Halifax Condo Market Update - November 2024

Condo sales are on the rise, with 47 units sold in November 2024, up 9% from the 43 sales recorded in November 2023. This growth indicates steady demand for condos in Halifax, even as the cooler months settle in. 

The average sold price for condos in November 2024 hit $489K, an impressive 11% increase year-over-year from $441K in November 2023. This price growth underscores the desirability of Halifax condos, making it a great time for sellers to consider listing their properties.

Condos are selling faster than they did a year ago, with an average of 31 days on the market compared to 42 days in November 2023. This 26% decrease in selling time reflects heightened competition among buyers, especially for well-priced and well-located units.

The condo inventory in Halifax has seen some shifts this November. While the number of condos for sale increased by 8% year-over-year (149 in 2024 versus 138 in 2023), new listings have dropped significantly, with only 42 condos hitting the market compared to 65 in November 2023—a 35% decrease. Months of supply remain relatively stable at 2.5, slightly higher than last year’s 2.2.

Sellers

With rising prices, low inventory, and decreasing days on market, now is an excellent time to consider selling your condo. Buyers are active, and demand remains high, particularly for properties priced competitively. If you’re curious about what your condo might sell for in today’s market, we offer FREE condo evaluations to help you determine your property’s value. Click here to request your evaluation today!

Buyers

Buying in Halifax’s condo market can be competitive, but with the right strategy, it’s possible to find your perfect place. With fewer new listings hitting the market, working with a local expert is crucial to stay ahead of the competition. As Halifax Condo specialists, we’re here to help you navigate the buying process and secure the best deal possible. Reach out for a free, no-obligation buyer consultation.

Author: Brynn Carmody
Real Estate Assistant
HalifaxCondos.co
Keller Williams Select Realty

Halifax Condo Market Report - October 2024

As we close out October, the Halifax condo market has shown a slight dip in the number of sales compared to this time last year. With 60 units sold this month, we’re down 6% from October 2023, when 64 units were sold. This modest decline suggests a cooling in buyer activity, likely influenced by changing market conditions and shifting buyer priorities as we head into the winter months. While fewer sales may indicate a more balanced market, competition still exists in certain price brackets.

The average sold price for condos in Halifax has decreased 4% year-over-year, landing at $485K in October 2024, down from $504K in October 2023. This price reduction points to a market finding more stability, especially after the rapid price increases of previous years. However, it also creates a window of opportunity for buyers who may have been priced out earlier in the year. Sellers, on the other hand, may need to be more strategic in pricing their properties to attract the right buyers in this slightly softened market.

Properties are staying on the market a bit longer compared to last year, with the average days on market increasing from 33 days in October 2023 to 42 days in October 2024. This 9-day increase indicates that condos are taking longer to sell, suggesting a shift toward a market where buyers have more time to weigh their options. While it’s not an overly dramatic change, it is an indicator of slightly less urgency among buyers, especially as the market transitions into the colder months.

One of the most notable shifts this October is the substantial increase in inventory. The number of condos for sale has jumped 27% year-over-year, with 177 units available compared to 139 in October 2023. Additionally, new listings surged by 26%, with 100 new condos coming onto the market this month. This increase in inventory has pushed the months of supply up to 3.0 from 2.3 last year, a clear sign that buyers have more choices than they did a year ago.

Sellers
If you’re thinking of selling your condo, you may want to strategize. The uptick in inventory means there are slightly more options for buyers, so it’s essential to make your property stand out. Proper staging, professional photography, and a well-thought-out marketing plan can make a significant difference in attracting buyers quickly. If you’d like to know what your condo could sell for in today’s market, we offer complimentary evaluations tailored to current market conditions. Click here to request your free condo evaluation!

Buyers
For buyers, this market presents new opportunities. The increase in inventory and slight decrease in average sold prices mean you may find better deals or have more leverage in negotiations. However, working with a professional is still key, as some areas and price ranges remain competitive. As Halifax Condo specialists, we’re here to guide you through every step of the buying process, ensuring you find the perfect property. Contact us today for a free, no-obligation buyer consultation!

Author: Brynn Carmody
Real Estate Assistant
HalifaxCondos.co
Keller Williams Select Realty

Halifax Condo Market Update - September 2024

As we close out September, Halifax’s condo market continues to show positive momentum. Condo sales in Halifax have seen solid growth this month. In September 2024, 55 condos were sold, marking a 14% increase from the 48 units sold in September 2023. This rise in sales reflects strong demand for condos, as more buyers enter the market.

