As the spring season unfolds, Halifax-Dartmouth’s real estate market is buzzing with activity. The sunny weather has not only brightened our days but also spurred a significant increase in market activity. Let’s dive into the details of Halifax-Dartmouth’s real estate scene for April 2024 and see what trends and opportunities have emerged.
Market Inventory: A Much-Needed Boost
April marks the first full month of the spring market, and it has brought a crucial increase in inventory. This report includes all home styles—detached, semi-detached, and condos—to provide a comprehensive view. In April 2024, there were 864 active listings compared to 725 in April 2023, reflecting a healthy 20% increase in inventory. This is a positive sign for those considering selling, especially seniors and boomers, as it indicates a more balanced market compared to previous years.
To put this in perspective, back in 2019, a balanced market in Halifax had around 2,150 active listings. Given the current figures, we’d need to double our inventory to return to that balance. However, the current increase is a step in the right direction.
Home Sales: A Steady Rise
April 2024 saw 494 homes sold, up from 417 in April 2023, nearly a 20% increase. While this is a notable rise, it pales compared to the 874 homes sold during the frenzied market of April 2021. Nonetheless, this year’s spring market remains robust, driven by demand in specific price ranges.
Year-to-date, home sales have also surged. By the end of April, 1,415 homes had been sold in 2024, up 27% from the 1,192 sold by April 2023. Although not matching the 2,000-plus sales seen in early 2021, the market shows significant activity, with many homes selling above asking prices in high-demand areas.
Days on Market: Slight Increase, But No Cause for Alarm
The average days on market have increased slightly from 26 days in April 2023 to 34 days in April 2024. While this might seem concerning, it’s largely influenced by higher-priced homes, which tend to stay on the market longer. This shift is a natural response to the slowing migration from Ontario and rising interest rates. Homes under $500,000 are still selling relatively quickly, maintaining around 30 days on the market.
Absorption Rate: Inventory Growth Continues
The months’ supply, indicating how long current inventory would last without new listings, is just over two months, compared to just over one month last year. As inventory increases, the absorption rate is expected to rise, further balancing the market.
Average Sale Price: Climbing Again
The average sale price in April 2024 was $611,036, up from $595,142 in April 2023. This marks a year-over-year increase of $15,894. Compared to the equity growth since 2021, homeowners have seen their property values rise by over $140,000 in just three years. While this growth is impressive, it’s important for the market to stabilize to avoid pricing out potential buyers.
List Price to Sale Price Ratio: Reflecting Market Strength
In April 2024, the list price to sale price ratio was 102.1%, up from 101.6% in April 2023. This ratio is a key indicator of market dynamics, showing that homes are still selling above their asking prices, albeit at a more sustainable rate than the extreme highs of previous years.
Appreciation: Stabilizing to Balance
Year-over-year appreciation in April 2024 was 2.9%, a healthy increase from the negative growth seen last year and more in line with the traditional 2-4% range. This stabilization is crucial for a balanced market, making it easier for buyers to move up the property ladder.
Conclusion
Staying informed about your property’s market value is crucial for making smart real estate decisions. If you’re curious about your home’s current value, we offer complimentary market valuations without the need for a home visit. Simply comment ‘value’ below, and we’ll reach out to provide a detailed analysis.
Thank you for staying tuned to our Halifax real estate market updates. Whether you’re buying, selling, or just keeping an eye on the market, we appreciate your support and interest. Here’s to another exciting month in Halifax real estate!
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