Monthly Market Snapshot | January 2023Posted by Chris Perkins on
Monthly Market Snapshot | January 2023
January in 2023 represented the slowest month for sales since at least 2009, which is when our stats tool started recording data. That sounds scary, but everyone needs to remember we still have a pretty significant inventory shortage.
There are only 523 homes for sale in all of HRM - Single Family and Condos. That means we only have 1.2 months of supply (Strong Sellers Market). This is at a time when rental rates have increased nearly 10% year over year.
Despite fewer sales and higher interest rates, the average price of a home has remained largely unchanged since September. This is due to a lack of inventory and sky high rental rates.
There's no question the market has slowed down and that's why you…
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