The average sold price for condos in September 2024 was $500K, up just 1% from $494K in September 2023. While this increase may seem modest compared to the broader real estate market, it suggests that condo prices remain relatively stable. For buyers, this can be an encouraging sign that the market isn’t experiencing drastic fluctuations, offering more predictability when planning their purchases.

Condos are selling faster compared to last year. In September 2024, the average number of days on the market for condos was 24, down from 30 days in September 2023. This quicker turnaround time indicates that buyers are acting swiftly in a competitive market, making it important for sellers to be well-prepared when listing their properties.

The number of condos for sale has increased by 13% compared to last year, with 154 active listings in September 2024, up from 136 in 2023. New listings have also surged by 21%, with 98 condos hitting the market this month. However, months of supply sit at 2.6, which is still relatively low, keeping the market in favour of sellers despite the rise in inventory.

Sellers

If you’ve been thinking about selling your condo, now could be a great time to take action. With condos spending fewer days on the market and buyer demand remaining high, you’re in a strong position to achieve a successful sale. As Halifax condo specialists, we offer FREE condo evaluations to help you understand your property’s value in today’s market. Click here to request your evaluation!

Buyers

Navigating the Halifax condo market can be challenging, especially as competition continues to rise. With more condos coming to market, there’s opportunity to find the right property—but acting fast can be key. If you’re looking to purchase, our team of condo specialists can help guide you through the process. Contact us today to chat about next steps!

Author: Brynn Carmody
Real Estate Assistant
HalifaxCondos.co
Keller Williams Select Realty

Halifax Condo Market Update - August 2024

As we move through August 2024, the Halifax condo market remains relatively stable, with just a slight dip in sales compared to last year. A total of 50 condos were sold this month, down by only 2% from August 2023, which saw 51 sales. While the number of transactions is slightly lower, this indicates steady demand in the market.

In terms of pricing, we’ve seen a 4.6% year-over-year decrease in the average sold price of condos, bringing it down to $460K from $482K in August 2023. This dip in prices reflects a market that’s balancing out after a period of rapid price growth. While the drop may seem significant, it’s important to note that condo prices can fluctuate and overall demand is still strong. For those looking to enter the market, this slight decline in prices could be an opportunity to purchase a condo at a more accessible price point.

Condos are moving faster than they were last year, with the average days on market dropping to 21 days, down from 27 in August 2023. This means that well-priced and well-presented properties are still selling relatively quickly. The faster turnaround can be an indicator of heightened buyer interest, with many condos getting snatched up shortly after being listed. If you're selling, having a strategy to market your condo efficiently is crucial in this fast-moving environment.

Inventory is another key factor to watch, and August saw a 12% increase in condos for sale compared to last year, with 131 active listings compared to 117 in 2023. New listings have surged even more, up 36%, with 75 new condos hitting the market this month. Despite this, the months of supply sit at just 2.3 months, which is still indicative of a seller’s market. More inventory provides buyers with more options, but the limited supply continues to drive competition, especially in highly desirable areas.

Sellers
If you’ve been thinking about selling your condo, now could be an ideal time. With average days on market decreasing and more buyers looking for quality condos, listing your property in today’s market can lead to a faster sale. The increase in new listings means competition is rising, but a well-prepared condo can stand out in this competitive environment. If you’re curious about what your condo could sell for, we offer free property evaluations to help you get an accurate sense of your home’s value.

Buyers
For buyers, the Halifax condo market is still competitive but slightly more favourable than last year with the recent dip in average prices. If you're looking to make a move, now might be a good time to enter the market before prices potentially rebound. With an increase in inventory, you may have more choices, but the best units are still going fast. As condo specialists in Halifax, we’re here to guide you through every step of the process. Contact us today for a free buyer consultation to find the right property for you.

Author: Brynn Carmody
Real Estate Assistant
HalifaxCondos.co
Keller Williams Select Realty

Halifax Condo Market Update - July 2024

As July wraps up, we observe a notable shift in the condo market. The number of sales has decreased by 13% compared to last year, with 69 condos sold in July 2024 compared to 79 in July 2023. This decline in sales likely suggests more competition among buyers due to low inventory. 

