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.