Halifax Real Estate Market Analysis: Declining Trends in Single Family Home Sales
Over the past few years, Halifax has witnessed a notable decline in the sale of single-family homes, influenced by fluctuating mortgage rates and shifting economic dynamics. Let's delve into the data:
In June 2021, Halifax saw 603 single-family homes sold, coinciding with
a mortgage variable rate of 2.15%. By 2022, home sales decreased to 563, correlating with a rise in the mortgage variable rate to 3.40%. This trend continued into 2023 and 2024, with home sales dropping to 489 and 460 respectively, as mortgage variable rates climbed to 6.65% and 6.90%....
$100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000
$0
$608,885 saverage elling YTDfbasedonsingle amilyhomes
Under$299k
$300-$399k
$400-$499k
$500-$599k
$600-$699k
$700-$799k
$800-$899k
$900-$999k
1Million+
$200k+
$100k+
$50k-$99999
$25k-$49999
$1-$24999 AtAsk UnderAsk
Are they still out there?
$AmtOverAsking
45.9% Aresellingunder ASKINGPRICE$38,875the averdrop Canyou believe
NOTTOBUYHOMESINHALIFAX
Recently, while at my hairdresser's, I overheard a conversation that piqued my interest. A twenty-something client was telling her stylist that she had no desire to buy a home. What struck me was that her reasoning had nothing to do with affordability or the price of
housing. For her, freedom meant having little to no responsibility. She didn't want to deal with lawn care, snow removal, or home maintenance. Instead, she preferred to spend her money on travel, a nice car, and those coveted red-bottom shoes.
$1,112,196
$690,000
$736,887
$762,958
$839,900
$672,888
$649,900
$599,900
$541,700
$738,860
Local Builders Aver Unit Price & Homes Sold
In June 2024, Halifax's real estate market for new homes saw notable activity among its prominentbuilders.Despiteoverall marketconditionsshowingaslight downturn,25well-knownbuilders collectivelysold33homeswithan averagesalepriceof$721,333.This figure reflects a stable but cautious market sentiment, where manybuildersexperiencedslower sales compared to previous months.
MarketPerformancebyBuilders
FH Homes sold 2 homes in June, down from 4 in May, with an average selling price of $649,900. This adjustment is reflective of broader market trends where higher price points may have impacted buyer decisions. May averagepricepointwas$718,531. MarchandHomes...
