Back to: December 2019


This year has been 'Halifax's turn' to grow and prosper.
Small PicOur 2019 Halifax Regional Municipal real estate market has been an outstanding year of growth fueled by local and newcomer demand. It is 'Halifax's turn' to grow and prosper. We are achieving new levels of fabulous diversity and multiculturalism. There is an invigorating elevated energy at almost every turn and our city has truly become an even more exciting place to live in with the abundance of new restaurants, gathering places, cultural events, new businesses, entrepreneurial spirit and enthusiasm. We have watched the numerous cranes in action for the last 7+ years building countless new condo and apartment buildings. We have felt the residential growth and we continue to experience a multitude of new neighbourhoods with beautiful new homes and other established ones with inspiring renovations and restorations. HRM by Design is in full effect and the vision and planning, despite understandable challenges, appears to be working beautifully.   
So what do the numbers say? Affordability has helped attract many new and seasoned homeowners to our local market but demand and short supply inevitably puts pressure on prices. 

In short;
  • HRM residential sales over $500000. have increased so far approximately 2%
  • Across the province, 95% of sales were under $500,000. in 2018 compared to 93% in 2019 so far 
  • Peninsula Halifax residential sales over $500,000. have increased approximately 3.5% with the cost of approximately 29.5% of Peninsula real estate exceeding $500,000. in 2019.  

Looking just at residential single family, condo's and land...

In 2019, across HRM, so far there have been...

6298 residential sales of which
691 (11%) have sold over $500,000 of which
39 have sold over $1 million dollars.

Across the province there have been...

11459 residential sales of which
10696 (93%) have sold under $500000
and 48 have sold over $1 million dollars

Just looking at Peninsula Halifax in 2019, there have been...

623 residential sales of which
184 (29.5%) have sold over $500,000 of which
22 have sold over $1 million dollars

Compared to 2018 from January 1 to December 7, 2018...

Across HRM, there were...

4721 residential sales of which
415 sold over $500,000 (9%) of which
29 sold over $1m

Across the province there were...
9094 residential sales of which
8635 (95%) sold under $500,000 and
32 sold over $1 million dollars

Just looking at Peninsula Halifax in 2018, there were...

538 residential sales of which
140 (26%) sold over $500,000 of which
22 sold over $1 million dollars

So what's next? Competing offers continue to be the norm on 'market established' priced properties. 'Pleasure to show' presented properties continue to attract enthusiastic buyers and we continue to be in short supply of 'move-in ready home' listings. I believe this market will continue well into next year based on current interest rates, the low supply and the continued demand. Stay tuned!

Please contact me anytime for an update on the market value of your home.... or to discuss the timing of your next move! 

* please note that statistics referenced in this article are based on MLS® sales only 





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OTHER ARTICLES
 

With Compliments of

Michele Vyge-Fraser
Real Estate Agent/ Associate Broker/ CNE®


Red Door Realty
1314 Martello Road
Chapter House
Halifax, Nova Scotia,
T: 902-830-6397
NovaScotiaRealEstate@gmail.com
www.RedDoorRealty.ca

Hello :) Happy August!

Our Nova Scotia Real Estate market continues to be hot! Competing offers are still the norm for good listings and our Sellers Market is continuing to drive prices up. While median prices across HRM show $119,250. and, just looking at Halifax, Dartmouth and Bedford, the median selling price for a single family home says $217,750, $350,000 - $450,000 seems to be the range in highest demand. Competing offers are driving prices up 10-15% above list and much more in some cases. Good listings are still in short supply. On the Halifax Peninsula alone there have only been 28 firm single family MLS sales since July 7, though there are currently 17 conditional sales pending and 60 single family active listings. List price continues to matter. If it isn't priced based on the most recent comparable firm sale, there is a good chance that buyers will wait for the seller to adjust the price accordingly. However, once that happens, competing offers seems to become the norm again. 

So where are our prices going? Is there an end in sight for our sellers market? I'm not seeing it yet. Ever curious about the big picture price categories, both locally and across the province,  I ran the MLS sold numbers to when our MLS data was first uploaded to a computerized system... we are still showing less than 4.5% over $500,000. in HRM and less than 3% across the province. With these stats and affordability thresholds it's not hard to see why so many people are considering moving here!  

Across HRM...
  • there are currently 1160 active MLS listings of which 949 are single family.
  • there have been 834 sales firm up since July 7 (median price $119,950.)
  • there are currently 357 conditional sales pending
  • of the 949 current active single family listings, prices range from $32,500 (a real fixer upper/possible tear done in Necum Teuch) to $6,450,000 (a glorious Waterfront Estate in Herring Cove on 115 Gill Cove)

Closer to Halifax, Dartmouth and Bedford...
  • there are currently only 392 active single family home listings
  • prices range from $80,000 (another 'real fixer upper or tear down on 8 Yorkshire Avenue in Dartmouth) to $4,995,000 (a beautiful Northwest Arm Estate on 5960 Ingliwood)
  • there have been 393 sales firm up since July 7 (median price $217,750)
  • there are currently 136 conditional sales pending

To date, since January 1, 2020, 614 of the MLS sales across Nova Scotia have sold for over $500,000 of which 134 have sold since July 7, 2020. (128 are in HRM)

Currently, MLS sales over $500,000 account for approximately 2.8% of the 237,442 multi-class MLS sales across Nova Scotia on record and approximately 4.5% of the 237442 multi-class MLS sales across HRM. 

The highest recorded MLS sale in the last 4 weeks?... is $1,889,000 (this property, in Dartmouth, was on the market for 54 days and sold for 94.5% of the list price...)

Curious about any listings or the possibility of selling? If you are ready to get back into the market or to buy your dream waterfrontage cottage or, anytime you know someone else who is, please contact me anytime! 

Happy Summer!

With Gratitude,
Michele 

 


NATIONAL MORTGAGE RATES
Term Posted
Rates*
Best
Rates*
6 Months 3.34% 3.30%
1 Year 3.59% 3.04%
2 Years 3.74% 2.89%
3 Years 3.89% 2.79%
4 Years 3.95% 2.95%
5 Years 5.34% 2.69%
7 Years 5.80% 2.99%
10 Years 6.10% 3.04%
Variable Rate 2.90%
Prime Rate ** 3.95%
*last updated: Feb 18,2020


www.RedDoorRealty.ca

Halifax Mortgage Specialist Bruce Lusby 

(902) 210-0515

http://mortgageweb.ca/BruceLusby

Halifax, Nova Scotia - updated Oct 6, 2015

Variable:

5yr @ Prime - .65% (2.05%)

HELOC @ Prime +.25% (2.95%)

Fixed:
1yr 2.29%
2yr 2.09%
3yr 2.24%
4yr 2.54%
5yr 2.54%
6yr 3.39%
7yr 3.44%
10yr 3.84%

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The material in this publication is provided for your informational purpose only and is not intended to substitute professional advice. If your property is currently listed with a Real Estate Broker, this publication is not intended as a solicitation.