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

Halifax Condo Market Report - March 2023

Our Spring Market Begins.

In the Halifax Real Estate Market, it’s common to have the lowest amount of inventory in the winter months, and then a strong uptick in active listings during the spring. We expect this year to be no different. We can already see this effect occurring when you look at the number of new listings versus sold in March. For the past few months, the number of new listings was not keeping up with the amount sold, this latest report shows the opposite. With 86 new listings in March, and only 56 sold, we have 30 more condos for sale currently than we did at the beginning of March. We hope this trend continues as we are desperate for inventory in Halifax.

Sales seem to have decreased, as well as prices when compared to last year. We have to keep in mind, the economy is much different today than it was a year ago. Interest rates are much higher than they were, as well as inflation. These can all account for a slow in sales, and a slight decrease in prices.

Condos are still selling relatively fast when they do hit the market. When we look at Infosparks - a software that reports real estate statistics to Real Estate Agents, condos are selling in on average 5 days - the exact same amount of time as last year. 

Even with prices and sales down, we remain in a strong sellers’ market. We currently only have 87 condos for sale for a city of half of million residents. Talk about a pressurized market. 

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

Halifax Condo Market Report - February 2023

With inventory this low, prices cannot stabilize.

The Halifax Condo Market remains in the seller’s favour for another month. Each month, new condos come to market, but at the rate, they are selling, we are not meeting demand. With inventory dwindling each month, competition increases. Bidding wars are now not a thing of the past.

Although we had on average 11 fewer condo sales this February, compared to last year, prices continue to rise. We can’t see this trend ending anytime soon. We anticipate our inventory to increase in the coming spring months, but there is so much pent-up demand that it doesn’t seem likely that prices will lower.

Condos are currently selling in on average one month. This is a great statistic for sellers, so you know what to expect when listing your home. This is not to say that your condo will not sell faster or slower, but overall, it’s taking about a month from list date to accepted offer.

Although our months of inventory has been increasing slightly for the past few months, we are a while away from a balanced market. 

We are eager to see inventory grow. It is not easy being a buyer in this market: you have all of the condo buyers in a population of 500,000 competing for the same 71 condos. The average Halifax Resident seems to fall into the 300-500K property range, which is where we are seeing the most activity. Within that price range, there are only 23 active condos currently. Imagine the competition.

Buyers, just because it’s hard doesn’t mean it’s impossible. Equip yourself with a strong realtor for better chance at success!

Halifax Condo Market Report - January 2023

Prices begin to rise again as inventory puts pressure on the Halifax Condo Market.

The condo market, similar to the Halifax Single-Family Home Market is not immune to the pressure that low inventory causes. This past January, only 21 new condos came to market, and 28 sold, leaving 7 fewer condos for sale.  This is causing buyers to begin competing again: we may start to see bidding wars emerge. This is already the case with single-family homes.

Sales have decreased since 2022, and condos are staying on the market longer too. This is expected given interests rates are much higher than they were this time last year. Many buyers have been waiting on the sidelines until rates stabilize. 

Sellers, if you have been on the fence about selling, reach out. We would love to discuss the benefit of listing in today’s market.

Buyers, make sure your pre-approval is solid, and be prepared for the some potential competition. We can help you come out on top in a seller’s market! 

Jordan Gunn
Licensed Real Estate Assistant
902-401-0373

Halifax Condo Market Report - December 2022

Prices have decreased ever so slightly when we compare condos sold in December 2022 to 2021.

You have probably heard from almost every news outlet that the market is changing. Prices are decreasing across the country, fewer sales are occurring when compared to the past three years, and properties are staying on the market longer. The Halifax Condo Market is no exception to this.

When you take into account rising interest rates, rising costs of living, and the winter season - it’s enough to slow any real estate market. That being said, even with all of these factors, the Halifax Condo Market is still very strong.

Over the past two years, we have gotten accustomed to outrageous bidding wars, steep price increases and condos selling in record time, all fuelled by the unprecedented challenges of COVID-19. When you compare the current market to those times, sure, it seems slow and not as “successful”. Condo owners, keep these three things in mind every time you hear someone tell you the market is crashing:

-The average condo still sold in only 8 days last month.

