Stats from the Nova Scotia Association of REALTORS® (NSAR)
Halifax Condominium Market
September 2024 Analysis
Executive Summary
The September condominium market demonstrated a decisive shift toward buyer advantage, characterized by elevated inventory levels and extended marketing periods. With only 50 transactions against 300 available units, the market absorption rate of 16.7% signals persistent oversupply. Price compression averaged $31,274 between list and sale prices, with 80% of closed transactions requiring vendor concessions. Strategic pricing has become paramount in this environment.
Market Fundamentals
Total Inventory
300
221 opening + 79 new listings
Units Sold
50
16.7% of available inventory
Avg. Days on Market
55
Nearly two months to transact
Avg. Price Reduction
$41,214
80% of sales required cuts
Pricing Analysis
Average Listing Price
$496,296
Average Selling Price
$465,022
Average Variance
-$31,274
Notable Transaction: 1470 Summer Street represented the month's highest-value sale at $1,050,000, having been adjusted from an initial listing of $1,475,000—a reduction of $425,000 demonstrating the pricing discipline required in current market conditions.
Three-Month Sales Trajectory
September volumes improved 72% from August lows but remain below July activity levels
Geographic Distribution
Strategic Implications
Pricing Discipline Essential
With 80% of transactions requiring price adjustments averaging $41,214, initial pricing accuracy is critical to minimize market exposure and preserve negotiating position.
Buyer Leverage Persists
Six-to-one inventory-to-sales ratio creates sustained buyer advantage. Vendors must differentiate through pricing, presentation, and strategic positioning rather than relying on market momentum.
Extended Marketing Periods
Average 55-day marketing period requires patient capital and realistic expectations. Properties priced aggressively from inception demonstrate materially shorter time-to-transaction.
