Although certain pockets on the Halifax peninsula are performing better than others, don’t let that trick you into thinking your house will sell overnight.
Here are the facts:
Real Estate markets are measured by “Month of Inventory” (MOI). MOI is measured by comparing the number of properties being listed versus the number of properties being sold (if we list more property than we sell, MOI will go UP).
A balanced market runs at about 4 months of inventory. That means that if no one else was to list their property for sale on the market, it would take 4 months to sell everything that is available. Anything higher than 4 MOI is a buyers market, anything lower than 4 MOI is a seller’s market.
Currently, in HRM we have 10.3 months of inventory. That might be concerning to some but if you compare that to our 13.3MOI in 2016 and our 14.3MOI in 2017 you’ll realize that our market is headed towards a more balanced state.
Here’s what you need to know if you’re thinking of selling in 2018:
- The average price of sold properties is up 7% over last year
- Days on market is down 22 days (properties are selling almost 1 whole month faster)
- Make sure your house is priced competitively and shows well and it will sell
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Here’s what you need to know if you’re thinking of buying in 2018:
- Properties are selling faster
- Make sure you have your pre-approval completed
- Make sure that when you find a property you love you’re ready to make an offer
- Make sure you have a full-time agent working on your behalf
*as of April 3rd 2018
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