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