Halifax Condo Market Report - March 2023

Our Spring Market Begins.

In the Halifax Real Estate Market, it’s common to have the lowest amount of inventory in the winter months, and then a strong uptick in active listings during the spring. We expect this year to be no different. We can already see this effect occurring when you look at the number of new listings versus sold in March. For the past few months, the number of new listings was not keeping up with the amount sold, this latest report shows the opposite. With 86 new listings in March, and only 56 sold, we have 30 more condos for sale currently than we did at the beginning of March. We hope this trend continues as we are desperate for inventory in Halifax.

Sales seem to have decreased, as well as prices when compared to last year. We have to keep in mind, the economy is much different today than it was a year ago. Interest rates are much higher than they were, as well as inflation. These can all account for a slow in sales, and a slight decrease in prices.

Condos are still selling relatively fast when they do hit the market. When we look at Infosparks - a software that reports real estate statistics to Real Estate Agents, condos are selling in on average 5 days - the exact same amount of time as last year. 

Even with prices and sales down, we remain in a strong sellers’ market. We currently only have 87 condos for sale for a city of half of million residents. Talk about a pressurized market. 

Author: Jordan Gunn
Real Estate Assistant
Andrew Perkins’ Real Estate
Keller Williams Select Realty

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 Report - January 2023

Prices begin to rise again as inventory puts pressure on the Halifax Condo Market.

The condo market, similar to the Halifax Single-Family Home Market is not immune to the pressure that low inventory causes. This past January, only 21 new condos came to market, and 28 sold, leaving 7 fewer condos for sale.  This is causing buyers to begin competing again: we may start to see bidding wars emerge. This is already the case with single-family homes.

Sales have decreased since 2022, and condos are staying on the market longer too. This is expected given interests rates are much higher than they were this time last year. Many buyers have been waiting on the sidelines until rates stabilize. 

Sellers, if you have been on the fence about selling, reach out. We would love to discuss the benefit of listing in today’s market.

Buyers, make sure your pre-approval is solid, and be prepared for the some potential competition. We can help you come out on top in a seller’s market! 

Jordan Gunn
Licensed Real Estate Assistant
902-401-0373

Halifax Condo Market Report - December 2022

Prices have decreased ever so slightly when we compare condos sold in December 2022 to 2021.

You have probably heard from almost every news outlet that the market is changing. Prices are decreasing across the country, fewer sales are occurring when compared to the past three years, and properties are staying on the market longer. The Halifax Condo Market is no exception to this.

When you take into account rising interest rates, rising costs of living, and the winter season - it’s enough to slow any real estate market. That being said, even with all of these factors, the Halifax Condo Market is still very strong.

Over the past two years, we have gotten accustomed to outrageous bidding wars, steep price increases and condos selling in record time, all fuelled by the unprecedented challenges of COVID-19. When you compare the current market to those times, sure, it seems slow and not as “successful”. Condo owners, keep these three things in mind every time you hear someone tell you the market is crashing:

-The average condo still sold in only 8 days last month.

-Our current supply is not meeting demand, which continues to keep the market in your favour.

-Although we saw a 1% price decrease this month, your condo’s value has increased by on average 60% since 2020.

Buyers, it’s always a great time to buy real estate, no matter the interest rate or season. It’s important now more than ever to keep in touch with your mortgage broker and update your pre-approvals, as buying power shifts greatly with even a 0.5% change in interest rates.

Jordan Gunn

Licensed Real Estate Assistant

Keller Williams Select Realty

902-401-0373

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 - October 2022

Overview

Let’s review the Halifax Condo Market for October 2022!

In each condo district, there were different trends in the number of sales. Downtown, we saw a slight decrease. In Bedford, we saw an increase. In Dartmouth we saw no change, and on the Mainland, we saw a large decrease. We’ve been in a shifting market for the past few months, and the differences in these districts show that.

Prices in some districts have increased, while in others, decreases are noted. The last time we saw any price decrease occur was in December of 2021. In a normal market, the winter slows activity slightly, so this paired with increasing interest rates, inflation and a market shift has indoubetably caused these decreases.

Overall, it seems that condos are staying on the market longer than this time last year. Dartmouth saw a small decrease in time spent on the market, but this is minimal in comparison to the large increases noted in the other districts.

We are still very much in a seller’s market in all districts, even with the price decreases. In the past two years, we have seen almost a 60% price increase (30% year over year), so even with prices slightly decreasing this past month, we are still on an upwards trend. Sellers, there’s still time to capitalize on this market.

Buyers, you are in a better position today then you’ve been for the past two years. Even with interest rates rising, they are still historically low. Reach out to successfully purchase your future Halifax Condo.

Jordan Gunn
Licensed Real Estate Assistant
Keller Williams Select Realty
902-401-0373

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 - 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