As we close out October, the Halifax condo market has shown a slight dip in the number of sales compared to this time last year. With 60 units sold this month, we’re down 6% from October 2023, when 64 units were sold. This modest decline suggests a cooling in buyer activity, likely influenced by changing market conditions and shifting buyer priorities as we head into the winter months. While fewer sales may indicate a more balanced market, competition still exists in certain price brackets.
The average sold price for condos in Halifax has decreased 4% year-over-year, landing at $485K in October 2024, down from $504K in October 2023. This price reduction points to a market finding more stability, especially after the rapid price increases of previous years. However, it also creates a window of opportunity for buyers who may have been priced out earlier in the year. Sellers, on the other hand, may need to be more strategic in pricing their properties to attract the right buyers in this slightly softened market.
Properties are staying on the market a bit longer compared to last year, with the average days on market increasing from 33 days in October 2023 to 42 days in October 2024. This 9-day increase indicates that condos are taking longer to sell, suggesting a shift toward a market where buyers have more time to weigh their options. While it’s not an overly dramatic change, it is an indicator of slightly less urgency among buyers, especially as the market transitions into the colder months.
One of the most notable shifts this October is the substantial increase in inventory. The number of condos for sale has jumped 27% year-over-year, with 177 units available compared to 139 in October 2023. Additionally, new listings surged by 26%, with 100 new condos coming onto the market this month. This increase in inventory has pushed the months of supply up to 3.0 from 2.3 last year, a clear sign that buyers have more choices than they did a year ago.
Sellers
If you’re thinking of selling your condo, you may want to strategize. The uptick in inventory means there are slightly more options for buyers, so it’s essential to make your property stand out. Proper staging, professional photography, and a well-thought-out marketing plan can make a significant difference in attracting buyers quickly. If you’d like to know what your condo could sell for in today’s market, we offer complimentary evaluations tailored to current market conditions. Click here to request your free condo evaluation!
Buyers
For buyers, this market presents new opportunities. The increase in inventory and slight decrease in average sold prices mean you may find better deals or have more leverage in negotiations. However, working with a professional is still key, as some areas and price ranges remain competitive. As Halifax Condo specialists, we’re here to guide you through every step of the buying process, ensuring you find the perfect property. Contact us today for a free, no-obligation buyer consultation!
Author: Brynn Carmody
Real Estate Assistant
HalifaxCondos.co
Keller Williams Select Realty