How hot is the spring market in Halifax?

How many of you like spicy foods? They’re a bit like the spring market in Halifax! Add a little bit of spice in your dishes totally enhances the flavour and adds a whole new level of depth to it. When we eat these spicy foods, the level of spice builds up as we eat more and more of it. You could say that things “heat up.”

Halifax spring market, hot or not?

Springtime in Halifax is a little like our spice example. We are seeing the housing market heat up as we get further and further into spring.

Beginning of the year

In January, we saw our residential statistics a little bit lower than the previous year. Last January, we saw an average of 219 new listings and the average sale to listing ratio at 39.5 per cent. This January, we saw an average of 203 new listings and the average sale to listing ratio at 41 per cent. When we compare the two, we can see that there was a lower average for new homes on the market in 2019 but our sale to listing ratio was slightly higher. A higher sale to listing ratio means that more homes were being sold than there were homes on the market. In other words, January 2019 was more of a seller’s market compared to the previous year. There were more buyers looking to purchase properties than there were available homes on the market.

Spring time

Our residential statistics for May are overall higher. For our first few weeks in May 2019, we are seeing an average of 389 new listings and an average sale to listing ratio of 52 per cent. In 2018, our statistics were a little bit lower at 377 new listings and an average sale to listing ratio of 47 per cent. In both 2018 and 2019 we see the housing market heating up as we get further into spring. This year, more listings are flowing in and being met with an ample number of buyers. In terms of the sale to listing ratio, we see it grow from 41 per cent in January to an average of 52 per cent. This means that we have a healthy housing market and that for every 1 house that sells, 2 houses come onto the market.

What does this mean for Halifax?

The rising inventory of homes for sale during the warmer months can be related back to our spice example. The rising number of new listings on the market during the warmer months helps buyers while also making the housing market more competitive for the sellers. Specialists predict that we will continue to see more houses for sale. In addition they expect the sale to listing ratio to stay around its average. This means that the housing market in Halifax is heating up.

Our mortgage professionals at Clinton Wilkins Mortgage Team can help you navigate the housing market. Give us a call to book an appointment with one of our experts. You can also get in touch with us here.