Despite the drop in sales, the average sold price for condos has seen a modest increase. In July 2024, the average sold price was $496K, up 2% from $486K in July 2023. This steady rise in prices reflects the ongoing demand for condos in Halifax, even amidst fluctuating sales numbers.

Condos are selling slightly faster than last year. The average days on market for July 2024 is 34 days, down from 36 days in July 2023. This reduction indicates that well-priced condos are still attracting buyers relatively quickly, maintaining a brisk market pace.

The number of condos for sale has increased by 7.4%, with 130 condos available in July 2024 compared to 121 in July 2023. New listings have remained relatively stable, with a slight decrease of 2.4%, totalling 81 new listings this July versus 83 last year. The months of supply have also risen to 2.2 from 1.9, indicating a slightly more balanced market compared to last year’s tighter conditions.

Sellers -  With the average sold price on the rise and condos selling faster, you could achieve a great return on your investment. Halifax continues to experience strong demand for condos, and our inventory is still relatively low. If you're curious about your condo's current market value, we offer FREE condo evaluations. Click here to request your condo evaluation and take advantage of this sellers market.

Buyers - Navigating Halifax’s condo market can be challenging, but with the right guidance, you can find your ideal property. Despite the decrease in sales, prices are steadily increasing, indicating a healthy demand. As condo specialists, we are here to assist you in making informed decisions and finding the perfect home. Contact us today for a free, no-obligation buyer consultation, and let us help you smoothly navigate your next property purchase in Halifax.

Author: Brynn Carmody
Real Estate Assistant
HalifaxCondos.co
Keller Williams Select Realty

Halifax Condo Market Update - June 2024

As June comes to a close, the Halifax condo market continues to intrigue both buyers and sellers. The number of condo sales has taken a significant hit, dropping by 39% compared to June 2023, reflecting a substantial decrease. 

The average sold price for condos has seen a modest increase of 0.5% year-over-year, reaching $515K in June 2024. This slight rise in value indicates that, despite the decrease in sales volume, condo prices are holding steady. 

Condos are spending more time on the market, with the average days on market increasing to 33 days from 17 days last year. This extended selling period may be reflective of the shifting dynamics in supply and demand due to low inventory. 

Inventory levels have remained relatively steady, albeit with 129 condos currently for sale, marking a 5.7% increase from this time last year. This slight uptick in available properties means more options for buyers. However, it's important to note the sharp decline in new listings, which are down by 45% compared to last June. Only 71 new condos were listed this month, potentially signalling a tighter market moving forward. 

Sellers

For sellers, this is still a favourable time to list your property. Despite the longer days on market and increased inventory, the overarching trends indicate a strong sellers market. If you're considering selling your condo, now could be a strategic time to take advantage of current market conditions. We offer free condo evaluations to help you determine the potential value of your property in today’s market. Click here to request your condo evaluation.

Buyers

For buyers, navigating the current market can be challenging, but there are still opportunities to find your ideal condo. With a slight increase in inventory and stable prices, it's a great time to explore your options. As Halifax Condo specialists, we're here to assist you in finding your next property with ease. Contact us today for a free, no-obligation buyer consultation and let us help you make an informed decision in this ever-evolving market.

Author: Brynn Carmody
Real Estate Assistant
HalifaxCondos.co
Keller Williams Select Realty

Halifax Condo Market Update - May 2024

As May 2024 draws to a close, we're observing some notable shifts in the Halifax condo market. The number of sales has taken a significant hit, dropping by 30% to 76 units sold compared to 108 last year. This decline is in part due to low inventory and likely indicates buyers are proceeding with caution.

Despite the drop in sales, the average sold price for condos has increased to $462K, representing a modest 2% uptick from last May's $453K. This gradual price increase suggests that while fewer transactions are occurring, the value of condos remains resilient.

Condos are taking slightly longer to sell, with the average days on market increasing to 25 from just 15 in May 2023. This longer timeframe indicates a shift in market dynamics, where buyers might be holding back due to rising prices and stagnant inventory. 

The inventory landscape has also changed, with 132 condos for sale, a 17% increase from the 119 available in May 2023. This uptick in inventory comes amid a reduction in new listings, which have fallen by 25% to 106 from last year's 142. This decrease in new listings suggests that sellers might be holding off, possibly due to market uncertainties.  Despite these shifts, the months of supply has remained steady at 2.1, indicating a sellers market. 

