Welcome back to our blog! Our monthly market update for Halifax-Dartmouth has arrived! We are diving into the statistics for November 2023 and discuss what lies ahead in 2024. Join me as we explore the trends and forecasts shaping the Halifax-Dartmouth real estate market in this comprehensive update for November 2023.
As we make our way to the end of the year, it’s time to reflect on the real estate journey of 2023 in our vibrant city. But we’re not just looking back; stay tuned for my predictions on what’s in store for Halifax in 2024, including my insights into the potentially impactful average price trends and market dynamics.
2024 is poised to be a strategic year, especially for those in the boomer generation. If you’re contemplating selling or buying in the coming year, we’ve got you covered. Let’s delve into the November statistics and explore the landscape that awaits in 2024.
November 2023 Market Stats Overview
Halifax currently boasts 950 active listings, marking a 32% increase from the 718 active listings recorded last year. This surge indicates a positive shift in the market dynamics.
Comparing month-over-month home sales, we find ourselves closely aligned with November 2022, with just a nine-home difference. However, the real story unfolds when we examine the drastic shift from 2020’s market insanity to the low inventory challenges faced in 2021.
Zooming out to the total year-to-date unit home sales, the numbers show a consistent trend year over year. Notably, 2021 witnessed a staggering 56% increase over 2023, emphasizing the abnormality of the market during that period.
A Glimpse Into “Normal” Markets
To understand the current market better, let’s rewind to pre-COVID times. In 2017, unit sales were at 4,765, signaling a shift towards a seller’s market. Fast forward to today, and we see a return to what I consider a “normal” real estate market, bidding farewell to the market rollercoaster.
Market Dynamics in 2023
Days on Market:
With 33 days on the market, mirroring last year’s statistics, the demand for homes under $650,000 remains very high. This trend is likely to persist as long as this demand prevails.
An interesting shift comes in the form of a significant increase in the month’s supply, indicating a slightly more balanced market. This metric measures how long the current inventory would last if no new listings were introduced.
While we aim to avoid extreme jumps in average prices, 2023 shows a moderate 4.8% increase. This is a healthier growth rate compared to the double-digit spikes witnessed in 2020 and 2021, steering clear of the extremes seen in Toronto and Vancouver markets.
Predictions for 2024 and Beyond
List Price to Sale Price Ratio:
Driven back to 100% by demand for homes under $650,000, particularly in the $400,000 to $500,000 range, this ratio reflects the competitive landscape with overbidding becoming more common.
Appreciation is a key indicator of a healthy real estate market. Currently sitting at 4.8% year over year, this growth is sustainable, avoiding the pitfalls of double-digit increases that could lead to an unsustainable market.
Conclusion: Embracing the Present and Anticipating the Future
In conclusion, Halifax’s real estate market is experiencing a healthy rate of growth. Boomers, take note—there’s a demand for homes in your neighborhoods. For buyers, 2024 might bring a shift in interest rates, so stay informed.
In this dynamic market, working with a trusted realtor is your compass, guiding you toward making informed decisions that will stand the test of time.
Working with a trusted realtor is key to evaluating your long-term real estate goals. Always remember, just because you pay over the asking price doesn’t mean it’s not a good financial investment. This is a significant financial commitment, and building your personal real estate wealth wisely is crucial.
Whether you’re a first-time homebuyer, a seasoned investor, or someone with dreams of calling Halifax home, know that you’re never alone on this path. Brenda K and the Halifax Home Selling Group are here to guide you every step of the way.
If you’re considering buying, selling, or investing in this remarkable city, we invite you to connect with us and let’s discuss your real estate goals!
Thank you again for joining me on this journey through the Halifax-Dartmouth real estate landscape. If you have specific neighborhood-related questions or want to share your predictions, drop a comment below!
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