📊 Weekly Real Estate Stats: Halifax/Dartmouth - July 30th, 2024 📊

The latest market stats are in! Here's what's happening in Halifax/Dartmouth:
1. Total Residential Listings:

- 2024: 1068

- 2023: 807

- 2022: 776

- 2021: 601

- Trend: There has been a steady increase in total residential listings over the past four years, indicating a growing inventory in the market.

2. Average Days on Market for Sales:

- 2024: 32 days

- 2023: 25 days

- 2022: 12 days

- 2021: 22 days

- Trend: The average days on market have increased from 2023 to 2024, suggesting homes are taking slightly longer to sell. This could indicate a more balanced market compared to previous years.

3. List to Sale Ratio:

- 2024: 100.55%

- 2023: 101.81%

- 2022: 113%

- 2021: 109%

- Trend: The list-to-sale ratio has decreased slightly, indicating that homes are selling closer to their listing prices but not as high as in the past few years. This suggests a more realistic pricing strategy in the current market.

4. Monthly Sales:

- 2024: 473

- 2023: 436

- 2022: 501

- 2021: 664

- Trend: Monthly sales have increased slightly from 2023 to 2024 but are still lower than the 2021 peak. This shows a stable but not overly heated market.

5. Year to Date Sales:

- 2024: 3,078

- 2023: 2,953

- 2022: 3,688

- 2021: 4,820

- Trend: Year-to-date sales have increased from 2023 to 2024 but remain below the levels seen in 2021 and 2022, indicating a normalization of the market after a high demand period.

6. Months of Inventory:

- 2024: 2.62 months

- 2023: 2 months

- 2022: 1.51 months

- 2021: 0.77 months

- Trend: Months of inventory have increased, suggesting that there are more homes available relative to the number of buyers, leading to a more balanced market.

7. Average Sale Price:

- 2024: $580,708

- 2023: $564,364

- 2022: $560,728

- 2021: $460,201

- Trend: The average sale price has been consistently rising, showing strong appreciation and demand for properties in the area.

8. Appreciation from Previous Year:

- 2024: 2.8%

- 2023: 0.6%

- 2022: 18%

- 2021: 23.8%

- Trend: The rate of appreciation has slowed significantly compared to the sharp increases in 2021 and 2022, indicating a more stable and sustainable growth in property values.

The Halifax/Dartmouth real estate market shows signs of stabilization and balanced growth. While the number of listings and inventory have increased, indicating more choices for buyers, the average sale price continues to rise, reflecting ongoing demand. The slower appreciation rate and increased days on market suggest a shift towards a more normalized market after a period of rapid growth and high competition. This environment could benefit both buyers and sellers, offering opportunities for careful negotiation and strategic buying or selling decisions.

Chat Soon,

Sandra