As March comes to a close, we remain firmly entrenched in a seller’s market. As anticipated, the spring market has arrived and we are seeing an influx of buyers come to market. The number of sales saw a 35% uptick both month-over-month and year-over-year.
The average sold price for condos in Halifax continues to creep up, with a 9% increase year-over-year. However, month-over-month, condo prices in Halifax are down 10% pointing towards some stabilization in the market. Although the average sold price is down from February this year, we can expect prices to continue to climb due simply to supply and demand.
As with the influx of new buyers to the market, the amount of time it takes to sell a condo in Halifax has decreased significantly since February 2024. With considerably more competition within our local market as of late, you can expect to see multiple offer situations, especially within the “Under $500k” price range.
Keeping on trend with our local market these past few years… inventory has held steady at 1.7 months of supply. As more buyers continue to enter the market in coming months, inventory is likely to remain quite low.
Sellers - As we say in each and every market update, Halifax desperately needs more inventory. If you are thinking of selling, spring is a great time to do so. If you are interested to see what your condo could sell for in today’s market conditions - we offer FREE condo evaluations. Click here to request your condo evaluation.
Buyers- Navigating the conditions of our local real estate market can be tough and we recommend enlisting the help of a professional. As Halifax Condo specialists, we’re here to help you find your next property with ease! Contact us today for a free, no obligation buyer consultation.
Author: Brynn Carmody
Real Estate Assistant
Andrew Perkins Real Estate
Keller Williams Select Realty