Sellers - Our local market needs more inventory, and with prices still holding strong, you could capitalize on the current demand. We offer FREE condo evaluations to help you understand your condo's potential value in today's market conditions. Click here to request your evaluation.

Buyers - Navigating the condo market can be challenging, especially with the current fluctuations. Enlisting the help of a professional can make all the difference. As Halifax condo specialists, we're here to guide you through the process and help you find your ideal property. Contact us today for a free, no-obligation buyer consultation and let us help you to find your dream property! 

Author: Brynn Carmody
Real Estate Assistant
HalifaxCondos.co
Keller Williams Select Realty

Halifax Condo Market Report - April 2024

As we wrap up April, our local condo market remains dynamic, albeit with some intriguing shifts. Spring brings a noticeable shift in the number of condo sales in Halifax with a 13% decrease compared to the same period last year. This could be due to a number of factors, including low inventory and buyer preferences. 

While the average sold price for condos in Halifax has dipped slightly by 3% year-over-year, it's important to note the broader context. This adjustment could signify increased affordability, making it an attractive time for buyers to enter the market.

One of the most telling indicators of market activity is the average number of days condos spend on the market. In April, we observed a significant decrease to just 31 days, signalling swift transactions and heightened buyer interest.

The influx of new listings has bolstered the inventory of condos available in Halifax, with a notable 21% increase from April 2023. This uptick provides buyers with slightly more options to explore, however, we remain far from a balanced market.

For sellers eyeing the market, now presents a prime opportunity to capitalize on the demand for condos in Halifax. With inventory levels holding steady and buyer interest remaining robust, your property could get top dollar in today's market. If you're curious about the current value of your condo, don't hesitate to reach out for a complimentary condo evaluation—we're here to provide insights tailored to your specific property and local market conditions.

Navigating the nuances of Halifax's condo market can be daunting. As seasoned condo specialists, we're here to guide you through every step of the process. Whether you're a first-time buyer or a seasoned investor, our expertise ensures a seamless experience. Reach out for a free, no-obligation buyer consultation! 

Author: Brynn Carmody
Real Estate Assistant
HalifaxCondos.co
Keller Williams Select Realty

Halifax Condo Market Report - March 2024

As March comes to a close, we remain firmly entrenched in a seller’s market. As anticipated, the spring market has arrived and we are seeing an influx of buyers come to market. The number of sales saw a 35% uptick both month-over-month and year-over-year. 

The average sold price for condos in Halifax continues to creep up, with a 9% increase year-over-year. However, month-over-month, condo prices in Halifax are down 10% pointing towards some stabilization in the market. Although the average sold price is down from February this year, we can expect prices to continue to climb due simply to supply and demand. 

As with the influx of new buyers to the market, the amount of time it takes to sell a condo in Halifax has decreased significantly since February 2024. With considerably more competition within our local market as of late, you can expect to see multiple offer situations, especially within the “Under $500k” price range. 

Keeping on trend with our local market these past few years… inventory has held steady at 1.7 months of supply. As more buyers continue to enter the market in coming months, inventory is likely to remain quite low. 

Sellers - As we say in each and every market update, Halifax desperately needs more inventory. If you are thinking of selling, spring is a great time to do so. If you are interested to see what your condo could sell for in today’s market conditions - we offer FREE condo evaluations. Click here to request your condo evaluation. 

Buyers- Navigating the conditions of our local real estate market can be tough and we recommend enlisting the help of a professional. As Halifax Condo specialists, we’re here to help you find your next property with ease! Contact us today for a free, no obligation buyer consultation.

Author: Brynn Carmody
Real Estate Assistant
Andrew Perkins Real Estate
Keller Williams Select Realty

Halifax Condo Market Report - February 2024

As February concludes, we are still firmly entrenched in a strong seller’s market. The number of sales increased slightly over last month when there were just 30, pointing towards a shift in the market as we enter spring. We are likely to continue to see the number of sales rise, as buyers flood the market in the coming months. 

The average sold price for condos in the HRM is climbing once again, with a 7% increase year-over-year. Currently sitting at $524K, a 12% price increase has occurred since January. This is to be expected as we see the market begin to shift in preparation for the spring. 

