HALIFAX
S P R I N G M A R K E T
R E A L E S T A T E M A Y 2 0 2 4 WHAT’S INSIDE? A P R I L S T A T S . T H E M A R K E T . . . W H A T I S S E L L I N G A N D W H E R E ?
Asweventuredeeperinto2024, therealestatelandscape presentsamixofchallenges andopportunities.Thisupdate providesadetailedanalysisof thecurrentmarketconditions, exploringwhetheritremainsa seller'smarketandhowthe dynamicshaveshiftedsince February.
APRILREALESTATESMARKETTRENDS: A SURPRISING UPSWING
Therealestatemarkettooka surprisingturninApril.Back inMarch,81%ofthemarket wassellingbelow$699,000. FastforwardtoApril,and homespricedover$700,000 sawasignificantupward swing.Thisshiftinthemarket dynamicsisworthacloser look.
AprilSalesPerformance:A CloserLook
InApril,whileonly67%of single-familyhomeslisted weresold,itwasarecordbreakingmonthwith403 homessold.
Let’sbreakdownthe numbersfurther Noticethe substantialincreasein salesforhigher-priced homes
FactorsInfluencingthe MarketShift
Theriseinhomepricescould beinfluencedbyvarious factors.Onepossibilityisthe impactofmilitary relocations.
0 100 200 300 400 500 600 700 Listed Sold PriceDrops
BLOG SPRING2024 HALIFAX REAL ESTATE MARKET UPDATE
SingleFamilyHomeSalesforAPRIL2024 AsPerNSAR 602 403 172 ON THE BLOCK
0 100 200 300 400 500 600 700 Jan Feb March April LISTED WHAT SOLD WHAT Jan-April2024 340 193 309 278 378 296 NSARStatsforYTDApril:SIngleFamilyHomesSales 602 403
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
AVERAGE HOMESELLING PRICES
$0
NSARStatsforYTDApril:SIngleFamilyHomesSales AVERAGEPRICE
YTD STATS
Dec
$700,000 Jan FebMarch April MayJune July AugSept Oct Nov
WHAT PRICE POINT IS POPULAR FOR SINGLE FAMILY HOMES ?
0 50 100 150 200 250 300 Under$299k $300-$399 $400-$499 $500-$599 $600-$699 $700-$799 $800-$899 $900-$999 1Million+ 2Million+
NSARStatsforYTDApril:SIngleFamilyHomesSales
homes SOLD over a
..ISH! 40 95 256 273 239 109 55 40 57 05
PRICEPOINT
Is the Luxury Market slowing down because of bank rates? 62
$MILLON
NumberofHomesSOLD TIMEontheMarket NSARStatsforYTDApril:SIngleFamilyHomesSales Isittheaveragepriceofahomethatmakesitsellquicker? February,theaveragepricewas$560kwhileMarchitwas$594k. InAprilitwas$644k IS THE PRICE POINT DICTATING DAYS ON THE MARKET? #UnitsSOLD TIMEONMARKET 0 100 200 300 400 500 Jan FebMarch April May June July Aug Sept Oct Nov Dec
0 B.L.T EastHants Bedford Sackville BeaverBank FEBRUARY2024 TOP5AREAS Selling inHRM WHEREare theSALES? NSAR Ourteam SOLDITonWebsterTerrace $1,600,000+ HighestSelling House inApril 156 122 100 95 73
POLLTime!
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PortlandEstates:0crimespe people(Seriously,who’scom crimesinaplacecalled“Esta HerringCove:Securesuburban living(Soundscozy,right?)
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IT’S
UnderstandingRadonandItsRisks
Radonisanaturallyoccurring radioactivegasthatcanseepinto homesthroughcracksinthe foundation,gapsaroundpipes,and otheropenings.Itisodorless,colorless, andtasteless,makingitundetectable withoutpropertesting.Theprimary healthriskassociatedwithradon exposureislungcancer.
Prolongedexposuretohighlevelsof radoncansignificantlyincreasethe riskofdevelopinglungcancer, especiallyforsmokers.
CanadianGuidelinesforRadonin ResidentialDwellings
AccordingtotheGovernmentof Canada,thecurrentguidelinefor radonlevelsinindoorairforresidential
$AmtOverAsking 0 100 $200k+ $100k+ $50k-$99999 $25k-$49999 $1-$24999 AtAsk UnderAsk $120,000 WoodbineAvenue Listedat$650k Highest AmtOVerAsking InApril BLOG $ Amt Over Asking COMPETITIVEOFFERS Are they still out there? NSARAPRILSTATS SIngleFamilyHomes
Shouldasellermitigateradonaftera homeinspection? Oursellerswon’tbeandhere’swhy.
109 124 234 148 19 536
0 50 Listed Sold DaystoSell $473,832 CONDO AverageSellingPrice April2024 FEBRUARY2024 CONDOS SELLING in HRM 2024 NSARStatsforYTDAPRIL Condosarejustas popularassingle familyhomes! 327 247 29
REAL TALK 115 Homes SOLD Most BEXpensive uild in April -Cost & LocationBedford West 1,465,000$ $750,812 Avg.COSTofNewHomeConstruction April HOUSINGMARKETCRASHOF2024: WILLTHEREBEONEIN HALIFAX? $709,671 Avg.COSTofNewHome Construction Basedon25BUILDERSrecordedonMLS NEW CONSTRUCTIONSTATS Year-to-Date
$999,000 BRUNELLOESTATES 89TuscanyRun $549,900 BEAVERBANK 6SetterLane NewPrice MOLEGANORTH 107BeachCovePathway $475,900 $639,000 LANTZ 19TurnerJamesAve. MUSQUODOBOITHARBOUR 15MacdonaldLane Listings $799,000 $599,000 NEW $974,900 PORTERSLAKE 15NorwoodCourt NEW STILLWATERLAKE 340BuckinghamDrive $839,900 JOLLIMORE 1ShawCres $729,000 BRUNELLOESTATES 59ProvenceWay $819,000 BRUNELLOESTATES 100ProvenceWay BRUNELLOESTATES 35WandersWay $979,000 WESTEND 2659ConnollySt $369,900
Listings BEDFORD 31CrystalDrive SOLD SOLD WESTEND 6178LawrenceSt SOLD BEDFORD 302-80WaterfrontDr. SOLD GLENARBOR 681SandwickDrive OLDMAY2024 HaveyourlistingseenHERE! SOLDMAY2024 DARTMOUTH 44MajorStreet SOLD SOLDMAY2024 SOLDMAY2024 SOLDMAY2024 COWIEHILL 21RidgeValley SOLD SOLDMAY2024 HAMMONDSPLAINS 26HarnessTrail WehaveanOFFER PENDING BEDFORD 7ArmeniaDr WehaveanOFFER PENDING PLEASANTPOINT 2913OstreaLakeRd. $699,000
