2023 Halifax Real Estate Review

Halifax

Real Estate everything you need to know

NEW YEAR

JANUARY 2024

HalifaxMarketStats WHAT LISTED and WHAT SOLD 5,000 4,000 3,000

Number of Homes

2,000 1,000 0

Listed

Sold

ARTICLE

Is the real estate market in Halifax slowing down?

www.thepikegroup.ca

JANUARY 2024

HalifaxMarketStats *Prices shown in thousandths

PRICE POINT OF HOUSES SELLING Under $299k $300-$399 $400-$499 $500-$599 $600-$699 $700-$799 $800-$899 $1,000,000-$1,499,999 $1,500,000-$1,999,999 $2,000000 + 0

200

400

600

800

1,000

1620 Homes SOLD 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.

www.thepikegroup.ca

JANUARY 2024

HalifaxMarketStats WHERE ARE THE SALES? THE TOP 5 AREAS East Hants

Hfx North

Sackville

Bedford

Woodlawn 0

100

200

300

400

Highes t Sellin g House 2023

$3,100 , 0 A singl 00 e on You family hom n e

single family homes only

g Stree t

www.thepikegroup.ca

JANUARY 2024

HalifaxMarketStats RESALE-HOMES $ Amt Over Asking

Highe st Res ale OVER Askin g

$300 ,100

800

Portla Home nd Hills in 202 3

600 400 200

+ $2 00 ,0 00

$1 .0 0

-$ 24 ,9 99

$2 50 00 -$ 49 ,9 99 $5 00 00 -$ 99 ,9 $1 99 00 ,0 00 -$ 19 9, 99 9

0

ARTICLE

The numbers don’t lie when it comes to Real Estate Stats in Halifax

www.thepikegroup.ca

JANUARY 2024

HalifaxMarketStats SOLD BELOW ASKING

A Pric e Dro p of

$1,55 0,00 0 fina

house lly sold in sou a thend

34,925

$ Average Price Reduction

47.8% Sold Below asking

www.thepikegroup.ca

JANUARY 2024

HalifaxMarketStats EXPIRED, CANCELLED or WITHDRAWN 4959 single family homes listed in 2023.

16.5% of them Cancelled, Expired or Withdrew their homes from the market.

Why?

Withdrawn 9.5%

Cancelled 45.2%

Expired 45.3%

ARTICLE

Why Sellers Remove their Listings from MLS Understanding the Reasons and Implications

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JANUARY 2024

HalifaxMarketStats RESALE-CONDOS Condos Sold Under $299 $300-$399 $400-4499 $500-$599

Most Expe nsive

$600-$699

COND O $1,95

$700-$799

0 , 0 0 SOLD 0 in H

$800-$899 $900-$999

RM

$1000000+ 0

50

100

www.thepikegroup.ca

150

200

250

JANUARY 2024

HalifaxMarketStats RESALE-MOBILE HOMES Price Point Selling

200

150

100

50

0

$500-599

$400-$499

$300-$399

www.thepikegroup.ca

Under $299

JANUARY 2024

HalifaxMarketStats TOP 5 BUILDERS Sold Ramar Marchand Rooftight Cresco Stonewater 0

10

20

30

40

50

*based on MLS Data

Average COST of a New Home

Most Build Successful er in HRM

$742,842 COST per Sq. Ft.

$294.76 Based on 23 Builders and 304 Sales recorded on MLS

RAM AR

5 reco 9 Sales rded in 20 23

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60

JANUARY 2024

HalifaxMarketStats PROPERTY TAXES

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TOP REALTORS 🎉 WOOHOO! We Did It! 🥳✨ We're thrilled to announce...

THE PIKE GROUP has clinched the prestigious title of Top Choice Real Estate Agents of 2024 in Halifax—all thanks to YOU! #TopChoiceAwards This could not have been done without the dedication of our team and the love from our customers, and for that, we are very grateful to you all.

🙏

Words cannot express how warm our hearts are from all the support we’ve received from our community! We truly appreciate this recognition and the association with the exclusive Top Choice Award circle of winners.

This incredible achievement is a testament to our dedicated team and the unwavering support from our cherished customers, and for that, our gratitude knows no bounds.

🙏

The outpouring of support from our amazing community has touched our hearts deeply! Your endorsement means the world to us, and we're honoured to join the exclusive circle of Top Choice Award winners.

Winning the Top Choice Award is one of the most coveted endorsements a business can receive in all of North America, and this victory is a testament to our continued dedication to the consistent pursuit of total customer satisfaction.

Heartfelt congratulations to all nominees, voting contest winners, and fellow 2024 Top Choice Award recipients. THE PIKE GROUP extends sincere thanks for choosing us as your Top Choice of 2024, and we humbly look forward to your continued support. Here's to a radiant 2024!

💜