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