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 - July 2022

Let’s Review the Halifax Condo Market Report for July 2022.

The condo market is slowing down in terms of competing offers and multiple bids over-asking. With the inventory hovering around 100 available condos for sale for the past couple of months, condo buyers have the opportunity to view multiple units, weigh their options and take time with their decisions.

Condos are still selling relatively fast compared to previous years:

The Peninsula: Selling in 15 days on average

Bedford: Selling in 7 days on average

Dartmouth: Selling in 9 days on average

Mainland: Selling in 7 days on average

Prices continue to rise in all 4 major condo districts, however, the percentage at which they are rising is declining: The Peninsula had only a 2% price increase in comparison to this time last year, and Bedford had one of 9%.

If you look at how many months of inventory these condo districts have, we are still very much in a seller’s market. Sellers, we urge you to not compare our current market to the one we experienced the past two years: there were many variables at play making that market like no other.

Condo buyers and sellers, no matter if you are planning to move moves in the market tomorrow, or a couple of years from now, we are here to help. Give us a call today to talk real estate.

Jordan Gunn
Licensed Real Estate Assistant
Keller Williams Select Realty
The Andrew Perkins Real Estate Team
902-401-0373

Halifax Condo Market Report - June 2022

It’s time to review the Halifax Condo Market for June 2022!

We are currently at 92 active condo listings in the four major condo districts of Halifax! The number of active listings continues to climb: Dartmouth now has 2.3 months of inventory! I do not think we have seen 2 months of inventory in the Halifax Real Estate Market since 2019!

The Halifax Peninsula saw the smallest price increase that we have witnessed in a long time. The market is shifting, however, we are not out of a seller’s market just yet. As you can see, we are still seeing large price increases in all other condo districts, and 3 out of the 4 districts have had a reduction in days spent on the market in comparison to this time last year.

There was a decrease in sales across all districts this past month in comparison to last year. As we have said before, the market is slowing down after an insane past two years.

Looking for your perfect condo?

Wondering how much your property is worth?

Jordan Gunn

Licensed Real Estate Assistant

The Andrew Perkins Real Estate Team

Keller Williams Select Realty

902-401-0373

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

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 Condos Market Report - January 2022

Overview

It’s time to review the Halifax Condo Market for January 2022!

There are 21 active listings in all 4 condo districts combined: only 1 active listing in all of Bedford, and 0 in Clayton Park/Fairview. The winter is always a quieter time for the real estate market, but we know there is more to this limited inventory than just the cold weather. Since the pandemic, we have had both an influx of Canadians moving to the east coast, paired with the previous residents wanting to stay put. We have more people who want to live in Halifax than who wish to leave, creating a highly competitive landscape for buyers.

Prices are on the rise substantially in all four areas: Clayton park saw a 69% price increase in comparison to this time last year! The number of sales has decreased in all areas except the Peninsula, which had 13 sales in January of 2021, and 20 in January of 2022.

When looking at the Dartmouth condo market, you can see that the number of days on market is substantially higher than the other 3 condo districts. Even with an average of 100 days spent on the market, we see a 49% decrease in comparison to this time last year. This is due to a new construction condo that had been on the market for some time, selling this past month. Without this condo considered, the average days on market for Dartmouth condos in January was 7 days. A similar event happened in January of 2021, which explains why we still saw a decrease in market stay when comparing the two.

Do you have a condo in Clayton Park you are looking to sell? List it soon and you may have ZERO competition: something unheard of in real estate. Buyers, it’s tough out there. Work with us today for your best chance at success.

Jordan Gunn
Licenced Real Estate Assistant
Andrew Perkins Real Estate Team
902-401-0373
jordan@andrewperkins.co

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

Halifax Condo Market - November 2021

Overview

Let’s review the Halifax Real Estate Condo Market for November 2021!

Clayton Park, the condo HUB of Halifax, only has 4 active condo listings… in all of Bedford, we only have 1 active condo listing... This market is under some serious pressure.

Sales have decreased in all major condo districts of Halifax other than the Peninsula. This is solely due to the lack of inventory. There are countless buyers out there, especially searching for condos in the 200K-500K range. For example, a condo we sold in November had close to 40 viewings and a total of 18 offers. This market is wild.

Prices have risen substantially in all 4 major condo districts. Month over month and year over year prices continue to climb. With the pressure that our market is currently facing, we do not see this slowing down anytime soon. In these 4 areas, condos are selling in at most a little over one month, and on average in 2 weeks' time.

Buyers, we urge you to reach out to us so we can help set you up for success. Sellers, if you were ever worried about listing in the past due to competition, fear no more. This market is in your favour!

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

Halifax Condo Market - October 2021

Overview

It’s time to review the Halifax Condo Market for October 2021!

Have you ever seen a market that has 0 available condos in all of Bedford? We sure haven’t in the 18+ years that we have been in business.

The number of condo sales has decreased in all four areas when compared to last year. We are certain that this is simply due to there being fewer condos available to buy this year.

Prices continue to climb in all four major condo districts, month after month. We have noticed buyers who haven't considered condo living in the past are now becoming more and more interested. We expect that this is due to the single-family home market being extremely limited.

In both Dartmouth and Bedford, the average number of days condos are on the market for has increased in comparison to this time last year. Even with this increase, condos are still selling extremely fast: Bedford condos are selling in as little as two weeks, and Dartmouth condos are selling in a little over one month.

We do not expect these trends to slow or reverse any time soon!

