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 - September 2022

Overview

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

We are in a very unique position in the Halifax Condo Market. While Inventory continues to remain low, prices continue to increase and we are still very much in a sellers’ market, condos are staying on the market much longer than they were this time last year.

In all four major condo districts, we have seen large increases in time spent on market: from 26%-190%. We suspect that this is due to buyers slowing their searches with rising interest rates, and simply being burnt out from the insane market we’ve had over the past 2 years.

Prices continue to increase, in some communities greater than others: we’ve noticed that the Halifax Peninsula seems to have smaller price increases over the past couple months, as the market levels out, whereas communities such as Bedford are still seeing large price increases.

We are, for the first time in a long time, reaching more than two months of inventory in a couple of the condo districts. While we are still far away from a buyer’s market (More than 6 months of inventory), buyers are in a better position now to purchase a condo then they were since 2019.

Buyer’s it’s true that interest rates are rising, but they are still low in comparison to previous decades. With a slower market, we don’t suggest slowing your search. If your goals are to purchase a condo, contact us and we will help you make it happen!

Sellers, understand that the days of bidding wars and offers of 100K over asking are over. This doesn’t mean your condo is not going up in value. Just remain patient and realistic, and you will reap great rewards with selling!

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

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 - 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

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