As we step into the crisp autumn air of September, it's time to take a closer look at the East Hants real estate market and see how it has fared over the past year. The latest numbers paint an interesting picture of a market that has seen significant changes since September 2022.
New Listings Surge: One of the most notable aspects of the East Hants real estate market in September 2023 is the substantial increase in new listings. There were 43 new listings during the month, marking a remarkable 30.3% rise compared to the same period last year. This surge in new listings indicates that sellers are becoming more active in the market, possibly encouraged by favorable conditions.
Closed Sales: While new listings have been on the rise, closed sales stood at 28 in September 2023. This number suggests a healthy level of activity in the market, although it's essential to keep in mind that closed sales are influenced by factors such as the time homes spend on the market and the preferences of both buyers and sellers.
Days on Market: The average days on market until sale is perhaps the most eye-catching statistic in this update. In September 2023, it took an average of 52 days for a property to sell. This is a substantial increase of 333% when compared to the previous year. The prolonged time on the market could be attributed to a variety of factors, including increased competition or changes in buyer behavior. Sellers should be prepared for a more extended sales process in the current market.
Average Sales Price: On a positive note for sellers, the average sales price in East Hants during September 2023 reached $456,533. This represents a healthy 9.9% increase compared to the previous year. Rising home prices can be seen as a reflection of strong demand and limited inventory, which can benefit those looking to sell their homes.
Inventory: The inventory of homes listed for sale in East Hants currently stands at 125. This figure gives prospective buyers a variety of options to choose from but still points to a competitive market. Buyers should be prepared to act swiftly when they find the right property, given the limited inventory.
In conclusion, the East Hants real estate market for September 2023 is characterized by a surge in new listings, a healthy number of closed sales, and rising home prices. However, the significantly increased days on market may require sellers to exercise patience and flexibility in their pricing strategies. As for buyers, having a clear understanding of the market and working with a knowledgeable real estate agent will be key to successfully navigating this dynamic market.
It's important to note that real estate markets can vary significantly by location and can be influenced by a multitude of factors, so it's always advisable to consult with a local real estate expert for personalized insights and guidance.
Need a local Real Estate agent?
Hi! I’m Scott Robinson, a local Elmsdale resident and Real Estate professional with Royal LePage Atlantic. If you have questions about buying or selling a home in East Hants or HRM, give me a call!