WHAT’S INSIDE?
May Market Update
Zoning Changes
Impact
Featured Listings & Stats
REAL ESTATE | JUNE 2024| EARLY SUMMER MARKET
HALIFAX NEW CONSTRUCTION MARKET UPDATE 2024
A Closer Look at Trends and Pricing
TheHalifaxrealestatelandscapeiscontinuallyevolving, and 2024 has been a pivotal year for new construction intheregion.AtThePikeGroup,we’vekeptacloseeye on the market, tracking 25 prominent builders to bring youthelatestinsightsandtrends.
KeyHighlights:
•TotalHomesConstructed:Asofthisyear, therehavebeen183newlyconstructed homesconfirmedintheHalifaxRegional Municipality(HRM).
•AveragePricing:Thesehomesboastan averagepricetagof$748,837,showcasing thepremiumnatureofnewbuildsinthe area.
•HomeSizes:Theaveragesizeofthese newhomesis2,521squarefeet,offering spaciouslivingsolutions.
•CostperSquareFoot:Onaverage,the costpersquarefootstandsat$301.88, indicatingthehigh-qualityconstruction andfinishesinvolved.
R E A D M O R E
HomesConstructed CrescoRooftightMarchandRamarStonewaterAlmandinaFHDevelopments ATNIntegrityGeraldMitchell 0 5 10 15 20 25
20 19 21 19 11 18 7 12 7 5
Jan Feb March April May 0 100 200 300 400 500 600 700 LISTED WHAT SOLD WHAT Jan-May2024 340 193 309 278 378 296 NSARStatsforYTD SIngleFamilyHomesSales 602 403 473 671
Fromthedataprovided,it'sclearthattherealestatemarketinHalifax hasseensomefluctuatingactivityoverthepastfouryears.Let'sbreak downthetrends:
Therewasasignificantincreasein the number of homes listed from 2021 to 2022, jumping from 514 to 801homes.Thissuggestsaspikein market activity, possibly driven by increased demand or favorable market conditions encouraging homeownerstosell.However,after 2022, there was a slight drop in listings, with 647 homes in 2023 andasmallincreaseto671homes in2024.
The number of homes sold was highest in 2021, with 612 homes finding new owners. The subsequent years saw a decrease in sales, dropping to 563 in 2022, then to 489 in 2023, and slightly down again to 473 in 2024. This declining trend might indicate a coolingoffofthemarketorperhaps a mismatch between the homes listed and what homebuyers are lookingfor.
HomeListed HomeSold 2021 2022 2023 2024 0 200 400 600 800 1000
514 612 801 473 671 489 563 647
AVERAGESELLINGPRICE
On a brighter note, the average selling price has consistently increased each year. From $498,954in2021,itroseto$575,245 in 2022, reached $605,059 in 2023, and climbed further to $635,469 in 2024. This indicates a strong appreciation in property values, likely fueled by competitive bidding and possibly a shortage of highly desirableproperties.
In summary, while the Halifax real estate market has seen fewer transactions in recent years, the value of homes has continued to appreciate. This could be a great selling point for potential sellers, emphasizing that despite a slower market, their property's value has likelygrown,makingitapotentially profitabletimetosell.
AvgSellingPrice
$498,954 $575,245 $605,059 $635,469
$0 $100000 $200000 $300000 $400000 $500000 $600000 $700000 2021 2022 2023 2024
LEARN MORE 902-877-0808 ABOUT U Welcome to Signature Homes, where believe that building a home is not ju about constructing a building, but creati a space that you and your family will lo and cherish for years to com TESTIMONIAL Brennagh Gaunt Today is a very special closing day and I think it’s safe to say October 2022 will forever be a special month for M & M.A couple weeks ago, these two tied the knot and after eight months of drive by check ins, they are getting the keys to their brand new home A big thank you to for being incredible throughout the building process! Joel Robbins Built our first home with Phil at Signature Homes and closed in April 2020 Cannot speak highly enough of the personalized attention you get from this builder compared to what we heard from friends about others. They genuinely care about building a quality product and
$700,000
$600,000
$500,000
$400,000
$100,000 $200,000 $300,000
AVERAGE HOMESELLING PRICES
$0
Jan FebMarch April MayJune July AugSept Oct Nov Dec
YTD
NSARStatsforYTD SIngleFamilyHomesSales AVERAGEPRICE
STATS
Under$299k
$300-$399k
$400-$499k
$500-$599k
$600-$699k
$700-$799k
$800-$899k
$900-$999k
1Million+
2Million+
WHAT PRICE POINT IS POPULAR FOR SINGLE FAMILY HOMES ?
THE IMPACT OF PRICE PER SQ FT ON HOME BUILDING DECISIONS?
