As February concludes, we are still firmly entrenched in a strong seller’s market. The number of sales increased slightly over last month when there were just 30, pointing towards a shift in the market as we enter spring. We are likely to continue to see the number of sales rise, as buyers flood the market in the coming months.
The average sold price for condos in the HRM is climbing once again, with a 7% increase year-over-year. Currently sitting at $524K, a 12% price increase has occurred since January. This is to be expected as we see the market begin to shift in preparation for the spring.
The number of days it takes to sell a condo on average in the HRM has decreased slightly year-over-year and month-over-month. The decrease alludes to more buyers entering the market (again, hello spring!) and inventory getting snatched up off the market quicker!
With an ever-so-slight uptick in inventory, we are still a long way from a balanced market. As we see the market begin to pick up just in time for the flood of springtime buyers, you can expect to see multiple and competing offers in many situations.
Sellers - if you’re thinking of selling this year, now is the time to prepare! The Halifax market desperately needs more inventory. We’re here to help you get the most out of your condo sale. Request a FREE CMA (Condo Evaluation) to see what your condo could be worth in today’s market!
Buyers - If you are interested in purchasing this year, we are here to help you navigate the condo market with ease! As condo specialists, we’re committed to helping our clients achieve their real estate goals.
Author: Brynn Carmody
Real Estate Assistant
HalifaxCondos.co
Keller Williams Select Realty