We remain in a strong seller’s market.
Sales have increased by 26% in the Halifax Condo Market when compared to this time last year. We attribute this to the new condo development Navy Lane Condos that hit the market this summer, which added some much needed inventory.
Prices continue to rise as even though that development did add inventory, it was not nearly enough to keep up with the demands of our hot market. When compared to last year, prices are up by 12%, and we do not see this trend ending anytime soon. As you can see with the price trend over the last decade, prices have been rising steadily for a very long time.
Condos are selling in on average one month, which is very similar to this time last year. When priced competitively, and in desirable areas of Halifax, they may go sooner. Condos that are above that 600K price range tend to sell a bit slower than the average.
Buyers, it is crucial to reassess you pre-approvals with your lenders to ensure they are up to date as with recent interest hikes, your buying power may have changed.
Sellers, there is no better time to sell than the present. If you have been thinking about selling but not sure if now is the right time for you, reach out to us and we can talk about what your condo may sell for today.
Author: Jordan Gunn
Real Estate Assistant
HalifaxCondos.co
Keller Williams Select Realty