Halifax Condo Market Report - January 2023

Prices begin to rise again as inventory puts pressure on the Halifax Condo Market.

The condo market, similar to the Halifax Single-Family Home Market is not immune to the pressure that low inventory causes. This past January, only 21 new condos came to market, and 28 sold, leaving 7 fewer condos for sale.  This is causing buyers to begin competing again: we may start to see bidding wars emerge. This is already the case with single-family homes.

Sales have decreased since 2022, and condos are staying on the market longer too. This is expected given interests rates are much higher than they were this time last year. Many buyers have been waiting on the sidelines until rates stabilize. 

Sellers, if you have been on the fence about selling, reach out. We would love to discuss the benefit of listing in today’s market.

Buyers, make sure your pre-approval is solid, and be prepared for the some potential competition. We can help you come out on top in a seller’s market! 

Jordan Gunn
Licensed Real Estate Assistant
902-401-0373

Halifax Condo Market - November 2022

1.81 months to sell out of all of the condos currently for sale in Halifax if buyers kept buying at this rate. But will our inventory hit zero? We would say no because as long as people own condos, some will always sell.

That being said our inventory is dwindling. For a population of 500,000, we currently have 80 condos for sale in Halifax. This is preventing what many thought would be a price decline in the winter months - Instead, we continue to see prices increasing and stabilizing.

As long as inventory stays limited, prices should not drop. Even with buyers slowing down their searches, rising interest rates, inflation and a declining number of sales.

For almost a decade, the average condo price hovered around $250,000. Then, within the past two years, the average sold price jumped by almost $200,000 - this is almost unheard of in any real estate market. So even if prices were to decline slightly, condo owners are still for the most part making great profits when selling.

Buyers, prices do not seem to be dropping anytime soon, but that doesn’t mean it isn’t a good time to buy. Talk to us today to learn why buying now might make the most sense for you.

Halifax Condo Market Report - August 2022

Overview

Let’s Review the Halifax Condo Market for August 2022!

We are in an interesting space in the Halifax Condo Market. Some think the market has shifted to the buyer’s favour, some are expecting the insane bidding wars and prices that were the norm at the beginning of the year. Here is what the numbers are showing:

1. The number of sales has decreased in all four major condo districts in comparison to this time last year.

Condos are selling a bit slower than this time last year, which may explain the drop in the number of sales.

2. Prices continue to rise in comparison to this time last year.

We can see from the months of inventory, that we are still very much in a seller’s market. As long as we stay in a seller’s market, prices should continue to rise. They may begin to rise more slowly, but we do not expect any dips.

3. The number of days condos are spending on the market has increased in 3 out of the 4 condo districts.

This coincides with the number of sales decreasing. Condos are moving on average slower than last year, which makes it seem like the market is slowing as well.

Key Takeaway: We are still in a seller’s market, and likely will be for a while. This past month, Inventory has been hovering around 100 condos for sale, and doesn’t seem to be replenished quickly. With the pressure of limited inventory, the seller’s market isn’t going anywhere.

If you want to learn what these numbers mean for you in your condo buying or selling journey, reach out! We’d be happy to chat about your real estate goals.

Jordan Gunn
Licensed Real Estate Assistant
Keller Williams Select Realty
902-488-0012

Halifax Condo Market Report - May 2022

Overview

Inventory is starting to slowly climb in comparison to last month. On the Peninsula especially, inventory has nearly doubled since April! In the four major condo districts of Halifax, buyers now have 76 active listings to choose from, as opposed to only 51 last month. We hope that this trend continues into the summer.

The number of sales in comparison to this time last year has decreased in all areas except the Mainland. Although inventory is increasing, we are noticing some buyers holding off on purchasing to see how the market behaves in the coming months. Interest rates are climbing: this paired with the historically high sale prices is causing some buyers to slow in their search.

Across all four districts, we are seeing a mixed bag in terms of the time spent on the market. There is no change in the Bedford area, a decrease in Dartmouth and an increase in both the Mainland and Peninsula. We expect that this is due to the shifts in the market we are beginning to see. We should see some more consistency in the coming months.

Sellers, if you have been watching the market during the pandemic and were not sure if you should list, we suggest sooner than later. The market is beginning to shift, and we can see it beginning to slow. It’s not too late, as inventory is still much lower than pre-covid times, however, perhaps we have already witnessed the peak to this insane market.

