2019 was a busy year. Nova Scotia is seeing a boost in population from migration and immigration not seen since the 1970's. Of the 35000 people who moved here in the last four years, between 95-98% of them settled in the Halifax area. Because of this, our local real estate market has seen significant gains in every measure. We have a 14 year record low number of listings and the average price this year has improved by a whopping 7% as of December 16/19.
As the market tightens up, it's not only price that is affected. The time it takes to sell a home is down by a third from four years ago and the number of sales is up by over 1000 at time of writing. CMHC predicts our growth will slow moving in to 2020 as economic conditions are set to improve in the West. However, our market will still grow. Whether we see another 7% jump in prices remains to be seen, but one thing is for certain; it is a challenging market for a buyer and a lucrative one for home owners. The faster you can get on the property ladder, the sooner you'll start feeling the benefits of a hot market versus the pressure of trying to catch one.
We take a look at some single family stats in the graphs below. These numbers are based on sales in the Halifax-Dartmouth region which covers the majority of the HRM. The 2019 stats are a snapshot in time as of December 16/19 and are subject to change as we round out the year.
HaliPad Stats | We sell homes faster, for more money than our competition
Our HaliPad team takes an average of 22 days to sell a home in today's market. That's three times faster than the average for the Halifax-Dartmouth region. We also sell our homes at an average of 98.8% of list price. This means we put an extra 1.5% of our client's property value in their pocket during negotiations.
Interested buying or selling a home in 2020? Learn how the HaliPad difference ensures you accomplish all your real estate goals.
Chris Perkins, Broker/Owner
(902) HaliPad (425-4723)