Halifax Real Estate Market Experiences a Slow Start in 2023: Year-to-Date Analysis
As another month has passed, it is necessary to provide another market update, including a year-to-date analysis from January 1st through the end of April. The real estate market in halifax has had an eventful start to 2023, with 1264 sales recorded so far this year, marking a 28.7 percent decrease from the same period last year. These sales saw an average price of just over $552,000, which is down 5.3 percent from the same time last year. Currently, the average market time is 30 days, which is 15 days longer than the same period in 2022.
Housing Inventory and Sales Prices Reach Record Highs in April
In recent years, our focus has been on the housing inventory, and currently, we see that there is approximately 1.7 months of housing inventory available for purchase. In comparison, last year during this time, the figure was much lower at 0.8 months. The market has been experiencing significant growth, particularly in April, which has been the hottest period so far this year. Interestingly, 48% of all sales during this period were sold for over the asking price, with an average price increase of just over $28,500. These figures represent an increase of 41% and $26,200 respectively over the asking price compared to last month. We will delve deeper into our day-to-day activities in the market, including how we are helping both buyers and sellers navigate this hot market.
Halifax Real Estate Market Holds Steady Despite Low Inventory and Stabilizing Prices
The ongoing trends that I have observed in our market, which I have previously discussed in other videos, are continuing to maintain a seller’s market. Prices have stabilized and are remaining relatively strong. Although we have experienced a year-over-year decline of 5.3% from April 2021 to April 2022, the decline from April 2022 to April 2023 is only 1.5%. Therefore, I believe that prices will remain steady and not drastically decrease anytime soon. Secondly, the HRM’s inventory is notably low, a persistent issue over the past three years. Currently, we have almost twice the inventory (1.75 months) that we had in April 2022, which was only 0.8 months.
HRM real estate market remains a strong Seller’s Market with Signs of Increasing Buyer Confidence
Our current inventory level indicates that this is still a seller’s market, with demand outpacing supply. However, there are positive signs for buyers, as consumer confidence appears to be increasing with stable interest rates and price points. This has led to a resurgence of buyers in the market, resulting in increased competition and higher offer prices. Looking ahead to 2023, it remains to be seen whether the market will become more challenging for buyers.
Navigating the Competitive Housing Market: Tips for Buyers and Sellers Amid Rising Prices and Increased Competition.
As previously mentioned, 48% of homes sold in April went for more than the listed price, while 57% sold at or above the asking price. This trend is creating a challenging environment for buyers, who are facing increased competition and rising prices as the year progresses. Despite these difficulties, there are strategies that can help buyers make more competitive offers and stand out from the crowd. While there are still multiple offers on many properties, the market is less frenzied than it was a year ago. However, buyers continue to face significant challenges, while sellers are benefiting from the current market conditions.
Maximize Your Profit in a Seller’s Market with Proper Pricing and Presentation
It is a seller’s market and there’s still a very good chance that if you price your home correctly and you present it properly to the market, you could receive multiple offers, driving the selling price over the asking price. As an experienced professional realtor, I can confidently say that we are currently in a seller’s market. This means that there are more buyers than there are homes for sale, resulting in higher demand and increased competition among buyers.
However, as a seller, this presents a unique opportunity for you. With the right pricing strategy and marketing techniques, you can attract multiple offers from eager buyers who are willing to pay top dollar for your home.
The key to success in this market is proper pricing. It’s important to work with a trusted real estate agent who can help you accurately price your home based on current market conditions and comparable sales in the area. Overpricing your home can lead to it sitting on the market for too long, ultimately resulting in a lower sale price.
Once you’ve set the right price, it’s time to present your home to the market in the best possible light. This involves staging your home, taking high-quality photos, and creating a compelling listing description that highlights its best features.
With the right pricing and presentation, you can expect to receive multiple offers from eager buyers who are looking to secure their dream home in a competitive market. This can drive the selling price of your home over the asking price, resulting in a profitable sale that exceeds your expectations.
In conclusion, as a seller in a seller’s market, there’s a very good chance that you can achieve a successful sale by pricing your home correctly and presenting it properly to the market. With the help of a skilled real estate agent, you can take advantage of the current market conditions and maximize the value of your home. If you’re thinking about buying or selling, don’t hesitate to book a call through my calendar link below. I would be happy to assist you with your real estate goals!
All the best…. Johnny – Family Real Estate Advisor