The competition in the Halifax Condo Market continues.
In June, 92 condos were sold. This is up by 28% when compared to this time last year. We believe this is due to Halifax finally getting its latest condo development, Navy Lane Condos. This is been a huge help with current inventory and sales, but we shouldn’t stop there as a city. If we had it our way, many more of the new buildings you see being built around Halifax would be condos that buyers could own, but sadly, they are all rentals.
The average sold price has also increased in comparison to this time last year. This June, the average sold price was $468,000, and last year it was $398,000. This is consistent with the growth we have seen in single-family homes and other properties. With the extreme lack of inventory our city has had over the past few years, prices continue to climb. We do not see this stopping anytime soon.
Condos are still selling fast as ever, in on average only 3 days. When a property is priced properly, and especially if it falls within the 300-500K range, where the average Halifax buyer’s affordability is, it is almost guaranteed to sell quickly these days. Most are receiving multiple offers too.
Our inventory continues to replenish with 39 more condos available than we had in May, but as we said before, we are nowhere near the amount of inventory we need to be at. In April of 2022, CTV News reported Halifax is expected to hit 650,000 residents within the next 15 years. With condos becoming more enticing to many buyers as the single-family home market booms, we are witnessing it become more and more competitive.
With only 1.9 months of inventory, we remain in a strong sellers market for yet another month. In order to have a balanced market, we would need 6 months of inventory. When that will happen, we are not sure, but it doesn’t seem like anytime soon.
Sellers, you couldn’t be in a better position. If you have been watching the market for some time, you know that the Halifax Market has been better than ever for you. Work with us today to get your condo sold quickly and with great profit.
Buyers, it’s tough out there, and there is no indication that it will let up anytime soon. That being said, there are buyers succeeding in finding their dream condo every day in our market (our clients included!) We know how to best navigate these challenging times, and get you your property. Reach out today to get started.
Author: Jordan Gunn
Real Estate Assistant
Andrew Perkins Real Estate
Keller Williams Select Realty