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