Our Spring Market is in full swing and we’ve got some stats to share for April 2023.
65 condos sold in the month of April, which is a bit less than the 78 that were sold during the same time last year. Sales are down by about 17%, and the average sold price for a condo is down by 10% compared to last year as well.
Now, you might be wondering what's behind this dip in sales and sold prices. There are a couple of factors we assume are at play. For one, interest rates have risen quite a bit over the past year, and that can make it more challenging for people to afford a home or condo. Additionally, the cost of living has been going up in Halifax, and that may be putting some pressure on people's budgets.
Despite these challenges, Halifax remains a popular place to live, and we're still seeing an overall trend of increasing housing prices over the past decade. And even though sales are down a bit, we're still in a strong seller's market, with only 1.7 months of inventory available.
In terms of new listings, there were 84 new condo listings in April 2023. With 65 condos sold during the month, this means that there were 19 more available condos than there were in March. This may be a positive sign for buyers who are looking for more options to choose from.
Another important factor to consider when looking at the condo market in Halifax is the average days on market. In April 2023, the average days on market for a condo was 7, which is an increase from the previous year when it was 5. This suggests that properties may be taking slightly longer to sell than they were in 2022, but still at a relatively fast pace.
Overall, the April showed that the market remains strong for sellers, with prices remaining high despite a decrease in sales and sold prices. Buyers may find more options available, but they will still need to act quickly to secure a property in this competitive market. As always, it's important to work with a knowledgeable and experienced real estate agent who can help guide you through the buying or selling process.
Author: Jordan Gunn
Real Estate Assistant
HalifaxCondos.co
Keller Williams Select Realty