Analyzing The Halifax Real Estate Market Trends: A Look at 2023

The Halifax real estate market took a turn in 2023, stepping back from the rapid pace we got used to. It’s a bit slower, and here’s the breakdown. In 2023, 76% of homes sold, down from 77% in 2022, and way off the quick sales we saw in 2021.

As the year rolled on, buyers started making more conservative offers, while sellers still had high hopes, remembering the crazy COVID-19 market. But there are some misunderstandings floating around about what’s really going on in Halifax.

Back in the COVID-19 days, many folks flocked to Nova Scotia for cheaper homes and the calm vibes with low COVID cases. But by 2022-2023, things changed. Offices called people back, and COVID, while still there, wasn’t as big a deal. This shift means fewer folks are packing up and moving east. Now, most buyers are local.

So, where are we now? It feels like a “normal” market, despite rumors of a hot market with competitive offers. But here’s my take: it’s more like the years 2017-2019. I’ve been in real estate since 2010, and we’ve seen a range of sales, from as low as 100 to a high of 240 (in the wild year of 2020). In 2017, things started to change. I listed a home in Lake Echo, thinking it would take 6 months to sell, but it was gone in 30 days. That year, 72% of our listings sold. Quite a switch from my previous years in a buyer’s market where homes took more than a year to sell.

Let’s dive into some numbers for Halifax real estate in 2023:

  • Homes under $499,999 usually sold in about 3 weeks.
  • Listings in the $500,000 – $699,999 range took around 4 weeks.
  • Homes between $700,000 – $899,999 were on the market for about 6 weeks.
  • Homes over a million dollars? Yep, also about 6 weeks.

These numbers suggest homes in these price ranges sold pretty quickly. But hold on, some homes are still waiting for buyers:

  • Homes between $400,000 – $499,999 stuck around for about 3 months, with some waiting over 7 months.
  • Listings in the $500,000 – $699,999 range took about 3 months, with some waiting over 10 months.
  • Homes between $600,000 – $699,999 hung around for about 3 months, with some waiting over 9 months.
  • Homes priced $700,000 or more took from 3 to 4 months to find a buyer.

So, here’s the scoop: The Halifax real estate market trends in 2023 are more like the chill market of 2017-2019. Sellers, be aware of the changes and set your expectations right. Some homes still fly off the shelf, but others might take a bit longer. Always good to work with a real estate pro to navigate the ups and downs.

[Stats based on NSAR Jan 01-Dec 31, 2023]

FAQs:

  1. Is Halifax’s real estate still as crazy as during COVID-19? Nope, it’s active but more balanced now.
  2. Why did Halifax’s real estate slow down in 2023? People going back to the office and a change in how buyers think played a role.
  3. Can sellers still do well in Halifax’s real estate? Yes, but know what to expect based on what’s happening in the market.
  4. How do I set the right price for my Halifax home? Chat with a local real estate expert to figure out the best price.
  5. Should I wait for the market to get better before selling my Halifax place? Depends on your situation. A real estate pro can help you decide.

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