While larger housing markets across the country continue to face challenges and negativity, Atlantic Canada—and Halifax in particular—continues to outperform the rest of the provinces, as has been the case historically.Here are your April data points:
Total Single-Family Sales: 402
Average selling price: $649,774
Median Selling Price: $600,500
Average Days On Market: 32
Average Price/SqFt: $306
The delta between average and median confirms the new trend of more home sales being in the $700,000 to $900,000 range. We previously reported there has been a significant increase of sales in the $700,000 to $900,000 price range.
We might be seeing diminishing opportunities to purchase a home under $600,000. If you are a seller with a home under $600,000, you are very likely to see multiple offers at very close to, or over the asking price. If you are priced in the $600,000 to $900,000 range, your sales price will be closer to the asking price and on average will take up to 32 days to sell.
While the market continues to lean in favor of sellers, properties priced above $600,000 are experiencing longer days on market, indicating that buyers are exercising caution and taking more time to evaluate their options. To prevent your listing from becoming stale, it’s essential to price it competitively to avoid exceeding the 32-day threshold.
If you are a seller in the next 12-18 months, one factor that might make the difference between a full price offer or sitting on the market – Buyers today will pay for the finished product and are turning their noses up on deferred maintenance.
Have your Avalon Realty Agent visit now to review the jobs you need to complete prior to going to market if you want to maximize value in the least amount of time.
Call today at 902.221.4880 or email jburt@avalonrealty.ca!
