Halifax Condo Market Report - February 2023

With inventory this low, prices cannot stabilize.

The Halifax Condo Market remains in the seller’s favour for another month. Each month, new condos come to market, but at the rate, they are selling, we are not meeting demand. With inventory dwindling each month, competition increases. Bidding wars are now not a thing of the past.

Although we had on average 11 fewer condo sales this February, compared to last year, prices continue to rise. We can’t see this trend ending anytime soon. We anticipate our inventory to increase in the coming spring months, but there is so much pent-up demand that it doesn’t seem likely that prices will lower.

Condos are currently selling in on average one month. This is a great statistic for sellers, so you know what to expect when listing your home. This is not to say that your condo will not sell faster or slower, but overall, it’s taking about a month from list date to accepted offer.

Although our months of inventory has been increasing slightly for the past few months, we are a while away from a balanced market. 

We are eager to see inventory grow. It is not easy being a buyer in this market: you have all of the condo buyers in a population of 500,000 competing for the same 71 condos. The average Halifax Resident seems to fall into the 300-500K property range, which is where we are seeing the most activity. Within that price range, there are only 23 active condos currently. Imagine the competition.

Buyers, just because it’s hard doesn’t mean it’s impossible. Equip yourself with a strong realtor for better chance at success!

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 - 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