As June comes to a close, the Halifax condo market continues to intrigue both buyers and sellers. The number of condo sales has taken a significant hit, dropping by 39% compared to June 2023, reflecting a substantial decrease.
The average sold price for condos has seen a modest increase of 0.5% year-over-year, reaching $515K in June 2024. This slight rise in value indicates that, despite the decrease in sales volume, condo prices are holding steady.
Condos are spending more time on the market, with the average days on market increasing to 33 days from 17 days last year. This extended selling period may be reflective of the shifting dynamics in supply and demand due to low inventory.
Inventory levels have remained relatively steady, albeit with 129 condos currently for sale, marking a 5.7% increase from this time last year. This slight uptick in available properties means more options for buyers. However, it's important to note the sharp decline in new listings, which are down by 45% compared to last June. Only 71 new condos were listed this month, potentially signalling a tighter market moving forward.
Sellers
For sellers, this is still a favourable time to list your property. Despite the longer days on market and increased inventory, the overarching trends indicate a strong sellers market. If you're considering selling your condo, now could be a strategic time to take advantage of current market conditions. We offer free condo evaluations to help you determine the potential value of your property in today’s market. Click here to request your condo evaluation.
Buyers
For buyers, navigating the current market can be challenging, but there are still opportunities to find your ideal condo. With a slight increase in inventory and stable prices, it's a great time to explore your options. As Halifax Condo specialists, we're here to assist you in finding your next property with ease. Contact us today for a free, no-obligation buyer consultation and let us help you make an informed decision in this ever-evolving market.
Author: Brynn Carmody
Real Estate Assistant
HalifaxCondos.co
Keller Williams Select Realty