Here’s a look at some interesting statistics for the Halifax Real Estate market as of the end of April (based on NSAR statistics, compiled by CMHC). A few key points to take note of:
- Sales: It is busier overall (# of transactions) that it was at this time last year by almost 18%.
- Days on Market: Note that the average time for a house to sell so far this year is 94 days. Which means if a house is priced reasonably it will take just over 3 months for it to sell (closing date would be in addition to this). This stat is very important when determining expectations & meeting deadlines, the main factors of course in forcing a property to sell quicker is exposure and pricing.
- Active Listings: Also another key indication of the market condition is how many listings are available at a point in time - ie. inventory for sale. Note that the inventory as of April is down 7% over that time last year. This creates a “sellers market” atmosphere where due to the limited selection demand is up & may lead to prices increasing along side.
- Prices: The average home price in HRM continues to increase slowly and steadily as it has in this area for years. Currently avg prices are 4% higher than that of last year at end of April - $270,280
