Welcome back, real estate enthusiasts! It's that time of the month again – our March 2024 Halifax Real Estate Market Update is here, and we're excited to dive into the latest happenings in the bustling Halifax-Dartmouth housing scene. So grab your favorite beverage, settle in, and let's explore the trends, insights, and analysis shaping our local market.In March 2024, you’ll see that the Halifax real estate market experienced a notable shift in dynamics!
Active Listings:
In March 2024, the Halifax-Dartmouth real estate market saw a surge in active listings compared to the previous year. With 758 homes for sale, an almost 10% increase from 2023, the market is showing signs of healthy inventory growth. However, this rise is a welcomed change from the staggering low of 323 active listings in 2022, marking a nearly 45% decrease!
Sales Activity:
The unit sales in March remained steady, with 375 homes sold, indicating a 16% increase from the same period last year. While not reaching the frenzied levels of 2021, the market is showing signs of stabilization, with 920 homes sold year-to-date, marking an 18.7% increase from 2023.
Days on Market and Absorption Rate:
Despite the increase in inventory, the days on market have slightly extended to 38 days compared to 27 days last year. This shift is particularly noticeable in higher-priced homes, influenced by recent interest rate adjustments. The absorption rate, indicating the market's pace, stands at just shy of 2 months, suggesting a gradual increase in inventory.
Price Trends:
One of the most anticipated aspects of our monthly update is the analysis of price trends! In March 2024, we witnessed a modest increase in the average price point, reaching $566,246, up from $557,454 in 2023. While this signifies appreciation, it falls short of the higher rates seen in previous years, aligning more closely with a balanced market.
As we conclude this month's update, we invite you to stay informed and engaged with the evolving trends in our local real estate market. Whether you're considering a move, curious about market dynamics, your home's value, or simply passionate about real estate, our team is here to assist you every step of the way! Reach out to us today to discuss your real estate goals and discover how we can help you navigate this dynamic market!
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