The number of days it takes to sell a condo on average in the HRM has decreased slightly year-over-year and month-over-month. The decrease alludes to more buyers entering the market (again, hello spring!) and inventory getting snatched up off the market quicker!

With an ever-so-slight uptick in inventory, we are still a long way from a balanced market. As we see the market begin to pick up just in time for the flood of springtime buyers, you can expect to see multiple and competing offers in many situations. 

Sellers - if you’re thinking of selling this year, now is the time to prepare! The Halifax market desperately needs more inventory. We’re here to help you get the most out of your condo sale. Request a FREE CMA (Condo Evaluation) to see what your condo could be worth in today’s market! 

Buyers - If you are interested in purchasing this year, we are here to help you navigate the condo market with ease! As condo specialists, we’re committed to helping our clients achieve their real estate goals. 

Contact Us

Author: Brynn Carmody
Real Estate Assistant
HalifaxCondos.co
Keller Williams Select Realty

Halifax Condo Market Report - January 2024

Strong Sellers Market Continues

As the holiday season draws to a close, and many return to the hustle and bustle of everyday life, the real estate market is following suit. The number of condo sales in January remained steady at 29, compared to last January when 30 condos were sold. Given that it is still early in the year, we are likely to see the number of sales continue to rise in the coming months as we enter spring.

Since the Bank of Canada maintained interest rates for the fourth consecutive time this January, prices are beginning to stabilize. The average condo price sits at $468,700 a 4.1% decrease from January 2023. After unprecedented hikes in condo prices over the past few years, this is to be expected. Sellers, there's no need to panic, as the overall trajectory of condo prices over the past decade continues to climb.

The time it takes to sell a condo in the HRM remains consistent, averaging a little over a month. This past month, the average number of days on the market was 45, whereas in January 2023, it was 47. Keep in mind that the time it takes to sell a condo is largely dependent on its price, size, and location, among other factors.

Inventory holds steady for another month, sitting at 1.6 months of supply. This is an improvement from this time last year when there was just 1.3 months of supply. Although inventory is up 23% over January last year, we are still a long way from a balanced market, which occurs when the months of supply fall between 5-6.

We remain in a very strong sellers' market, although some shifts are apparent. With low inventory, there is still considerable competition.

Sellers, now is your time to shine! The decision to sell largely depends on your personal situation, but if you've been holding off, there is no better time than now! As Halifax Condo Experts, we're here to help you get the most out of your condo!

For buyers, as prices stabilize and inventory slowly begins to climb, the winter market can be an excellent time to purchase before the flood of buyers enters the market in springtime. If you are interested in purchasing this year, we're here to help you succeed!

Author: Brynn Carmody
Real Estate Assistant
HalifaxCondos.co
Keller Williams Select Realty

Halifax Condo Market - 2023 Re-Cap

Market Sees Stabilization

As 2023 came to a close, we continued to see some shifts within the market. We continue to see the number of sales decline year over year, with a 5% decrease over 2022. This is likely related to a higher cost of living and hiked interest rates, curbing the appeal for buyers. 

Something to take note of is the very slight (3%) increase in the average sold price for condos in the HRM. This typically points to some stabilization in the market but it’s important to keep in mind that prices are still up 23% versus 2021.

With reduced demand, condos are taking slightly longer to sell versus 2022. Despite the average number of days on the market being 30 in 2023, that’s still down from 2021 when it took 39 days on average to sell a condo. We remain in a strong sellers market. 

Although we saw inventory slowly beginning to replenish in November, December of 2023 saw a dip in months of supply. This dip, however, is expected over the holiday season as many wind down for the year. Buyers can expect some competition when shopping for a new condo due to the reduced inventory. 

Author: Brynn Carmody
Real Estate Assistant
HalifaxCondos.co
Keller Williams Select Realty

Halifax Condo Market Report - November 2023

Inventory Increases.

As we navigate through the winter months, the Halifax Condo Market is undergoing notable shifts that warrant attention. In comparison to the previous year, we observe a 4% decline in condo sales. Decreasing sales seems to be a trend that has persisted throughout this year. We’ve suspected that this is due to the heightened interest rates and an increased cost of living, which have collectively tempered buyer enthusiasm.

A noteworthy development is the unprecedented dip in condo prices compared to November of last year. While this might signify the initiation of a market shift, it's crucial to maintain perspective – the overall trajectory for 2023 still demonstrates a year-over-year price increase.

