Welcome back, Halifax real estate enthusiasts! 🍁 The fall season is officially upon us, and with it comes the beginning of the fall market in Halifax Real Estate! In this September 2024 monthly market update, we'll explore how the real estate landscape in Halifax and Dartmouth is evolving as the year progresses. Whether you're buying, selling, or investing, these insights will help you make informed decisions for your next move!
Active Listings & Inventory: Supply on the Rise 📈
September 2024 marked a notable increase in active listings, with 1,058 homes on the market compared to 963 in September 2023. This 8% year-over-year rise is a welcome change, providing buyers with more choices as they navigate the current market. For context, the active inventory is still significantly higher than the market frenzy of 2021, when there were fewer than 250 listings, making today’s options look much more abundant.
Home Sales: A Seasonal Uptick 🏡
Unit sales showed solid growth, with 403 homes sold in September 2024—up 12% from the 351 sales recorded in September 2023. This increase aligns with the typical seasonal upswing seen during the fall, often described as a mini spring market. Year-to-date sales are up 7%, demonstrating consistent buyer demand despite higher interest rates and evolving market conditions.
Days on Market: Slight Improvement ⏳
The average number of days on market decreased slightly to 28 days, down from 30 days last year. This suggests that, even with higher inventory levels, demand remains strong enough to keep the market moving at a steady pace. However, it's still a far cry from the frenzied pace of 2021, when homes often sold within a few days.
Home Prices: Continuing to Climb 💰
The average sale price in September 2024 reached $581,723, up from $538,299 in September 2023. This 8.1% year-over-year appreciation reflects ongoing equity growth for homeowners, though it’s worth noting that rising prices may lead some buyers to adjust their expectations, such as opting for a semi-detached home or looking in suburban neighborhoods.
List-to-Sale Price Ratio: Returning to Balance 📉
Homes sold for 100% of their list price in September 2024, a slight decline from 102.3% in September 2023. This adjustment indicates a more balanced market, with fewer bidding wars compared to last year’s heightened competition.
What Does This Mean for You? 🤔
For buyers, the increase in inventory and the slower pace of price appreciation provide more opportunities to find the right home. For sellers, pricing your property correctly is more crucial than ever to stand out in this more competitive landscape. Investors can take comfort in the stable growth, offering a predictable environment for strategic investments.
Planning Your Next Move? Let’s Chat! 📞
If you're curious about how these market trends could impact your real estate goals, I'd love to discuss your options. Whether you're thinking of buying, selling, or investing, having the right strategy can make all the difference.
📱902-471-8497
✉️ brendak@brendak.ca
🔗 www.brendak.ca
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