As we wrap up April, our local condo market remains dynamic, albeit with some intriguing shifts. Spring brings a noticeable shift in the number of condo sales in Halifax with a 13% decrease compared to the same period last year. This could be due to a number of factors, including low inventory and buyer preferences.
While the average sold price for condos in Halifax has dipped slightly by 3% year-over-year, it's important to note the broader context. This adjustment could signify increased affordability, making it an attractive time for buyers to enter the market.
One of the most telling indicators of market activity is the average number of days condos spend on the market. In April, we observed a significant decrease to just 31 days, signalling swift transactions and heightened buyer interest.
The influx of new listings has bolstered the inventory of condos available in Halifax, with a notable 21% increase from April 2023. This uptick provides buyers with slightly more options to explore, however, we remain far from a balanced market.
For sellers eyeing the market, now presents a prime opportunity to capitalize on the demand for condos in Halifax. With inventory levels holding steady and buyer interest remaining robust, your property could get top dollar in today's market. If you're curious about the current value of your condo, don't hesitate to reach out for a complimentary condo evaluation—we're here to provide insights tailored to your specific property and local market conditions.
Navigating the nuances of Halifax's condo market can be daunting. As seasoned condo specialists, we're here to guide you through every step of the process. Whether you're a first-time buyer or a seasoned investor, our expertise ensures a seamless experience. Reach out for a free, no-obligation buyer consultation!
Author: Brynn Carmody
Real Estate Assistant
HalifaxCondos.co
Keller Williams Select Realty