With Compliments of
Real Estate Agent/ Associate Broker/ CNE®
Red Door Realty
1314 Cathedral Lane
Halifax, Nova Scotia,
It is June 6, 2021 (2 weeks and 1 day until the official start of Summer!) and there are currently 1003 conditional MLS® sales and 2214 MLS® SOLDS in all categories (just since May 1) and 1870 active residential listings across the province currently showing on our Nova Scotia MLS® system.
The Spring Market is technically starting to transition into the Summer Market, yet, with the recent Nova Scotia lockdown now re-opening, we expect some of the energy of a Sellers Spring market to continue into July as buyers and sellers 'catch up'. Multiple offers are still to be expected on good listings but there are signs that some 'buyer fatigue' may be emerging. Is this temporary? Is it because of the higher level mortgage stress test that has taken effect? Or is it buyers just quite simply need a rest from the relentless and often disappointing process of competition? Time will tell but more importantly, if you are a buyer, the next few weeks could be an ideal time to buy.
Since May 1, 2021, approximately 44% of all classes of properties sold have been in HRM.Just looking at residential sales, that number shifts to closer to 52% have been sold in HRM. This continues to be such a shift from a few years ago as all of Nova Scotia is clearly being re-discovered and sought after.
Median SOLD prices shifted up as well in HRM and across the province;
- Since May 1, 2021, just looking at residential sales, the median SOLD price is HRM $421,250 compared to across Nova Scotia at $375,000.
- Since Jan 1, 2021, again, just looking at residential sales, the median SOLD price is HRM $415,000 compared to across Nova Scotia at $333,000.
Compared to all of 2020, the median residential SOLD price in HRM was $331,237 and across Nova Scotia it was $260,000.
So again, where are we going with our prices and will they start to stabilize anytime soon? Recently an out of province new client suggested to me that our prices may be going too high, questioned the sustainability and wondered if their money was better invested in Ontario. Here is a portion of my response;
'Beyond lifestyle comparisons... If the decision is strictly based on investment stability, I expect the typical Maritime 'slow progressive growth' attitude to kick in again once the market balances out vs the up/down/up etc... of i.e. Toronto. Clearly our median prices have increased though we did experience up/down/up in 2020 during the first lockdown - however,the 'down' was almost a complete 'hit pause' vs panic selling. Again, typical of Maritimers.'
I went on to say that I believe it is Nova Scotia's time with further proof that pre-pandemic we were already in a sellers market as a result of years of planning, development, demographic shifting and growth. Again time will tell but watching average prices in similar size markets across the country may help to forecast our affordability threshold.
Here is the link for the House Price index. It's a great tool where you can add up to 6 cities to compare.
Would love to hear your thoughts and of course, 'Let's Talk Real Estate' anytime!
Hope you have a great month!
With Gratitude as Always, Michele