Buyers, this past month has shown great promise in terms of inventory. We hope these trends continue into the summer so we can help you secure your dream condo.

Jordan Gunn
Licensed Real Estate Assistant
The Andrew Perkins Real Estate Team
Keller Williams Select Realty

Halifax Condo Market Report - April 2022

Overview

It’s time to review the Halifax Condo Market Report for April 2022!

Sales have decreased in all areas except Bedford, with a slight increase of one sale in comparison to this time last year. We still have quite limited inventory in the four major condo districts (51 Total Active Condos). We may start to see this increase slightly with the new measures the Nova Scotia Government has implemented in efforts to cool the real estate market.

Prices have risen exceptionally in comparison to 2021. In Bedford, there was an 82% price increase in comparison to last April. Condos are increasing in popularity as Halifax grows.

Condos are still selling extremely fast, with the fastest average of 4 days, and the slowest being only 28 days. The Peninsula is expected to have a bit of a slower turnaround based on the average price point being higher. There are multiple luxury condos on the peninsula, and these take traditionally a bit longer to sell.

Need a condo expert? We are well-versed in not only selling and buying condos but also in reviewing condo documents, living in condos, property management and more. Call us today to start your condo journey.

Jordan Gunn
Licensed Real Estate Assistant
The Andrew Perkins Real Estate Team | Keller Williams Select Realty
902-401-0373

Halifax Condos Real Estate Market Report - March 2022

Overview

Let’s Review the Halifax Condo Real Estate Market for March 2022!

Inventory continues to remain extremely limited. Last month, we had 44 active listings, this month, we only have 39. While we do have more active listings in certain areas (Mainland and Bedford) than last month, overall, the market has gotten even tighter. 

Sales have decreased in all areas except Bedford. Bedford has had months with 0 active listings, so with the added Bedford condos on the market, this increase makes sense.

Sold Prices continue to increase, similarly to the single-family home market. This paired with a decrease in the number of days on market in all four Halifax Condo districts tells us that we are still very much in a seller’s market. The province has introduced some new tax measures that may shift this market in the near future, so, if you have a condo you have been thinking of selling, now is the time!

Ready to start your journey in buying or selling real estate? Give us a call! 902-488-0012

Jordan Gunn
Licensed Real Estate Assistant
Andrew Perkins Real Estate Team
Keller Williams Select Realty
902-401-0373

Halifax Condo Market Report - February 2022

Overview

Let’s Review the Halifax Condo Real Estate Market for February 2022!

There are currently 44 active listings in all four areas of Halifax combined: the Peninsula holds more than half of these listings. 

Sales have decreased in comparison to this time last year in all areas except Dartmouth! We saw a combined total of 38 sales in February. 

Across all areas, prices have risen by at least 25% in comparison to this time last year. This is no surprise with the competitiveness present amongst buyers. To put it in perspective, a property that we helped a client submit an offer on yesterday received 28 offers! 

The time condos are spending on the market has decreased substantially when compared to last February, and we thought condos were selling fast last year!

If you have any questions regarding the condo market, reach out to us, we are happy to help!

Jordan Gunn
Licensed Real Estate Assistant
902-401-0373

Halifax Condo Market Report - 2021 Review

Overview

Today, we are going to review the Halifax Condo Market for the past year. It is always good to have a look at the year as a whole to get a picture of overall trends in the number of sales, price increases, and days on market.

First and foremost, we never thought we would see another Market Report with 0 active condo listings in Bedford, and we have never in the past 18 years seen a Halifax Condo Market with under 30 active listings. We have experienced firsthand that this year has been competitive for buyers, and the numbers confirm it.

The number of sales has increased in all four major condo districts since 2020. In the past, Halifax residents have always leaned more towards single-family homes, however, we have seen an increase in condo interest and popularity in recent years! This seems to be reflected in the increase in the number of sales. 

Prices are on the rise in all four districts as well, which is highly expected given the bidding wars and limited inventory our market has experienced this past year. The most popular purchasing price range in Halifax tends to be around 300-500K, which is shown within these average selling prices. This price range is where we have noticed the most bidding wars.

Time spent on the market has decreased in all areas except Dartmouth, and our current condo market has less than one month of inventory. We are still very much in a seller's market heading into 2022!

