Let’s Review the Halifax Condo Market Report for July 2022.
The condo market is slowing down in terms of competing offers and multiple bids over-asking. With the inventory hovering around 100 available condos for sale for the past couple of months, condo buyers have the opportunity to view multiple units, weigh their options and take time with their decisions.
Condos are still selling relatively fast compared to previous years:
The Peninsula: Selling in 15 days on average
Bedford: Selling in 7 days on average
Dartmouth: Selling in 9 days on average
Mainland: Selling in 7 days on average
Prices continue to rise in all 4 major condo districts, however, the percentage at which they are rising is declining: The Peninsula had only a 2% price increase in comparison to this time last year, and Bedford had one of 9%.
If you look at how many months of inventory these condo districts have, we are still very much in a seller’s market. Sellers, we urge you to not compare our current market to the one we experienced the past two years: there were many variables at play making that market like no other.
Condo buyers and sellers, no matter if you are planning to move moves in the market tomorrow, or a couple of years from now, we are here to help. Give us a call today to talk real estate.
Jordan Gunn
Licensed Real Estate Assistant
Keller Williams Select Realty
The Andrew Perkins Real Estate Team
902-401-0373