Inventory Increases.
As we navigate through the winter months, the Halifax Condo Market is undergoing notable shifts that warrant attention. In comparison to the previous year, we observe a 4% decline in condo sales. Decreasing sales seems to be a trend that has persisted throughout this year. We’ve suspected that this is due to the heightened interest rates and an increased cost of living, which have collectively tempered buyer enthusiasm.
A noteworthy development is the unprecedented dip in condo prices compared to November of last year. While this might signify the initiation of a market shift, it's crucial to maintain perspective – the overall trajectory for 2023 still demonstrates a year-over-year price increase.
The period that condos stay on the market has nearly doubled in comparison to this time last year. This shift aligns with the broader trends we're seeing, such as a decline in sales and a decrease in prices. It's a natural consequence of the current market conditions. With reduced demand and pricing adjustments, condos are taking more time to find their buyers.
Another great statistic for buyers is the inventory increase! We now have 21 more condos for sale than we did at the start of November. When the amount of new listings coming to market can keep pace or surpass the number of sales, more inventory is available, which makes for less competition among buyers. Because the inventory has been so extremely low over the past couple of years, we still remain in a seller’s market, but these are all positive signs towards a potential balanced market in the future.
Author: Jordan Gunn
Real Estate Assistant
HalifaxCondos.co
Keller Williams Select Realty