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!