Market Sees Stabilization
As 2023 came to a close, we continued to see some shifts within the market. We continue to see the number of sales decline year over year, with a 5% decrease over 2022. This is likely related to a higher cost of living and hiked interest rates, curbing the appeal for buyers.
Something to take note of is the very slight (3%) increase in the average sold price for condos in the HRM. This typically points to some stabilization in the market but it’s important to keep in mind that prices are still up 23% versus 2021.
With reduced demand, condos are taking slightly longer to sell versus 2022. Despite the average number of days on the market being 30 in 2023, that’s still down from 2021 when it took 39 days on average to sell a condo. We remain in a strong sellers market.
Although we saw inventory slowly beginning to replenish in November, December of 2023 saw a dip in months of supply. This dip, however, is expected over the holiday season as many wind down for the year. Buyers can expect some competition when shopping for a new condo due to the reduced inventory.
Author: Brynn Carmody
Real Estate Assistant
HalifaxCondos.co
Keller Williams Select Realty