The period that condos stay on the market has nearly doubled in comparison to this time last year. This shift aligns with the broader trends we're seeing, such as a decline in sales and a decrease in prices. It's a natural consequence of the current market conditions. With reduced demand and pricing adjustments, condos are taking more time to find their buyers.

Another great statistic for buyers is the inventory increase! We now have 21 more condos for sale than we did at the start of November. When the amount of new listings coming to market can keep pace or surpass the number of sales, more inventory is available, which makes for less competition among buyers. Because the inventory has been so extremely low over the past couple of years, we still remain in a seller’s market, but these are all positive signs towards a potential balanced market in the future.

Author: Jordan Gunn
Real Estate Assistant
HalifaxCondos.co
Keller Williams Select Realty

Halifax Condo Market Report - October 2023

Prices Stabilize.

Sales have increased in the Halifax Condo Market by 9% this past month. There is less competition in this market when compared to last year, as many buyers have been sitting on the sidelines due to the rising interest rates and cost of living. Now that the Bank of Canada has held it’s 5% rate for the second time in a row, buyers may be starting to feel more confident in purchasing again - leading to an uptick in sales.

The average sold price of a condo in the HRM is still climbing, but at a much slower pace than previous months. With an only 7% price increase since October of last year, we are starting to see prices stabilize. This is to be expected - we have had unprecedented increases in prices over the last three years. Even if we see prices decrease over the next few months, the overall trajectory shows a trend of climbing prices over the past decade. Sellers, don’t panic! If your condo’s value decreases by even 10-20%, the overall value has still increased substantially in the past 5 years.

The number of days a condo sits on the market for has been very consistent over the past few months. It has been taking on average one month for condos to sell. If your property is priced properly, you can expect a similar timeframe. If you do have a condo in the 300-500K range, it may sell sooner, as that is our most competitive price range in the city.

Inventory continues to replenish for another month. We currently have 130 condos for sale in the HRM. We have not seen this number be over 100 in quite a while, so that is a good sign for buyers! With more inventory, comes more choice and less competition!

We still remain in a strong seller’s market, but we see shifts happening. With 2.3 months of inventory, there is still competition, but no where near the insane bidding wars of 2021 and 2022.

Sellers, we know that there is never a wrong time to sell, and when you decide to sell largely depends on your personal situation, but if you are ready to sell and have been holding off out of fear or uncertainty, now is the time. We won’t be in a strong seller’s market forever, and we can already see subtle shifts that are balancing the market. If you are ready, we are here to help you get the most out of your condo.

Buyers, we have more inventory now than we have had in the past three years. Is it enough to completely ease the competition? No. That being said, it is less competitive out there than what we’ve grown use to since COVID began. Work with us today if you are interested in purchasing, we can help you succeed!

Author: Jordan Gunn
Real Estate Assistant
HalifaxCondos.co
Keller Williams Select Realty

Halifax Condo Market Report - September 2023

Inventory Begins to Replenish.

Sales have decreased by 32% when compared to this time last year. This is on trend with the single-family home market in Halifax. We predict that this is due to higher interest rates and costs of living this year, which have moved some buyers out of the market for now. 

Although sales are down, prices continue to climb. When compared to September of last year, prices have increased by 8%. When you look at the overall trend for the past decade, we do see prices leveling out. We will need much more inventory to see a price decline, however, interest rates have caused price hikes to slow.

The number of days the average condo sits on the market is pretty consistent with this time last year. Condos are selling in about one month. If priced competitively, and within the 300-500K range, you can expect your condo to sell likely faster than average, with potentially multiple offers.

Inventory is slowly replenishing, as you can see, we now have 36 more condos for sale than we did at the beginning of September. While this is nowhere near the amount we need to become a buyer’s market, it is giving buyers a bit more inventory to choose from than before.

With currently 2.2 months of inventory, we remain in a strong seller’s market. Buyers, it is still essential to equip yourself with a savvy and experienced agent who can navigate the challenges in our market (like us!). Sellers, we may see a balanced market in the future, but for now, you are likely to receive a great return on your investment if you decide to sell. Especially if you’ve owned your property for the past 5 years.

Author: Jordan Gunn
Real Estate Assistant
HalifaxCondos.co
Keller Williams Select Realty

Halifax Condo Market Report - August 2023

We remain in a strong seller’s market.