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

Halifax Condo Market Report - September 2021

It’s time to review the Halifax Condo Real Estate Market for September 2021!

In the four major condo districts of Halifax, there are a total of 62 active condo listings! This is extremely low, making it competitive for buyers.

Sales numbers are up from last year in all reported areas with the exception of Clayton Park/Fairview. With only 2 active listings, we can see that available listings is the reason sales are down. It is not that buyers are not interested in this area, it is simply due to the lack of inventory we have.

Prices are up in all four areas, which is expected with this competitive market! Condos are being bought faster than this time last year is all areas except Bedford. While an 11% increase in time on Market seems like a lot, The difference has only been one extra day. Bedford condos sold in 9 days on average last year, and 10 days this September. Either way, they are selling fast!

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

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

Halifax Condo Market Report - July 2021

Overview

Let’s review how the Halifax Condo Market performed last month!

Prices are on the rise in all areas: The Peninsula, Dartmouth, Bedford, Clayton Park, and Fairview. We are still seeing a strong seller's market in all areas as well: Inventory is limited, prices are up and time spent on the market is at an all-time low.

In Dartmouth and Bedford, we saw no change in the number of condos sold when we compared July of this year to that of 2020. This is the first time we have ever reported the same exact number of properties sold when comparing two years!

If you are thinking of buying, selling or investing in a condo in Halifax or the surrounding areas, give us a call today. We are here to help you succeed!

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

Halifax Condos Market Report - June 1 - 30, 2021

Overview

We see green across the board for the month of June! In all of the major condo communities of Halifax, sales and average sold prices have increased over the past year!

In June, the Halifax Condo market was very much still in the seller’s favour. With the exception of Dartmouth, condos were selling in less than ten days! This is extremely fast. Dartmouth had a bit of a slow market last month, however, sales and prices still rose dramatically.

We are seeing average sold prices in all communities that align with the average selling price in Halifax over the past year: close to 350K. Condos are gaining popularity with the limited inventory as buyers are now seeing the benefits of securing Downtown property.

If no new condos were to hit the market, our current inventory would hit zero in under two months.

If you have a condo to sell, look no further. Give us a call today to maximize your return.

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

Halifax Condos Market Report - May 1 - 31, 2021

Starting This Month, we are going to review the Halifax Condo Market monthly. We have decided to focus on the four areas of Halifax where the majority of the condo buildings are: The Peninsula, Bedford, Dartmouth and Clayton Park/Fairview. We are truly seeing some incredible numbers in Halifax, so we wanted to share. Let’s dig in!

First off, we see green arrows all across the board. This means that in all four areas, prices and number of sales are on the rise, in comparison to last year. Some increases have exceeded 100% which means that our market is rapidly changing year over year. 

In all four areas, inventory is extremely limited. In Clayton Park, there are only 3 active listings in total! We hope to see the inventory increase this summer for the eager buyers out there! Sellers, limited inventory typically works to your advantage: there is not much competition for your potential listing.

All four areas are in a strong seller’s market. Condos are selling in less than one month in most areas; some areas in under a week! If you want your condo sold for top dollar, and fast at that, now is the time to list. 

If you were to list your condo, wouldn’t you want to list it with a condo specialist? Someone who knows the market in and out, and can advise you on the best possible position for your circumstances? We would too. That’s why we know you should list with us. Give us a call today to get started! 

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

Halifax Condos Market Report - January 1 - March 31, 2021

Overview

Let’s have a look at how the Halifax Condo Market behaved for the first few months of the year!

We see green arrows all around! The number of condos sold and the selling prices have also all increased in comparison to last year. Halifax Condos have been increasing in price steadily for the past two decades, so this is not a surprise. It is good news for current condo owners.

With all areas of Halifax combined, we have a total of 80 active condo listings. With Halifax’s growing population of over 400,000 residents, this market is extremely competitive.

Sellers, the number of days your condo will sit on this market depends on many factors, but from our statistics, we see that condos located in Bedford and Clayton Park are selling at record speed (possibly due to the limited inventory). Condos on the peninsula are selling as expected, in a little over 2 months, and Dartmouth condos are taking a little longer than the rest. That being said, sellers have a great chance of making a profit in any of these areas.

Inventory is limited, prices are on the rise and for the majority of Halifax areas, condos are selling fast. Sellers, the ball is in your court! Buyers, understanding the statistics can help you make an educated decision on which location is best for you!

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

Downtown Halifax Condos Market Report - July 1st - September 30th, 2020

Overview

We are still very much in a seller’s market concerning the Downtown Halifax Condo Real Estate Market.

There is only 76 active listings in all of the downtown core, and less than 2 months of inventory! Prices are on the rise in three quarters of the downtown area, and the trend for the entire year shows all four quarters having increases in price. This is a great time to get your Halifax condo on the real estate market as the average days on the market in all areas of the Downtown core are very low. Number of sales has declined from last year, not due to interest, but due to low inventory. When there are less condos to buy, there will ultimately be fewer sales: inventory is very limited.

Do not be scared if you are considering buying! Buying in a sellers market is still very possible: it is simply competitive and fast paced. Having an experienced REALTORⓇ on your side will make navigating the market much easier. Sellers, if you want to sell your Downtown Halifax Condo the easiest way possible, now is the time.

If you have any questions, require more information, please do not hesitate to contact me.  

Regards,

Andrew Perkins

andrew@downtownhalifaxcondos.com

902-488-0012