Halifax Real Estate Feb 2024

FEBRUARY 2024

NEW YEAR INSIDE: •Understanding New Construction Sales •The Extended Foreign Buyer Ban •What is Selling & Where

FEBRUARY 2024

Halifax Real Estate Marketing Trends KEY TAKEAWAYS In this comprehensive analysis, we'll explore the data from 2017 to 2024, examining the number of homes listed, homes sold, and the average prices to provide valuable insights into the current state of the Halifax housing market.

The Halifax real estate market has witnessed many significant changes in recent years, and it's essential to understand these trends for anyone interested in buying or selling homes in this beautiful city.

Analyzing the Data To gain a deeper understanding, let's compare these recent years to the pre-COVID times: With 340 listings in January 2024 and longer sales time, are we trending back to a balanced market? The stats certainly suggest so! *Note, February sales could blow my theory out of the water.

FAQs Q: Is it a good time to buy a home in Halifax?

A: While the market is showing signs of stabilization, it's always a good idea to consult with a real estate expert to make an informed decision based on your specific circumstances.

Q: Should I be concerned about the decreasing price point?

A: The price point can fluctuate, but it's not necessarily a cause for concern. Focus on your long-term housing goals and consult with a real estate professional for personalized advice.

350

The Halifax real estate market has experienced significant shifts since 2017, and while there are some uncertainties, there's also room for optimism. With a professional and experienced team like The Pike Group by your side, you can navigate the market with confidence. Keep an eye on the evolving trends and remember that the Halifax housing market is a dynamic and ever-changing landscape.

300 250 200 150

340 193

100

119

50 0

Listed

FAQs cont’d Q: Should I be concerned about the decreasing price point?

A: The price point can fluctuate, but it's not necessarily a cause for concern. Focus on your long-term housing goals and consult with a real estate professional for personalized advice.

Q: Are we returning to a balanced market?

A: The data suggests that we are slowly moving towards a more balanced market, but it's essential to keep monitoring the trends to make accurate predictions.

Q: How can I navigate the market effectively?

A: To navigate the market successfully, consider working with experienced real estate professionals like The Pike Group, who can provide valuable insights and guidance.

Q: What factors should I consider when buying or selling a home in Halifax?

A: Factors like your budget, long-term goals, location preferences, and market trends should all be considered when making real estate decisions in Halifax.

Q: What factors should I consider when buying or selling a home in Halifax?

A: Factors like your budget, long-term goals, location preferences, and market trends should all be considered when making real estate decisions in Halifax.

Q: Should I wait to see how the market develops in the coming months?

A: It's a prudent approach to keep an eye on the market trends, but waiting indefinitely may not be necessary. Consult with experts to make informed decisions based on your unique situation.

Sold

Price Drops

Single Family Home Sales in Jan 2024

The Price Point Perspective As for the increase in the price point, it's essential not to get caught up in the whirlwind.

The price point is merely indicative of what is being listed at the time. It doesn't necessarily reflect the long-term trends or the overall health of the market.

FEBRUARY 2024 FEBRUARY 2024

WHAT

LISTED WHATSOLD 2017-2024 LISTED

600

SOLD

500

400

300

200

100

0

2017 2018

2019 2020 2021 2022 2023 2024

NSAR Stats for Jan SIngle Family Homes Sales

Are we heading back to balanced market?

FEBRUARY 2024 FEBRUARY 2024

AVERAGE HOME SELLING PRICES 2017-2023 AVERAGE PRICE

$700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0

2017 2018

2019 2020 2021 2022 2023 2024

39% of single family home sales in Jan 2024 were priced from $500k-$699999 NSAR Stats for Jan SIngle Family Homes Sales

www.thepikegroup.ca

FEBRUARY 2024 FEBRUARY 2024

PRICE POINT Single Family Homes Jan 2024

38% SOLD

of Homes

under $499,000

Based on my experience, this is the typical price point of the FIRST TIME home buyer.

While our market is slow, bank rates have NOT discouraged these buyers.

Under $299k $300-$399 $400-$499 $500-$599 $600-$699 $700-$799 $800-$899 $900-$999 1 Million + 2 Million + 0

10

20

30

NSAR Stats for Jan SIngle Family Homes Sales

40

FEBRUARY 2024 FEBRUARY 2024

NUMBER OF HOMES

SOLD AND

TIME on MARKET 2017-2024 350

# SOLD

TIME ON MARKET

300 250 200 150 100 50 0

2017 2018

2019 2020 2021 2022 2023 2024

While our sales are more than this time last year, the time it takes to sell a home is rising NSAR Stats for Jan SIngle Family Homes Sales

FEBRUARY 2024 FEBRUARY 2024

WHERE are the SALES?

Here are the Top 5 areas for January/24 B.L.T

East Hants

Beaver Bank

Highe Housest Selling in Ja n $

Bedford

2,400 ,000 A sing le fa

Sackville 0

5

10

15

20

m on Yo ung S ily home treet .

25

NSAR Stats for Jan SIngle Family Homes Sales

30

FEBRUARY 2024 FEBRUARY 2024

ARE THERE STILL COMPETITIVE OFFERS OUT THERE? $ Amt Over Asking

Highe st Res ale OVER Askin g

$200k+

$100k+

$175,1 00

$50k-$99999

$25k-$49999

Quinp ool $1,44Rd Listed 9,900 at

$1-$24999

At Ask

Under Ask 0

20

40

60

80

100

120

PRICE DROP 0 ,90

f o p o r D e c i r AP

9 4 e s 3 u o $ sold a hhores ly igo S l a n i f d n I t a

a s ’ t a Th OP of: DR

Sold BELOW asking

46,405

$

FEBRUARY 2024 FEBRUARY 2024

CONDOS

Ave rag e Lis t Pr ice

CON D O $48 0

SELLING in HRM 2023

,196

43% of in ven tory is

Sell ing

Listed

Sold

Price Drop

Days to Sell

0

10

20

30

40

NSAR Stats for Jan Sales

50

60

70

FEBRUARY 2024

UNDERSTANDING New Construction

Market Insight

Sales in Halifax 2024

Moving forward to January 2024, the market witnessed a substantial influx of 95 newly listed homes. This surge prompts an examination of the underlying factors driving this increase. Are builders introducing new properties based on optimistic market projections, or is there a potential disconnect between agents and the Halifax market demand?

Of the homes listed in January, only 31 successfully secured buyers, leaving a significant portion of properties awaiting purchase agreements. That is a mere 32.6%. Note there are another 6 homes that are conditional, but that still doesn't identify to why so many homes are being listed. This observation for me underscores the importance of strategic market analysis and informed decision-making by both builders and real estate agents.

ARTICLE

l u f s s e c c u S t s M Mo R H n i r e d l i u B

d n a h c r a M mes Host sales Mo Jan n i d de recor

Based on 10 Builders recorded on MLS

COST per Sq. Ft.

$292.42 Average COST of a New Home

$738,472

FEBRUARY 2024 FEBRUARY 2024

The Foreign Buyer Ban Extension WHAT DOES IT MEAN? WHAT ARE THE IMPLICATIONS?

ARTICLE

The Foreign Buyer Ban Extension In the ever-evolving landscape of real estate, one decision can send ripples through the market.

I'm Sandra Pike, and when I first heard about the restrictions being placed on foreign students, a thought crossed my mind – the Foreign Buyer Ban (FBB) might be extended. It turns out, I was right, and it's now set to stretch until 2027, far beyond my initial prediction of 2025.