As we reflect on 2024, the number of condo sales in Halifax has experienced a slight dip, with 678 condos sold this year compared to 697 in 2023—a decrease of 3%. Despite this small decline, the market remains active. The overall trend suggests that while fewer condos are being sold compared to last year, demand is still strong, particularly in certain price ranges and desirable neighbourhoods.
The average sold price for condos in Halifax saw a modest increase of 1.2% year-over-year, rising from $473K in 2023 to $479K in 2024. This reflects continued price growth in the condo market. The incremental price increase indicates that demand remains steady, with buyers willing to invest in Halifax’s attractive condo market.
In 2024, condos in Halifax sold slightly faster on average, with the number of days on market decreasing to 27, down from 29 in 2023. This slight improvement indicates that condos are being snapped up a little quicker, especially as interest from buyers stays consistent, and condo inventory remains limited. While the market hasn't seen dramatic changes in this regard, properties priced well and marketed effectively are still able to generate quick interest and reduce their time on market.
Halifax condo inventory has shown an 18% increase in 2024, with 123 condos available for sale compared to 104 last year. This rise in inventory suggests a slight shift towards a more balanced market. However, despite the increase in active listings, the overall supply is still relatively low, which continues to contribute to the competitive nature of the market. While more condos are available for buyers to choose from, the demand remains strong, and competition continues, particularly in the $300K-$600K price range.
Sellers
Sellers, now is a great time to consider listing your condo in Halifax. While the number of sales decreased slightly this past year, the average sold price has remained stable, and the amount of time it takes to sell a condo is still relatively short. With the spring market around the corner, you’ll want to position your property strategically to maximize its appeal. We offer free condo evaluations to help you understand what your property could sell for under current market conditions. Reach out today to get started!
Buyers
Buyers, navigating Halifax’s condo market can be challenging, especially with inventory still on the lower side and prices gradually increasing. Whether you’re a first-time buyer or an investor looking for your next property, it’s essential to work with a professional who understands the nuances of the local market. We specialize in Halifax condo’s, and our team is ready to help find your ideal property. Contact us today for a free, no-obligation buyer consultation and let us guide you through this competitive market with ease!
Author: Brynn Carmody
REALTOR®
Perkins Group
HalifaxCondos.co