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Shocking Drop! Q1 2023 Market Report - Halifax NS

By
Real Estate Agent with EXP Realty Canada Inc. NSREC# 9421

If you didn't know about our marketplace in recent years, you would think it was a sinking ship. Halifax Nova Scotia Real Estate Market Report Q1 2023

As seen in this report for single family homes, 36% drop in sales for single family homes and median price drop of 8.5% seems alarming but when compared to statistics collected since 2019, it just shows a bit of a correction. This is demonstrated by a list to sale ratio showing 2% over ask price.

The same period for condominiums, the report shows a decline of 19% of sales and a big drop of 12% in median values, selling for 2.3% above list price and in 9 days.

Put in perspective when compared to first quarter statistics over the previous 5 years, the declines are just a natural progression of our marketplace. It's unrealistic for too many years with incredibly high increases.

As I see it, we're seeing realistic pricing with strong demand. Sales are usually slower in the winter but made worse with higher interest rates and anyone in the marketplace not affected or had no choice, were getting deals in some areas of the city but there are still other areas with very strong demand.

The market at the beginning of April has picked up significantly and we're seeing many more competing offers. New inventory is picking up so it will be interesting to see if the market shifts to be more balanced or continues to be strongly competitive with new buyers jumping off the fence and getting back into the market.

George Souto
George Souto NMLS #65149 - Middletown, CT
Your Connecticut Mortgage Expert

Tina Parker this is good information for both Buyers and Sellers in your area.

Apr 16, 2023 03:16 PM
Tina Parker

Thank you! Best wishes.

Apr 16, 2023 03:22 PM
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

A correction is a good thing - and nothing to be concerned about! Halifax sellers and buyers should call you because you understand your local market!

Apr 17, 2023 04:48 AM
Tina Parker

Thank you! Send them my way if you know anyone. ;)

Apr 17, 2023 09:15 AM