As July wraps up, we observe a notable shift in the condo market. The number of sales has decreased by 13% compared to last year, with 69 condos sold in July 2024 compared to 79 in July 2023. This decline in sales likely suggests more competition among buyers due to low inventory.
Despite the drop in sales, the average sold price for condos has seen a modest increase. In July 2024, the average sold price was $496K, up 2% from $486K in July 2023. This steady rise in prices reflects the ongoing demand for condos in Halifax, even amidst fluctuating sales numbers.
Condos are selling slightly faster than last year. The average days on market for July 2024 is 34 days, down from 36 days in July 2023. This reduction indicates that well-priced condos are still attracting buyers relatively quickly, maintaining a brisk market pace.
The number of condos for sale has increased by 7.4%, with 130 condos available in July 2024 compared to 121 in July 2023. New listings have remained relatively stable, with a slight decrease of 2.4%, totalling 81 new listings this July versus 83 last year. The months of supply have also risen to 2.2 from 1.9, indicating a slightly more balanced market compared to last year’s tighter conditions.
Sellers - With the average sold price on the rise and condos selling faster, you could achieve a great return on your investment. Halifax continues to experience strong demand for condos, and our inventory is still relatively low. If you're curious about your condo's current market value, we offer FREE condo evaluations. Click here to request your condo evaluation and take advantage of this sellers market.
Buyers - Navigating Halifax’s condo market can be challenging, but with the right guidance, you can find your ideal property. Despite the decrease in sales, prices are steadily increasing, indicating a healthy demand. As condo specialists, we are here to assist you in making informed decisions and finding the perfect home. Contact us today for a free, no-obligation buyer consultation, and let us help you smoothly navigate your next property purchase in Halifax.
Author: Brynn Carmody
Real Estate Assistant
HalifaxCondos.co
Keller Williams Select Realty