September 2024 turned out to be the slowest month we've seen since March, with the Halifax real estate market cooling down significantly. Here's a closer look at the numbers: only 345 single-family homes sold in September, compared to 296 in March. Even August, typically a bustling summer month, saw 394 sales. Despite the slow pace, we witnessed a surge in new listings, with 525 sellers putting their homes on the market.

Breaking Down the September Sales

Let’s dig into the details of what happened with those 345 homes that found new owners in September:

• Average Time on Market: 29 days

• Sales Above Asking: 131 homes sold above the asking price, with an average increase of $28,311.

• Sales Below Asking: 182 homes sold below the asking price, with an average drop of $42,008.

• Withdrawn or Expired Listings: 14 homes either expired or were withdrawn from the market.

What's Selling in Halifax?

A key trend in Halifax’s real estate market is that 58% of homes sold are priced under $600,000. This aligns with what we’ve seen over the past few months: first-time buyers continue to dominate this price range, making it the most active segment of the market.

For homes listed over the million-dollar mark, sellers may need to be patient. Only 162 homes in this price range have sold since January 2024. Why the slow pace? Local buyers are working with smaller budgets, making it challenging for high-end properties to find buyers quickly.

Looking Ahead to Spring 2025

What can sellers expect in the Halifax real estate market come spring 2025? Based on the trends, we’re likely to see a market similar to the pre-COVID days. Sellers should be prepared for a balanced market, with steady demand and more price-sensitive buyers. Patience will be key for those listing higher-priced homes.

If you’re thinking of selling or buying in Halifax, staying informed about market trends can make all the difference. Have questions or want to know more? Reach out—I’m here to help you navigate the Halifax market!