In the November 2023 real estate market report for Nova Scotia, Dawn Magee from movenovascotia.com provides valuable insights into the current state of the housing market in this beautiful region. Throughout the report, she delves into key statistics and trends to help both buyers and sellers make informed decisions.
The Nova Scotia List of Sale Ratio:
Dawn starts by discussing the list of sale ratio, which measures the original list price compared to the final selling price. In November, Nova Scotia had a list of sale ratio of 96.3%, indicating that homes were typically selling close to their original asking prices. In Halifax, the capital city of Nova Scotia, the ratio was slightly higher at 97.7%, suggesting a competitive market with fewer price reductions.
Days on Market:
Dawn highlights the importance of considering both the median and average days on market when evaluating the time it takes to sell a home. In Nova Scotia, the median days on market was 20, while the average was 43, showcasing how the inclusion of properties that have been listed for an extended period can affect the average figure.
In Halifax and Dartmouth, the median days on market was only 15, emphasizing the faster pace of these urban areas. Conversely, the Annapolis Valley had a median of 35 days and an average of 57 days, reflecting a slower, more rural market.
Dawn then turns his attention to home prices. The median home sale price for all of Nova Scotia in November stood at $375,000, which represented a 6% decrease from October. However, both figures are in line with seasonal trends. Importantly, there was still an overall increase of approximately 10% in home values compared to the previous year.
Dawn also highlights the significant difference between median and average home sale prices, emphasizing the importance of considering the calculation method when making pricing decisions.
Top Home Sale:
As a fun tidbit, Dawn shares the highest-priced home sale in Nova Scotia for November, a stunning Mediterranean Revival style property on Young Street in Halifax. It sold for $2 million, $5,000 over the asking price, within just two days—a testament to the demand for exceptional homes in the area.