Over the last couple of months the Halifax real estate market has been slowly heating up. People are watching it carefully to see where it will go next, but the drop in prices compared to last year is making many buyers eager to plunge in. This is one of the reasons that sales in the city seem to be climbing upwards, with 100 sales being made in the last week alone.
Available Options for Homebuyers Shrinking in Halifax
One worry for people in the market for a new home in Halifax is that the amount of options to choose from appears to be decreasing slightly. Inventory has been declining across the province, with its capital city being no exception. During the last week of February 2015, there were 295 new homes listed for sale on the market. This year, that same week saw only 266 new homes listed for sale. This continues a trend seen over the previous weeks, which saw 254, 252, and 265 homes listed respectively. While the number of homes for sale is shrinking, sales are not, resulting in a tightening of the overall inventory.
This is seen especially when looking at single family home availability in Halifax. At this time last year, there were 2,857 such homes for people to choose from in the city. This year, that number has dropped to 2,777. The condo market has been tightening in a similar way. Last year at this time there were 432 condos for sale, but this year there are only 400 available at the time of writing.
Single Family Homes Down in Price, But Condos Climbing Slowly
Single family homes in the Halifax area have been slowly easing down in price. For buyers in the market for a first home or a new home, this is welcome news. The average single family home was listed for $280,486 last week. At the same time last year, the average listing price was considerably higher at $297,000. The actual price that these homes are selling for is dropping as well. The most recent average sale price for a single family detached home in Halifax was $268,978. At the same time last year, such homes were selling for $287,000 on average.
Condo prices are trending in the other direction, however. The average condo in Halifax is currently listing for $277,357, but at the same time last year that figure was $267,000. The actual sale price is behaving similarly, with the current average sitting at $267,478 compared to last year’s $256,000.