Strong Sellers Market Continues
As the holiday season draws to a close, and many return to the hustle and bustle of everyday life, the real estate market is following suit. The number of condo sales in January remained steady at 29, compared to last January when 30 condos were sold. Given that it is still early in the year, we are likely to see the number of sales continue to rise in the coming months as we enter spring.
Since the Bank of Canada maintained interest rates for the fourth consecutive time this January, prices are beginning to stabilize. The average condo price sits at $468,700 a 4.1% decrease from January 2023. After unprecedented hikes in condo prices over the past few years, this is to be expected. Sellers, there's no need to panic, as the overall trajectory of condo prices over the past decade continues to climb.
The time it takes to sell a condo in the HRM remains consistent, averaging a little over a month. This past month, the average number of days on the market was 45, whereas in January 2023, it was 47. Keep in mind that the time it takes to sell a condo is largely dependent on its price, size, and location, among other factors.
Inventory holds steady for another month, sitting at 1.6 months of supply. This is an improvement from this time last year when there was just 1.3 months of supply. Although inventory is up 23% over January last year, we are still a long way from a balanced market, which occurs when the months of supply fall between 5-6.
We remain in a very strong sellers' market, although some shifts are apparent. With low inventory, there is still considerable competition.
Sellers, now is your time to shine! The decision to sell largely depends on your personal situation, but if you've been holding off, there is no better time than now! As Halifax Condo Experts, we're here to help you get the most out of your condo!
For buyers, as prices stabilize and inventory slowly begins to climb, the winter market can be an excellent time to purchase before the flood of buyers enters the market in springtime. If you are interested in purchasing this year, we're here to help you succeed!
Author: Brynn Carmody
Real Estate Assistant
HalifaxCondos.co
Keller Williams Select Realty