Sales have increased by 26% in the Halifax Condo Market when compared to this time last year. We attribute this to the new condo development Navy Lane Condos that hit the market this summer, which added some much needed inventory.

Prices continue to rise as even though that development did add inventory, it was not nearly enough to keep up with the demands of our hot market. When compared to last year, prices are up by 12%, and we do not see this trend ending anytime soon. As you can see with the price trend over the last decade, prices have been rising steadily for a very long time.

Condos are selling in on average one month, which is very similar to this time last year. When priced competitively, and in desirable areas of Halifax, they may go sooner. Condos that are above that 600K price range tend to sell a bit slower than the average.

Buyers, it is crucial to reassess you pre-approvals with your lenders to ensure they are up to date as with recent interest hikes, your buying power may have changed.

Sellers, there is no better time to sell than the present. If you have been thinking about selling but not sure if now is the right time for you, reach out to us and we can talk about what your condo may sell for today.

Author: Jordan Gunn
Real Estate Assistant
HalifaxCondos.co
Keller Williams Select Realty

Halifax Condo Market Report - July 2023

We need more inventory. As the summer swelters on, condos are selling over asking and with multiple offers. When a condo is priced within that 300K-500K competitive range, and is in a desirable neighbourhood, it is selling quick as ever. While the summer months are typically slower in Halifax, our chronic lack of inventory has allowed our market to continue to thrive.

Condo sales are down by 9% when compared to this time last year. This has been the trend across all property types in the Halifax Real Estate Market. Interest rates and cost of living is much higher than this time last year, causing some buyers to either wait on the sidelines, or even have lower pre-approvals then they did last year, which can make it harder to purchase.

Prices continue to climb, similarly to single-family homes. When inventory is as low as it has been for years and years, prices have no where to go but up. With competition comes increasing prices, and this month is no different. As you can see on our image above, prices have been increasing steadily since 2016, and more steeply in the past 4 years. Even though the days of lockdowns and masks are long behind us, the effects of the pandemic remain in the real estate market.

Condos are selling in on average one month. This is a little more than double of what condos sold for in July of last year. We believe that the similar factors that are influencing sales being down are impacting the days on market as well: buyers slowing their searches due to the interest rates rising.

Although inventory is replenishing, it is no where near the rate that we need. We now have 9 more condos for sale than we did at the beginning of June. The new condo development Navy Lane did help bring some more inventory to market, however, those condos are quickly selling. We will need many more new developments to meet the demand we are currently facing.

With only 1.38 months of inventory, we remain in a strong seller’s market. With 6 months of inventory being a balanced market between sellers and buyers, and 6+ months being a buyer’s market, we still have a long way to go before the competitiveness eases. If you are thinking of selling your condo, now is a better time than ever. With the right exposure and pricing, you shouldn’t have any issues. Buyers, you can still secure a property in this kind of market, buyers do it everyday. Work with experienced realtors who understand the market (like us!) to succeed!

Author: Jordan Gunn
Real Estate Assistant
HalifaxCondos.co
Keller Williams Select Realty

Halifax Condo Market Report - June 2023

The competition in the Halifax Condo Market continues.

In June, 92 condos were sold. This is up by 28% when compared to this time last year. We believe this is due to Halifax finally getting its latest condo development, Navy Lane Condos. This is been a huge help with current inventory and sales, but we shouldn’t stop there as a city. If we had it our way, many more of the new buildings you see being built around Halifax would be condos that buyers could own, but sadly, they are all rentals.

The average sold price has also increased in comparison to this time last year. This June, the average sold price was $468,000, and last year it was $398,000. This is consistent with the growth we have seen in single-family homes and other properties. With the extreme lack of inventory our city has had over the past few years, prices continue to climb. We do not see this stopping anytime soon.

Condos are still selling fast as ever, in on average only 3 days. When a property is priced properly, and especially if it falls within the 300-500K range, where the average Halifax buyer’s affordability is, it is almost guaranteed to sell quickly these days. Most are receiving multiple offers too.

Our inventory continues to replenish with 39 more condos available than we had in May, but as we said before, we are nowhere near the amount of inventory we need to be at. In April of 2022, CTV News reported Halifax is expected to hit 650,000 residents within the next 15 years. With condos becoming more enticing to many buyers as the single-family home market booms, we are witnessing it become more and more competitive.

