As we move through August 2024, the Halifax condo market remains relatively stable, with just a slight dip in sales compared to last year. A total of 50 condos were sold this month, down by only 2% from August 2023, which saw 51 sales. While the number of transactions is slightly lower, this indicates steady demand in the market.
In terms of pricing, we’ve seen a 4.6% year-over-year decrease in the average sold price of condos, bringing it down to $460K from $482K in August 2023. This dip in prices reflects a market that’s balancing out after a period of rapid price growth. While the drop may seem significant, it’s important to note that condo prices can fluctuate and overall demand is still strong. For those looking to enter the market, this slight decline in prices could be an opportunity to purchase a condo at a more accessible price point.
Condos are moving faster than they were last year, with the average days on market dropping to 21 days, down from 27 in August 2023. This means that well-priced and well-presented properties are still selling relatively quickly. The faster turnaround can be an indicator of heightened buyer interest, with many condos getting snatched up shortly after being listed. If you're selling, having a strategy to market your condo efficiently is crucial in this fast-moving environment.
Inventory is another key factor to watch, and August saw a 12% increase in condos for sale compared to last year, with 131 active listings compared to 117 in 2023. New listings have surged even more, up 36%, with 75 new condos hitting the market this month. Despite this, the months of supply sit at just 2.3 months, which is still indicative of a seller’s market. More inventory provides buyers with more options, but the limited supply continues to drive competition, especially in highly desirable areas.
Sellers
If you’ve been thinking about selling your condo, now could be an ideal time. With average days on market decreasing and more buyers looking for quality condos, listing your property in today’s market can lead to a faster sale. The increase in new listings means competition is rising, but a well-prepared condo can stand out in this competitive environment. If you’re curious about what your condo could sell for, we offer free property evaluations to help you get an accurate sense of your home’s value.
Buyers
For buyers, the Halifax condo market is still competitive but slightly more favourable than last year with the recent dip in average prices. If you're looking to make a move, now might be a good time to enter the market before prices potentially rebound. With an increase in inventory, you may have more choices, but the best units are still going fast. As condo specialists in Halifax, we’re here to guide you through every step of the process. Contact us today for a free buyer consultation to find the right property for you.
Author: Brynn Carmody
Real Estate Assistant
HalifaxCondos.co
Keller Williams Select Realty