Andrew Perkins
902-488-0012
andrew@andrewperkins.co

Halifax Condo Market Report - December 2021

Overview

Let’s review the Halifax Condo Market for December 2021!

Active listings continue to remain extremely low among all four Halifax condo districts. December marks the second month with only one active listing in Bedford! It is normal to see lower amounts of listings in the winter months, however, these lows have been like no other month.

The number of sales has decreased in all areas except Dartmouth, in comparison to last year. This is likely due to much fewer condos for sale than before. Prices are on the rise in all areas except Bedford: Bedford’s stats may not be as reliable due to our sample sizes being so small this month. If we look at the Bedford condo market for the whole year, we are likely to see a similar price increase as the rest of the condo districts.

All four condo districts are in a strong seller's market as we go into the new year. Unless more inventory hits the market, we do not expect this to change anytime soon. If you have a condo you are thinking of selling, the time is now! You could see great returns on your assets!

Andrew Perkins
902-488-0012
andrew@andrewperkins.co

Halifax Condo Market - November 2021

Overview

Let’s review the Halifax Real Estate Condo Market for November 2021!

Clayton Park, the condo HUB of Halifax, only has 4 active condo listings… in all of Bedford, we only have 1 active condo listing... This market is under some serious pressure.

Sales have decreased in all major condo districts of Halifax other than the Peninsula. This is solely due to the lack of inventory. There are countless buyers out there, especially searching for condos in the 200K-500K range. For example, a condo we sold in November had close to 40 viewings and a total of 18 offers. This market is wild.

Prices have risen substantially in all 4 major condo districts. Month over month and year over year prices continue to climb. With the pressure that our market is currently facing, we do not see this slowing down anytime soon. In these 4 areas, condos are selling in at most a little over one month, and on average in 2 weeks' time.

Buyers, we urge you to reach out to us so we can help set you up for success. Sellers, if you were ever worried about listing in the past due to competition, fear no more. This market is in your favour!

Andrew Perkins
902-488-0012
andrew@andrewperkins.ca

Halifax Condo Market Report - July 2021

Overview

Let’s review how the Halifax Condo Market performed last month!

Prices are on the rise in all areas: The Peninsula, Dartmouth, Bedford, Clayton Park, and Fairview. We are still seeing a strong seller's market in all areas as well: Inventory is limited, prices are up and time spent on the market is at an all-time low.

In Dartmouth and Bedford, we saw no change in the number of condos sold when we compared July of this year to that of 2020. This is the first time we have ever reported the same exact number of properties sold when comparing two years!

If you are thinking of buying, selling or investing in a condo in Halifax or the surrounding areas, give us a call today. We are here to help you succeed!

Andrew Perkins
902-488-0012
andrew@andrewperkins.co

Downtown Halifax Market Stats - 2020 Review

Overview

This year has been very busy in the Downtown Halifax Condo Market. Inventory is at an all-time low, and in some areas, there is no inventory at all. This makes the market extremely competitive for buyers and has the potential to be very profitable for sellers.

There is a general trend that prices are on the rise in all areas of Downtown Halifax. Sales have decreased since last year, simply because there are fewer condos to buy.

Most condos are selling in under a month, and the market is still very much in the seller's favour.

Just think, if you were to sell your Downtown Halifax Condo now, you would have very little competition and A LOT of motivated buyers. This can mean competing offers and higher offers.

If you’re looking to buy in Halifax, it is very wise to work with a real estate professional. In times like this, an expert in the field will make it so much easier to score your dream condo.

Give us a call anytime. We look forward to working with the great residents of Halifax, and the newcomers to the area this upcoming year.

Cheers to the new year,

Andrew Perkins

andrew@downtownhalifaxcondos.com

902-488-0012

Downtown Halifax Condo Market Report - First Half 2020

Overview

The Downtown Halifax condo market has been bustling in the first half of 2020.  We do not see as many bidding wars as single-family homes, but the market is stable, and prices are rising.  The monthly inventory is low, which means that if condos continue to sell at the pace they are currently selling, there is not much inventory for buyers to choose from. When a good condo listing does come to market, it is typically sold within a day or two. It is an excellent time for a seller. Buyers will need a trusted advisor to guide them through this competitive market. 

 If you have any questions, require more information, please do not hesitate to contact me.  

Regards,

Andrew Perkins

andrew@downtownhalifaxcondos.com

902-488-0012