Prices begin to rise again as inventory puts pressure on the Halifax Condo Market.
The condo market, similar to the Halifax Single-Family Home Market is not immune to the pressure that low inventory causes. This past January, only 21 new condos came to market, and 28 sold, leaving 7 fewer condos for sale. This is causing buyers to begin competing again: we may start to see bidding wars emerge. This is already the case with single-family homes.
Sales have decreased since 2022, and condos are staying on the market longer too. This is expected given interests rates are much higher than they were this time last year. Many buyers have been waiting on the sidelines until rates stabilize.
Sellers, if you have been on the fence about selling, reach out. We would love to discuss the benefit of listing in today’s market.
Buyers, make sure your pre-approval is solid, and be prepared for the some potential competition. We can help you come out on top in a seller’s market!
Jordan Gunn
Licensed Real Estate Assistant
902-401-0373