Welcome to our monthly real estate report for Nova Scotia, where we delve into the latest trends and statistics in the local housing market. In this edition, we will be focusing on the MLS data from May 1st to May 31st, specifically looking at residential properties in Halifax Dartmouth, Annapolis Valley, and the South Shore.
Active Listings: Growing Inventory
Let’s start by examining the number of active listings in Nova Scotia as a whole. As of May, there were 2,381 active listings, representing an increase of 213 compared to the previous month. In the Halifax-Dartmouth region, there were 797 active listings, showing a monthly increase of 36. However, it’s worth noting that this is still fewer than the 10 active listings recorded in March. In Annapolis Valley, there were 443 active listings, reflecting a monthly increase of 33, but a decrease of 13 since March. The South Shore had 332 active listings, showing growth compared to the previous month and a significant increase from the 59 active listings in March.
Number Sold: Market Activity
Turning our attention to the number of homes sold, Nova Scotia saw a total of 1,116 homes sold in May. Although this figure represents a 26% decrease compared to the previous year, it is a positive sign considering the steep decline experienced in April. In Halifax, 590 homes were sold, indicating a 25% year-over-year decrease. However, this is an improvement from the sales decline of around 40% in April. In Annapolis Valley, 180 homes were sold, reflecting a 23% decrease from the same period last year but a remarkable 54% increase from April. The South Shore witnessed the sale of 93 homes, representing a 33% year-over-year decline, but a noteworthy 18% increase from April.
Sold Prices: Rising Values
Now, let’s address the burning question on everyone’s minds: What are homes selling for? In May, the median home sale price for all of Nova Scotia reached $462,500, marking an 11% increase from both the previous month and the previous year.
In Halifax, the median home sale price was $512,500. While this shows a slight decrease of 2.5% from the previous month, it is still up 1% from last year.
In Annapolis Valley, the median home sale price was $354,500, demonstrating a 4.3% increase from the previous month and a 1% increase from last year.
On the South Shore, the median home sale price stood at $333,492, indicating an 18% decrease from the previous month and an 11% decrease from last year. It’s important to note that the South Shore market differs significantly due to the presence of oceanfront and rural properties, resulting in a notable discrepancy in pricing.
Interest Rates: Consider Your Options
Interest rates across Canada vary by province and lending institution, so it’s crucial to shop around and explore different options. Currently, Royal Bank offers a five-year fixed rate at 5.7% and a five-year variable rate at 6.53%. However, it’s worth mentioning that special rates and incentives may be available, so consulting a mortgage broker to assess the full range of possibilities is recommended.
In Summary: Market Insights
To summarize the state of the market in May, we continue to witness an upward trend in home prices, both on a monthly and yearly basis. Nova Scotia remains a seller’s market, characterized by bidding wars and offers exceeding asking prices. The limited inventory contributes to disappointed buyers and places additional pressure on buyer’s agents to locate and secure listings for their clients