With only 1.9 months of inventory, we remain in a strong sellers market for yet another month. In order to have a balanced market, we would need 6 months of inventory. When that will happen, we are not sure, but it doesn’t seem like anytime soon.

Sellers, you couldn’t be in a better position. If you have been watching the market for some time, you know that the Halifax Market has been better than ever for you. Work with us today to get your condo sold quickly and with great profit.

Buyers, it’s tough out there, and there is no indication that it will let up anytime soon. That being said, there are buyers succeeding in finding their dream condo every day in our market (our clients included!) We know how to best navigate these challenging times, and get you your property. Reach out today to get started.

Author: Jordan Gunn
Real Estate Assistant
Andrew Perkins Real Estate
Keller Williams Select Realty

Halifax Condo Market Report - May 2023

As the Halifax Condo Market enters the summer months, we are in full swing. Competing offers, properties selling over asking and limited inventory are all elements that we are experiencing.

Currently, there are only 90 condos available for sale in Halifax. The shortage of condos for sale has increased competition among buyers, leading to higher prices. In May, the market saw 93 new condo listings, a 25% decrease compared to the previous year. The reduced supply of new condos further intensified the existing supply-demand gap.

Despite the limited inventory, the Halifax condo market remains active. In May, 91 condos were sold, which was a 5% decrease compared to the previous year. The average sale price for condos in Halifax currently stands at $417,000 which is slightly less than last year, when it was $422,200.

Condos in Halifax are selling faster than ever, with an average stay on market of 5 days. This fast-paced market indicates a high level of demand and highlights the importance of properly pricing properties to attract potential buyers.

With only 1.7 months of inventory available, the Halifax condo market remains firmly in the sellers favour. This measurement represents the amount of months it would take to completely sell out of our condo inventory, if no new condos were listed, and the current sales pace continues. 

Market dynamics are influenced by factors such as inventory levels, new listings, sales volume, average sale prices, and the speed at which properties sell. In a seller's market like Halifax, limited inventory and high demand create favourable conditions for sellers to secure high selling prices and achieve faster sales.

The Halifax condo market is currently experiencing a strong sellers' market, characterized by limited inventory, declining new listings, and rapid sales. With condos staying on the market for an average of just 5 days and a low inventory level of 1.7 months, sellers hold the advantage. However, it is essential to understand that real estate markets are dynamic and can change over time. To navigate the Halifax condo market successfully, buyers and sellers should stay informed, work with us today!

Author: Jordan Gunn
Real Estate Assistant
Andrew Perkins Real Estate
Keller Williams Select Realty

Halifax Condo Market Report - April 2023

Our Spring Market is in full swing and we’ve got some stats to share for April 2023.

65 condos sold in the month of April, which is a bit less than the 78 that were sold during the same time last year. Sales are down by about 17%, and the average sold price for a condo is down by 10% compared to last year as well.

Now, you might be wondering what's behind this dip in sales and sold prices. There are a couple of factors we assume are at play. For one, interest rates have risen quite a bit over the past year, and that can make it more challenging for people to afford a home or condo. Additionally, the cost of living has been going up in Halifax, and that may be putting some pressure on people's budgets. 

Despite these challenges, Halifax remains a popular place to live, and we're still seeing an overall trend of increasing housing prices over the past decade. And even though sales are down a bit, we're still in a strong seller's market, with only 1.7 months of inventory available.

In terms of new listings, there were 84 new condo listings in April 2023. With 65 condos sold during the month, this means that there were 19 more available condos than there were in March. This may be a positive sign for buyers who are looking for more options to choose from.

Another important factor to consider when looking at the condo market in Halifax is the average days on market. In April 2023, the average days on market for a condo was 7, which is an increase from the previous year when it was 5. This suggests that properties may be taking slightly longer to sell than they were in 2022, but still at a relatively fast pace.

Overall, the April showed that the market remains strong for sellers, with prices remaining high despite a decrease in sales and sold prices. Buyers may find more options available, but they will still need to act quickly to secure a property in this competitive market. As always, it's important to work with a knowledgeable and experienced real estate agent who can help guide you through the buying or selling process.

Author: Jordan Gunn
Real Estate Assistant
HalifaxCondos.co
Keller Williams Select Realty