Overview
Let’s Review the Halifax Condo Market for August 2022!
We are in an interesting space in the Halifax Condo Market. Some think the market has shifted to the buyer’s favour, some are expecting the insane bidding wars and prices that were the norm at the beginning of the year. Here is what the numbers are showing:
1. The number of sales has decreased in all four major condo districts in comparison to this time last year.
Condos are selling a bit slower than this time last year, which may explain the drop in the number of sales.
2. Prices continue to rise in comparison to this time last year.
We can see from the months of inventory, that we are still very much in a seller’s market. As long as we stay in a seller’s market, prices should continue to rise. They may begin to rise more slowly, but we do not expect any dips.
3. The number of days condos are spending on the market has increased in 3 out of the 4 condo districts.
This coincides with the number of sales decreasing. Condos are moving on average slower than last year, which makes it seem like the market is slowing as well.
Key Takeaway: We are still in a seller’s market, and likely will be for a while. This past month, Inventory has been hovering around 100 condos for sale, and doesn’t seem to be replenished quickly. With the pressure of limited inventory, the seller’s market isn’t going anywhere.
If you want to learn what these numbers mean for you in your condo buying or selling journey, reach out! We’d be happy to chat about your real estate goals.
Jordan Gunn
Licensed Real Estate Assistant
Keller Williams Select Realty
902-488-0012