Whenembarkingonthejourneyof buildingahome,pricepersquare footisacrucialfactorthatmany potentialhomeownersconsider.This metricservesasafundamental guideline,providinginsightsintothe overallcostandvaluepropositionof theirdreamhome.Understanding whetherconsumersfocusonthis measurecansignificantlyinfluence how
0 100 200 300 400
PRICE POINT
R E A D M O R E
May 2022 Homes LISTED 814 Homes SOLD 604 Average LIST PRICE $522,731 SOLD Average SOLD PRICE $597,110 Average Amount OVER ASKING $74,379 $605,059 Homes LISTED 647 Homes SOLD 484 SOLD Average SOLD PRICE Average LIST PRICE $606,247 AverageAmount OVER ASKING $37,320 2300 1643 SOLD Homes LISTED 671 Homes SOLD 473 Average LIST PRICE $639,380 SOLD Average SOLD PRICE $635,469 AverageAmount OVER ASKING $33,086 May 2024 May 2023 $32,573 average amount ASKING over Halifax inreview2024 Avg. List Price $613,163 $608,664 Avg. Sold Price
Transforming Housing Development and Urban Growth
Halifax is undergoing significant changes in its zoning regulations aimed at addressing the growing demand for housing These changes are part of a broader strategy to accelerate housing development and improve the urban landscape This article explores the new zoning regulations, the introduction of the Accelerator Fund, and the expectedimpactsonHalifax'shousingmarket.
Historically, Halifax has faced challenges in meeting the housing needs of its growing population Previouszoningregulationshaveoften been seen as restrictive, limiting the development ofnewhousingunits Thenewzoningchangesare aresponsetothesechallenges,aimingtocreatea more dynamic and accommodating urban environment.
R E A D M O R E
NumberofHomesSOLD TIMEontheMarket NSARStatsforYTD SIngleFamilyHomesSales TheaveragetimeitistakingahometosellinMetroisonaver33.6Days. Therehavebeen1643HomesSold IS THE PRICE POINT DICTATING DAYS ON THE MARKET? #UnitsSOLD TIMEONMARKET Jan FebMarch April May June July Aug Sept Oct Nov Dec 0 100 200 300 400 500
902-471-9600 Jeremy,Amanda &boys Client's Testimonial “…WETOOKALEAPOFFAITHAFTER MEETINGMARKWHOASSUREDUSITWAS HISJOBTOSHOULDERTHESTRESS,ANDHIS JOBTOENSUREWEWERE100%HAPPY.”
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
Homes
YTD
sales are down from April wherethere were 54 homes sold
MAY 2024 H A L I F A X M A R K E T U P D A T E 211
Avg.COSTofNewHomeConstruction May
Avg.COSTofNewHome Construction Basedon25BUILDERSrecordedonMLS NEW CONSTRUCTIONSTATS
SOLD
May
i42Homes nMay $746,268
$725,215
Year-to-Date
$200k+
$100k+
$50k-$99999
$25k-$49999
$1-$24999 AtAsk UnderAsk
Are they still out there?
$AmtOverAsking
46.5%Aresellingunder ASKINGPRICE$36,828the averdrop Canyou believe
0 200 400 600 800
COMPETITIVEOFFERS
NSARYTDSTATS SIngleFamilyHomes
that YTD
0 10 Listed Sold DaystoSell $469,395 CONDO AverageSellingPrice YTD FEBRUARY2024 CONDOS SELLING in HRM 2024 NSARStatsforYTD Condosarejustas popularassingle familyhomes! 327 247 29
SIGNATURE BRUNELLO ESTATES 35 WANDERS WAY 4 BEDS 4 BATHS $979,000 Homes BRUNELLO ESTATES 100 PROVENCE WAY 3 BEDS 4 BATHS $819,000 BRUNELLO ESTATES 89 TUSCANY RUN 3 BEDS 3 BATHS $999,000 BRUNELLO ESTATES 59 PROVENCE WAY 3 BEDS 3 BATHS $729,000
NEW Listings $1,094,519 NEW $1,057,588 NEW $849,900 NEW $229,000 NEW BIBLEHILL 74DukeStreet BEAVERBANK 5028247OrchidCourt $1,235,880 HAMMONDSPLAINS 683SandwickDrive BEAVERBANK 5029233OrchidCourt $459,000 CLAYTONPARK 36MeadowlarkCrescent SPRYFIELD 44HadleyCrescent $949,900 PORTERSLAKE 15NorwoodCourt HAMMONDSPLAINS 26HarnessTrail $900,000 $839,900 JOLLIMORE 1ShawCres NEW $749,000 WESTEND 2659ConnollySt NewPrice PLEASANTPOINT 2913OstreaLakeRd $689,000 BEDFORD 7ArmeniaDr $679,500 NewPrice
$449,000 Listings $599,900 LANTZ 19TurnerJamesAve. NewPrice $599,000 STILLWATERLAKE 340BuckinghamDrive $549,900 BEAVERBANK 6SetterLane MUSQUODOBOITHARBOUR 15MacdonaldLane NewPrice MOLEGANORTH 107BeachCovePathway SPRYFIELD 5&5AAuroraAvenue PENDING PENDING MoreListingsComing StayTuned