A NORMAL PERSPECTIVE
As summer is in full swing, a cooler real estate market still represents a hot one. It is easy to lose sight of perspective when it comes to Halifax real estate. For years, it ticked slowly upwards without absurd swings in either direction. The last two years dominated the media and in turn, dominated conversations across the province. It is important to understand the statistics that form the foundation of our current housing market.
The number of sales in June 2022 was only beaten once in the past twelve months - in May of 2022. Sales remain strong even though inventory is on the rise. However, we still only have 1.4 months of supply. This means that if nothing else were listed, it would only take a month and a half for everything to sell. A balanced market is considered three to six months. Sellers are still in control, even though recent pressure on prices has resulted in a drop in the overall average value.
Interest rates continue to create uncertainty in people’s minds, and this provides a unique opportunity for buyers to negotiate for the first time in years. For Sellers, I recommend patience while people adjust to the new normal. In the meantime, Buyers may experience unfamiliar enjoyment while hunting for a house!
If you are interested in how your value has changed or know someone who might benefit from my real estate insights, please feel free to contact me anytime.