It's been a crazy year in condo sales here in Halifax, Nova Scotia! The year started with not a whole lot of promise with the stock markets tanked and the recession seeming on every ones mind. well .......what happened?
Here are the Numbers: (they are for Halifax County )
2008 - 762 Condos Sold
2009 - 742 Condos Sold
In 2008 for <$400,000 The market time was on average 110 days Selling price $199,714
In 2008 for >$400,000 Market Time was 278 days . The selling price was $542,230
In 2009 for <$400,000 - Market Time was 110 days Selling price was $204,507 !
In 2009 for >$400,000 - Market Time was 263 days The selling price was $517,701
There were of the >$400,000 and up ---23 sold in 2008.
There were of the >$400,000 and up --- 47 sold in 2009!
- So , the high end prices dropped about 6.5% , but they doubled in the amount sold.
- The lower priced sales increased by around 2.5 % but they backed off just a bit.
The overall sales time on average stayed about the same for both brackets.
What does this all mean for 2010?
I would say that based on the performance in a bad / horrible season that 2010 shall be a banner year! The MLS stats for condos as interpreted by Condosnovascotia.com are a good indicator that things are steady and the Market is stable.
As far as pricing your condo for sale in 2120 - You need to be reasonable! You need to price right on the mark. You need every advantage possible over your competition!
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Paul Viau is a licensed realtor with Exit Realty Citadel - Halifax , Nova Scotia
902-405-3948