Real Estate Market Update | November 2020 Sales

Single Family

The average price of a single family home in the Halifax-Dartmouth region increased by 1.2% in November, which is a 13.2% increase from a year ago.  The average price now sits at $380,060. The number of listings available continues to plummet as we head into the Holiday Season and winter months.  Active listings in November fell to 635 from 817 in October.  This is down 53.1% from a year ago and 68% from 2018.  To compound the problem, sales are not slowing down.  A 13% increase in the number of sales means we now only have 2.2 months of inventory (anything below 3 months is considered a Seller’s market). This time last year, we sat at 5.5 months of inventory.  One of our agents was part of a multiple offer scenario in Bedford…

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October 2020 Real Estate Update

October has come and gone.  We were lucky enough to spend some COVID responsible time with family over Thanksgiving and the kids still got to go trick or treating.  However, the Halloween costumes weren't the only thing causing a bit of fear in the HRM.  Things continue to be difficult for Home Buyers in Halifax.  The real estate market has been competitive all year and it shows no sign of getting any easier.  Worryingly, the opposite is looking more likely. 

The average price of a single family home in the Halifax area jumped by another 1.7% in October to $375,567.  That's a 13% increase from a year ago and a continuation of the sharp upwards trend we've been watching since May.  Sales are up by 12.8% year over year and our inventory has been…

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The COVID Condo

Did several weeks of lockdown change the way people think about high-rise living? It would not be surprising that a modern and minimalist space that once fostered feelings of freedom to do whatever you want quickly turned into the opposite - four walls closing in with COVID claustrophobia, causing you and your cat to figuratively and literally climb the walls.

Suddenly, the desire to live inside to avoid outdoor chores has been replaced with the desire to have outdoor space to complete those very same chores, but willingly. Time outside to have the privilege to achieve the same tasks that seemed taxing before. It's amazing how a slice of perspective can so drastically change your views on things you thought you'd figured out.

Condo sales in…

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I'm a home buyer | Do I have any hope at all in this market?

Before we talk about how challenging this market is for home Buyers, let's talk about what is causing this unprecedented demand.  The number of sales year over year are only up by 8% and that alone would not cause a substantial price jump.  However, prices have risen by 12% in the last twelve months and it is almost entirely down to a lack of supply. The number of listings available in September 2020 is down by a whopping 51% from 2019. It is down an even more alarming 64% from 2018.  There are simply not enough homes for sale to satisfy demand and this is causing an extremely competitive environment for home Buyers in and around Halifax.

The Landscape

Almost all homes that hit the market in Halifax are being put on a "program" by Real Estate…

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Just Listed! A Fantastic Fairview Investment

7 School Ave | Fairview

Fantastic opportunity to own a three unit investment property in affordable Fairview. The property offers two three bedroom units plus a one bedroom in-law suite. Immaculate condition with extensive recent renovations including: 50 year shingles, insulation in walls, roof + between floors, windows, three kitchens, laminate and ceramic flooring, doors and trim, three bathrooms, decks, paint, electrical panels, heat pump, water heaters, electric thermal storage heat unit. A complete list of upgrades is available upon request. Simply acquire your investment and take advantage of a historically low vacancy rate without having to invest anything in renovations.

For more information about this #NicePad, contact us. 

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Mother's Day Giveaway Menu

Visit our Facebook page to enter! 

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April 13th-19th Real Estate Market Update

Market activity is fairly stable amid the new economic conditions. We've seen a decrease in offers and new listings but we are still seeing upwards of 70 offers a week in HRM.

Listing inventory is much lower than this time last year. It is unlikely we will see any significant price drops but we certainly won't see the same gains as earlier in the year. A cooling off period for the market is not bad news for buyers as things were extremely competitive prior to COVID.

• Number of offers written: 30% decrease from 2019.
• Number of new listings: 52% decrease from 2019.
• Number of cancelled listings: 8 fewer in 2020.
• Total active listings: 40% decrease from April 2019.

The big question is what happens when COVID restrictions lift. Some…

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April 6-12th Real Estate Market Update

Our weekly stats update sees sales slow further while the number of new listings is fairly similar. We've been focusing on offers written vs firms sales because it more current representation as to what's actually going on.

The number of "solds" in March was significantly higher than in 2019 because of the amount of activity before the lock down. April will see a slow down in these numbers but we won't know the actual affect on sales until May.

Far fewer offers are being written as time goes on, which means the number of firm sales we see in the next month will follow suit.

Questions about buying or selling a home and how these statistics might affect you?  Contact us below and we'll be on hand to answer all your questions. 

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Listings Slow Down. Sales Pick Up.

This is our third installment of the Halifax real estate market amid the Covid-19 crisis. This is likely our new normal and will reflect what we can expect over the coming weeks and months.  Listing activity has slowed once more while sales actually picked up slightly over the last week. The number of cancelled listings has edged up, especially in comparison to the same week last year.  Once more of these offers turn into firm sales, we'll be able to get a better idea as to how values are being affected.  

Do you have questions about the market?  Drop us a line below!

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Should I buy or sell a home amid the COVID crisis?

For those of you who don’t know me, my name is Chris Perkins and I’m the Broker/Owner of HaliPad Real Estate Inc.  I’ve been selling real estate since 2007 and moved to Halifax with my wife, Joelle in 2018.  We founded HaliPad Real Estate Inc that same year and opened an office on Gottingen Street, we’d love to have you stop by when things return to normal.

Now, before they return to normal, what does that mean for the local real estate market and how we do business. From a market perspective, things are more active than I was expecting.  We’ve written a couple of blog posts looking at new offers written and new listings in the past three weeks.  From March 16-22nd there were 133 offers written in comparison to 117 the year before.  From March…

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