To the millions of my fans, the wait is over! Another blog post!  

I know you all were waiting with bated breath. I’m here again to talk about the market and give you an update on my life (so you aren’t totally bored with stats).  

How is everyone's summer going so far? We have a few weeks left, so get out there and explore this fantastic world we live in! What are some of the things you and the family have been doing? I personally have been benefiting from all the great beaches Nova Scotia has to offer. My side hustle from the beach would be golfing of course (pun intended).  

 
Orignally from Prince Edward Island, I had the pleasure of visiting home recently. Talk about beaches and golf, this place is the Mecca of both. If you find yourself in God’s country, make sure you check out the many restaurants and fun activities PEI has to offer. If I can make a suggestion, on your way home via the bridge, make sure you stop by the HandPie Company. It’s literally just moments away from the Confederation Bridge. They make delicious little handpies. I would recommend the PEI pasty.  

Alright enough about me. Let’s get into the juice of the blog. The market!  

We are starting to see a slowdown here in Halifax. We went from 645 sales in June 2022, to only 469 in July 2022. There could be many factors that we are starting to see a decline in sales. Number one being of course the rising interest rates that are on everyone's mind, and the second reason being time of year (summer, and vacations). In my last blog, I was adamant about these rates just getting back to a pre-pandemic norm. The Bank of Canada has two more announcements for rates this year. One being next month on September 7th, and the other being on the same day in December. This is weighing on people's minds, and they are a little wary about what the market is going to do.  

I say that there is sooooo much opportunity for buyers at the moment. Why wait?  

We are starting to see more and more inventory each day. Which means you buyers have time to look around. I know I sound like a broken record but it’s true! Buyers have a voice again! (Apologizes for the explanation points, I’m a millennial, I can’t help it.) Negotiations are back on the table, and of course CONDITIONS! You are protected once more. Let’s get you that home inspection. 

Our average sale price is also decreasing. We went from an average of $558,512 in June, to $521,075 in July. Sellers, don’t get discouraged at the changing market. We are very much still in a sellers' market. With only 1.6 months of inventory, we would need to double the number of homes for sale to be in a balanced market. You can still capitalize on the value of your home! There is a huge demand for homes between $300,000 and $500,000, so if you fall in that range, have no fear. Also, if your home is on the peninsula, of course there is huge demand for you as well. Let me know, and I can come give you a market analysis .  

I’m not saying that bidding wars are gone the way of the dodo though. They are still happening, and in some cases multiple offers are being received on certain properties.  

What are your thoughts on the changing market? Are you a Buyer that is waiting to see what September 7th is going to bring us? Are you a Seller that fears they have missed the boat on maximizing your home's value? I would love to know your thoughts on both sides of the story. Give me a call, and I would love to chat about it!  

Wigmore out!