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 - August 2021

Time to review the Halifax Condo Market!

The limited inventory in Halifax has kept the market in the seller’s favor for some time now. We've seen an increase in the number of sales in all areas except Bedford this past month. Even with only 74 active condo listings, sales have increased significantly as well. Prices also continued to rise on average 12% across the board this past month when we compare to this time last year. The number of days on market has continued to decrease significantly, which is expected with the limited inventory we are experiencing (only 5 active listings in both Clayton Park and Bedford!).

In all 4 regions, we have less than a month of inventory currently. As we have said before, this means that if no new listing hit the market, we would be completely sold out of condos in Halifax by the end of this month!

As you can see, the average price across the board is around 328K. Sellers, if you have a condo within the 300K-350K range that you are looking to sell, you have what the buyers want!

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