As the Halifax Condo Market enters the summer months, we are in full swing. Competing offers, properties selling over asking and limited inventory are all elements that we are experiencing.
Currently, there are only 90 condos available for sale in Halifax. The shortage of condos for sale has increased competition among buyers, leading to higher prices. In May, the market saw 93 new condo listings, a 25% decrease compared to the previous year. The reduced supply of new condos further intensified the existing supply-demand gap.
Despite the limited inventory, the Halifax condo market remains active. In May, 91 condos were sold, which was a 5% decrease compared to the previous year. The average sale price for condos in Halifax currently stands at $417,000 which is slightly less than last year, when it was $422,200.
Condos in Halifax are selling faster than ever, with an average stay on market of 5 days. This fast-paced market indicates a high level of demand and highlights the importance of properly pricing properties to attract potential buyers.
With only 1.7 months of inventory available, the Halifax condo market remains firmly in the sellers favour. This measurement represents the amount of months it would take to completely sell out of our condo inventory, if no new condos were listed, and the current sales pace continues.
Market dynamics are influenced by factors such as inventory levels, new listings, sales volume, average sale prices, and the speed at which properties sell. In a seller's market like Halifax, limited inventory and high demand create favourable conditions for sellers to secure high selling prices and achieve faster sales.
The Halifax condo market is currently experiencing a strong sellers' market, characterized by limited inventory, declining new listings, and rapid sales. With condos staying on the market for an average of just 5 days and a low inventory level of 1.7 months, sellers hold the advantage. However, it is essential to understand that real estate markets are dynamic and can change over time. To navigate the Halifax condo market successfully, buyers and sellers should stay informed, work with us today!
Author: Jordan Gunn
Real Estate Assistant
Andrew Perkins Real Estate
Keller Williams Select Realty