As October 2024 wraps up, it’s clear that the Halifax real estate market continues to surprise with steady activity and rising inventory. Whether you're a buyer looking for options, a seller curious about trends, or an investor eyeing the next move, here’s a comprehensive look at the numbers and what they mean for your real estate goals.
Active Listings on the Rise 📈
October marked another increase in active listings, with 1,030 homes available compared to 977 in October 2023—a 5% year-over-year rise. This growing inventory means more choices for buyers and a steady step toward a balanced market. To put it in perspective, today’s inventory is significantly higher than the market frenzy of 2021 when there were only 398 listings. This return to a more stable market is promising for buyers eager for options.
Home Sales: A Strong Year-Over-Year Increase 🏘️
Unit sales surged with 451 homes sold in October 2024, a notable increase from 380 in October 2023. This 15.8% uptick in sales is a testament to the market’s momentum, driven by Halifax’s steady buyer interest. Even year-to-date, sales are up by 8%, confirming that 2024 has been a busier year for Halifax real estate. The recent interest rate dip is likely encouraging more buyers to re-enter the market, making this a great time to buy or sell.
Days on Market: Balancing Out ⏳
The average days on market increased slightly to 32 days from 30 last October, a small shift that reflects the added inventory. However, luxury homes are still moving quickly, with 17 properties over a million dollars sold in October, averaging only 44 days on the market. This balanced pace suggests a less frenzied market but one that still moves steadily for well-priced homes.
October’s Price Trends: Appreciation Continues 💰
Halifax homeowners enjoyed a significant appreciation in October, with the average sale price hitting $590,096—up from $541,415 in October 2023. This 9% year-over-year growth far surpasses the pre-COVID norm of 4% appreciation. To illustrate, this rate of increase brings an almost $100,000 boost in equity, a remarkable trend for sellers and investors looking to capitalize on their properties.
List-to-Sale Price Ratio: Reflecting a Balanced Market 📉
October’s list-to-sale price ratio remained at 100%, slightly down from 101.2% in October 2023. This leveling off means fewer bidding wars, with most homes selling close to their listed prices. A balanced list-to-sale ratio is a key indicator of market health, suggesting fair pricing without the hyper-competitive environment of previous years.
Market Absorption Rate: Inventory Still in Demand 🔄
The current absorption rate stands at about 2.5 months, indicating that if no new listings were added, it would take around 10 weeks to sell the existing inventory. For context, in 2021, this rate was only a week, reflecting the intense demand of that time. Today’s absorption rate underscores a market that is cooling slightly but remains active, particularly in key price ranges.
Price Points Driving the Market 💸
In Halifax, the hottest price ranges are between $500,000 and $600,000, with the $400,000 to $500,000 range close behind. While the days of rapid price surges may be fading, these price points show steady movement, helping many buyers find a great balance between affordability and investment value.
Key Takeaways for Buyers, Sellers, and Investors 🔑
*For Buyers: Increased listings provide more options, but as prices continue to rise, acting sooner rather than later could be beneficial.
*For Sellers: Pricing your home accurately is crucial in this balanced market to attract serious buyers quickly.
*For Investors: With steady appreciation and stable inventory, Halifax remains a reliable market for growth-oriented investments.
Thinking of Making a Move? Let’s Connect!
October’s market update shows a balanced yet active environment, making it an ideal time to explore your options. Whether you’re buying, selling, or investing, our team is here to help you make the most of Halifax’s evolving market. Reach out to discuss your real estate goals and strategies today!
📱 902-471-8497
✉️ brendak@brendak.ca
🔗 www.brendak.ca
🏡➡️ CLICK HERE FOR A FREE HOME EVALUATION 🏡💰️
🔔 Check out our YouTube channel and watch the full video here — > The Latest Halifax Real Estate Stats This October
🧩 Want to connect with us? Click here —> Book a Discovery Call!
🏙️ We love our City! Subscribe to our weekly love letter to Halifax —> Week in Review | Halifax Real Estate
📚️Download FREE copies of our real estate books!
Selling with Confidence: Your Halifax Home Selling Guide to Top Dollar —> Sell with Confidence in Halifax
Home Improvements that Improve Values Guide —> Value adding Home Improvement
Home Sweet Halifax Buyers Guide —> The Complete Guide to Buying a Home