-Our current supply is not meeting demand, which continues to keep the market in your favour.

-Although we saw a 1% price decrease this month, your condo’s value has increased by on average 60% since 2020.

Buyers, it’s always a great time to buy real estate, no matter the interest rate or season. It’s important now more than ever to keep in touch with your mortgage broker and update your pre-approvals, as buying power shifts greatly with even a 0.5% change in interest rates.

Jordan Gunn

Licensed Real Estate Assistant

Keller Williams Select Realty

902-401-0373

Halifax Condo Market - November 2022

1.81 months to sell out of all of the condos currently for sale in Halifax if buyers kept buying at this rate. But will our inventory hit zero? We would say no because as long as people own condos, some will always sell.

That being said our inventory is dwindling. For a population of 500,000, we currently have 80 condos for sale in Halifax. This is preventing what many thought would be a price decline in the winter months - Instead, we continue to see prices increasing and stabilizing.

As long as inventory stays limited, prices should not drop. Even with buyers slowing down their searches, rising interest rates, inflation and a declining number of sales.

For almost a decade, the average condo price hovered around $250,000. Then, within the past two years, the average sold price jumped by almost $200,000 - this is almost unheard of in any real estate market. So even if prices were to decline slightly, condo owners are still for the most part making great profits when selling.

Buyers, prices do not seem to be dropping anytime soon, but that doesn’t mean it isn’t a good time to buy. Talk to us today to learn why buying now might make the most sense for you.

Halifax Condo Market - October 2022

Overview

Let’s review the Halifax Condo Market for October 2022!

In each condo district, there were different trends in the number of sales. Downtown, we saw a slight decrease. In Bedford, we saw an increase. In Dartmouth we saw no change, and on the Mainland, we saw a large decrease. We’ve been in a shifting market for the past few months, and the differences in these districts show that.

Prices in some districts have increased, while in others, decreases are noted. The last time we saw any price decrease occur was in December of 2021. In a normal market, the winter slows activity slightly, so this paired with increasing interest rates, inflation and a market shift has indoubetably caused these decreases.

Overall, it seems that condos are staying on the market longer than this time last year. Dartmouth saw a small decrease in time spent on the market, but this is minimal in comparison to the large increases noted in the other districts.

We are still very much in a seller’s market in all districts, even with the price decreases. In the past two years, we have seen almost a 60% price increase (30% year over year), so even with prices slightly decreasing this past month, we are still on an upwards trend. Sellers, there’s still time to capitalize on this market.

Buyers, you are in a better position today then you’ve been for the past two years. Even with interest rates rising, they are still historically low. Reach out to successfully purchase your future Halifax Condo.

Jordan Gunn
Licensed Real Estate Assistant
Keller Williams Select Realty
902-401-0373

Halifax Condo Market - September 2022

Overview

Let’s Review the Halifax Condo Market for September 2022!

We are in a very unique position in the Halifax Condo Market. While Inventory continues to remain low, prices continue to increase and we are still very much in a sellers’ market, condos are staying on the market much longer than they were this time last year.

In all four major condo districts, we have seen large increases in time spent on market: from 26%-190%. We suspect that this is due to buyers slowing their searches with rising interest rates, and simply being burnt out from the insane market we’ve had over the past 2 years.

Prices continue to increase, in some communities greater than others: we’ve noticed that the Halifax Peninsula seems to have smaller price increases over the past couple months, as the market levels out, whereas communities such as Bedford are still seeing large price increases.

We are, for the first time in a long time, reaching more than two months of inventory in a couple of the condo districts. While we are still far away from a buyer’s market (More than 6 months of inventory), buyers are in a better position now to purchase a condo then they were since 2019.

Buyer’s it’s true that interest rates are rising, but they are still low in comparison to previous decades. With a slower market, we don’t suggest slowing your search. If your goals are to purchase a condo, contact us and we will help you make it happen!

Sellers, understand that the days of bidding wars and offers of 100K over asking are over. This doesn’t mean your condo is not going up in value. Just remain patient and realistic, and you will reap great rewards with selling!

Jordan Gunn
Licensed Real Estate Assistant
Keller Williams Select Realty
902-401-0373