by Dawn Magee
Market insights for August in Nova Scotia
With 2024 proving to be a rollercoaster for many, both home buyers and sellers are left wondering about the optimal time to make a move.
The Nova Scotia real estate market has had its share of ups and downs this year, so let’s break down what’s happening and answer some key questions:
What are homes selling for in Nova Scotia? Are homes selling in Nova Scotia? And how do Halifax home prices fit into the broader picture?
New Listings in Nova Scotia
August 2024 saw 1300 new residential listings in Nova Scotia come to the real estate market, including detached homes, semi-detached properties, and condos. While this number represents a drop from May’s 1772 listings, it aligns closely with August trends from previous years. Halifax-Dartmouth once again led with 552 new listings, reflecting its dominance in the Nova Scotia real estate market.
Current Inventory and Market Activity
Currently, 3409 homes are on the real estate market in Nova Scotia, a figure comparable to pre-pandemic levels from June 2020. Despite a slight decrease in active listings across regions, the inventory is up by about 800 listings compared to 2023 and 2022.
In Halifax-Dartmouth, the median days on market has decreased to 10 days, highlighting its position as a desirable and competitive market.
New Construction Trends
The new construction segment in Nova Scotia real estate market is bustling, with the median price for new builds in Nova Scotia at $620,180. Halifax-Dartmouth has seen a substantial increase in new listings, particularly in Timberlea-St. Margaret’s Bay. The HRM is on track to exceed last year’s number of new construction permits, potentially reaching around 6900 by year-end.
Months Supply and Market Trends
The months supply, which indicates how long it would take to sell all properties if no new ones were listed, varies significantly. Halifax-Dartmouth has the shortest supply at 2.6 months, while the Highland Region has the longest at 10.7 months. Overall, August 2024 shows better performance than August 2023 but falls short of the peak numbers seen in 2022.
The number of sales, number of new listings and total number of homes currently available are all down for Nova Scotia as a whole from last month. For this time of the year, these decreases can be chalked up to seasonal slowdowns.
Now spring of 2022 saw many of the record breaking peaks, which made August 2023 seem like a crash, but in actuality, when compared to pre pandemic numbers in 2019, the number of sales are almost double and the new listings are a couple hundred listings more than 2019
Price Per Square Foot and Market Flexibility
The cost per square foot has increased from July 2024 and August 2023, though it’s down from earlier months. This fluctuation reflects ongoing efforts to manage inflation. Additionally, the percentage of the original list price to sale price is decreasing, indicating potential room for negotiation in current listings.
What Are Homes Selling For in Nova Scotia?
The median sale prices across various regions reveal diverse trends:
- Halifax-Dartmouth: $550,000
- Annapolis Valley: $345,000
- South Shore: $375,000
While Halifax home prices remain steady, other regions show more variability. For instance, Yarmouth saw a notable increase of 52.8% compared to last year, while Cape Breton prices rose by 8.1%.
- Yarmouth: $275,000 (up 52.8% from last year)
- Cape Breton: $260,950 (up 8.1% from last year)
- Highland Region: $270,000 (up 5.9% from last year)
- Northern Region: $289,900 (up 4.9% from last year)
Final Thoughts
As the market continues to evolve, the best time to buy or sell is when it aligns with your personal circumstances. Trends and prices can shift, but staying informed will help you make the best decision for your situation.
