2nd Quarter Market Update | A Price Plateau

Before I tell you why we are having a difficult time explaining the numbers, we’ve got to talk about the numbers. Average price in the second quarter only went up by 0.8% in comparison to 12% in the previous one. Total sales in the 2nd quarter were 1,960 in comparison to 1,466 in 2020.  In the past year, the average price increased by 32% driven by low supply and high demand.  However, back in 2020 we had more than double the inventory – 1,079 homes for sale versus 470 in 2021.  So why has the average price plateaued?

Making Sense of the Numbers

Based on the numbers alone, there is absolutely no reason why the average price is not continuing to increase.  Market value is based on supply and demand. We…

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Generally, when I look at real estate stats, I use data based on 12 months of activity - where each point measures 12 months of data.  The more data we use, the better we understand trends.  However, things are changing rapidly in Halifax and the only way to properly demonstrate that is by using monthly sales data.

In the first quarter of 2020, the average sale price of a single family home in the Halifax Regional Municipality was $344,644.  In 2021 at time of writing, that number has skyrocketed to more than $475,000.  This represents a 39.5% increase.  The most significant jump occurred from December  to January  where the average monthly sale price increased from $426,705 to $468,548.  Low inventory is not a new problem.  It was a challenge in March…

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Halifax Real Estate Market | Year in Review

The real estate market became increasingly competitive throughout 2020.  Inventory saw a persistent decline while sales quickened their pace.   Historically low interest rates and a sub one percent vacancy rate in the Halifax area compounded the problem.  Rent got more expensive while the cost to borrow money was lowest I’ve seen in my 14 year career.  These factors had a significant effect on our single family statistics.

The Single Family Market

The average price of a single family home in the Halifax Regional Municipality increased by 14% in 2020.  This represents an average increase of approximately 1.24% in a month, meaning a house worth $300,000 would gain $3,720 in 30 days.  This is…

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Single Family

The average price of a single family home in the Halifax-Dartmouth region increased by 1.2% in November, which is a 13.2% increase from a year ago.  The average price now sits at $380,060. The number of listings available continues to plummet as we head into the Holiday Season and winter months.  Active listings in November fell to 635 from 817 in October.  This is down 53.1% from a year ago and 68% from 2018.  To compound the problem, sales are not slowing down.  A 13% increase in the number of sales means we now only have 2.2 months of inventory (anything below 3 months is considered a Seller’s market). This time last year, we sat at 5.5 months of inventory.  One of our agents was part of a multiple offer scenario in Bedford…

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October has come and gone.  We were lucky enough to spend some COVID responsible time with family over Thanksgiving and the kids still got to go trick or treating.  However, the Halloween costumes weren't the only thing causing a bit of fear in the HRM.  Things continue to be difficult for Home Buyers in Halifax.  The real estate market has been competitive all year and it shows no sign of getting any easier.  Worryingly, the opposite is looking more likely. 

The average price of a single family home in the Halifax area jumped by another 1.7% in October to $375,567.  That's a 13% increase from a year ago and a continuation of the sharp upwards trend we've been watching since May.  Sales are up by 12.8% year over year and our inventory has been…

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Market activity is fairly stable amid the new economic conditions. We've seen a decrease in offers and new listings but we are still seeing upwards of 70 offers a week in HRM.

Listing inventory is much lower than this time last year. It is unlikely we will see any significant price drops but we certainly won't see the same gains as earlier in the year. A cooling off period for the market is not bad news for buyers as things were extremely competitive prior to COVID.

  • Number of offers written: 30% decrease from 2019.
  • Number of new listings: 52% decrease from 2019.
  • Number of cancelled listings: 8 fewer in 2020.
  • Total active listings: 40% decrease from April 2019.

The big question is what happens when COVID restrictions lift. Some…

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Our weekly stats update sees sales slow further while the number of new listings is fairly similar. We've been focusing on offers written vs firms sales because it more current representation as to what's actually going on.

The number of "solds" in March was significantly higher than in 2019 because of the amount of activity before the lock down. April will see a slow down in these numbers but we won't know the actual affect on sales until May.

Far fewer offers are being written as time goes on, which means the number of firm sales we see in the next month will follow suit.

Questions about buying or selling a home and how these statistics might affect you?  Contact us below and we'll be on hand to answer all your questions. 

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Housing is Essential

Although Halifax real estate activity has dropped significantly week over week, I'll admit I'm surprised by the amount of activity that remains.  Real estate services were listed as essential in Ontario when all non-essential businesses were ordered to close.  People need a place to live regardless of external factors that influence the market.  

Offers Written 

The number of offers written are down by 29% from this week two years ago and 36% from this week last year.  However, the total number of offers written in March 2020 current sits at 512 in comparison to 422 last year.  The next week should give us a good indication as to how we can expect market to trend until things return to normal. 

Cancelled Listings

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Real estate sales are a lagging economic indicator.  It takes weeks or months for sales to feel the effects of shifts in other areas of the economy.  That said, it is currently impossible to predict how the current environment surrounding the COVID-19 crisis is going to change our local housing market.  However, we can comment on what as happened so far and we will continue to update statistics over the coming weeks to keep everyone informed as to what is going on.  

As you’ll note in the charts below, it’s too early for the real estate market to react to what has happened in the past week. It is also subject to significant change as the Government’s response to this crisis evolves on a daily basis.

Number of New Listings

New listings in…

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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…

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