Welcome back, Halifax real estate enthusiasts! As the summer wraps up, it’s time to dive into our August 2024 monthly market update and see how the real estate market in Halifax and Dartmouth fared. Whether you’re a homeowner, buyer, seller, or investor, this update will provide valuable insights to help you navigate your next move.
Active Listings & Inventory: A Significant Increase 📈
August 2024 saw a notable rise in active listings, with 1,013 homes available on the market compared to just 835 in August 2023. This increase in inventory is good news for buyers, offering more choices as they explore their options in the Halifax and Dartmouth areas.
Home Sales: Slight Uptick in Activity 🏘️
Unit sales remained steady year-over-year, with 445 homes sold in August 2024 compared to 399 in August 2023. While this isn’t a huge jump, it indicates a stable market with consistent buyer demand. Year-to-date sales are up by 5%, with 3,000 homes sold in 2024 so far, compared to 2,827 homes during the same period last year.
Days on Market: A Gradual Increase ⏳
The average number of days on market increased ever so slightly, from 28 days in August 2023 to 29 days in August 2024. This shift suggests that properties may be taking a tad longer to sell, possibly due to the higher inventory levels. However, it’s still a relatively short time frame compared to historical norms.
Home Prices: Stability with Minimal Appreciation 💰
The average home price in August 2024 was $584,573, compared to $581,211 in August 2023. This marginal increase indicates that the market is stabilizing, with prices holding fairly steady. Last year’s market saw a 21.1% appreciation rate, whereas this year’s appreciation is just under 1%. It’s a clear sign that the market is balancing out after a period of rapid growth.
Percent of List Price: Slight Adjustment 📉
Homes sold for an average of 100.8% of their list price in August 2024, down from 102.5% in August 2023. This minor decrease reflects the current market dynamics, where buyers may have a bit more negotiation power than they did last year.
What Does This Mean for You? 🤔
For buyers, the increase in listings means more options to find the perfect home. For sellers, it’s crucial to price your home accurately to attract the right buyers in a competitive market. And for investors, stable prices and steady sales offer a reliable environment to make strategic decisions.
Thinking About Your Next Move? Let’s Chat! 📞
If you’re curious about what these market trends mean for your real estate goals, I’d love to connect and discuss how we can make your next move the best one yet! Whether you’re considering buying, selling, or investing, having a trusted professional by your side can make all the difference.
Ready to get started? Contact our team today for a personalized consultation!
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