Nova Scotia Real Estate

Nova Scotia Real Estate Update for June 2024

A Shifting Landscape: The June Update

If you were waiting for the spring market to peak, May was the moment. Here in Nova Scotia, it seems buyers and sellers are at a stalemate, with no clear winner emerging. Stay tuned as I dive into the details of what happened in June and how the Nova Scotia real estate market is evolving. Be sure to stick around until the end for a home price recap for Nova Scotia and insights into the new build market.

New Listings: A Downward Trend

Fewer Homes Hitting the Market

June marked the start of a downward trend in new listings across Nova Scotia. The number of new listings saw a significant drop from May to June. Historically, the spring market has dropped off around this time for the past few years, and I expect this decline to continue throughout the summer. For Nova Scotia as a whole, there were 1,507 new listings in June, down from 1,772 in May.

Regional Insights

While most regions across Nova Scotia experienced a decline in new listings, the Highland area and Cape Breton saw a slight increase. Here’s a breakdown of new listings by region:

 

– Halifax: 632 new listings

– Annapolis Valley: 262 new listings

– South Shore: 170 new listings

– Northern Region: 164 new listings

– Highland area: 85 new listings

– Cape Breton: 120 new listings

– Yarmouth: 33 new listings (same as May)

 

The drop in new listings may indicate that potential sellers are holding back, possibly waiting for better market conditions to bring more buyers. The slight increases in the Highland area and Cape Breton suggest these areas are becoming more attractive, potentially due to their relative affordability and lifestyle appeal.

Growing Inventory of Active Listings

A Steady Rise in Homes for Sale

The number of active listings has been on a steady rise, contributing to the overall inventory. As of the end of June, there were 3,273 active homes for sale, an increase from May and approximately 600 more than in April. This increase is consistent across the province, indicating that more homes are staying on the market longer rather than a surge in new listings.

Inventory by Region

Here’s a snapshot of active listings by region:

 

– Halifax Dartmouth: 1,009 listings

– Annapolis Valley: 655 listings

– South Shore: 559 listings

– Northern Region: 486 listings

– Highland Region: 323 listings

– Cape Breton: 152 listings

– Yarmouth: 114 listings

 

An increasing inventory can lead to more competition among sellers, which might pressure prices downward. Buyers, on the other hand, have more options to choose from, potentially resulting in a more balanced market or even a buyer’s market in certain areas.

 

Months of Supply: A Buyer’s Market is Emerging

Understanding Months of Supply

The months of supply is a key metric to determine whether we are in a buyer’s or seller’s market. Six months of inventory is considered a balanced market. Less than six months indicates a seller’s market, while more than six months signifies a buyer’s market. Nova Scotia as a whole has 4.2 months of inventory.

Regional Breakdown

– Halifax-Dartmouth: 2.6 months

– Annapolis Valley: 6 months

– South Shore: 7.1 months

– Northern Region: 5 months

– Highland Region: 11 months

– Cape Breton: 2.5 months

– Yarmouth: 5 months

 

The increasing inventory results in the months of supply rising, indicating a shift towards a buyer’s market in some regions.

 

Sale Price vs. List Price

Evaluating Market Demand

In terms of sale price versus list price, Halifax remains strong, consistently achieving 100% or more for the last several months, showing high demand for homes in this region. Other regions range from 96-97%, which could amount to approximately $12,000-$15,000 flexibility in list prices. Yarmouth has the lowest list-to-sale ratio at 90%, presenting the largest room for negotiation for buyers.

Days on Market: Stability and Changes

How Long Are Homes Staying on the Market?

The median days on market remained the same for the Halifax Dartmouth area at 8 days but increased 4-8 days in other regions:

 

– Nova Scotia: 11 days

– Halifax-Dartmouth: 8 days (no change)

– Annapolis Valley: 21 days (up from 13 days)

– South Shore: 20 days (up from 16 days)

– Northern Region: 16 days (no change)

– Highland Region: 33 days (down from 40 days)

– Cape Breton: 17 days (up from 9 days)

– Yarmouth: 40 days (down from 44 days)

 

Homes in rural Nova Scotia are taking longer to sell, which can indicate cooling demand or overpricing. Setting the list price according to market value will be key to getting homes sold in the coming months.

Home Sales See a Notable Decline

Fewer Homes Sold in June

After the spring market peaked in May, the number of homes sold dropped in June across Nova Scotia, with 1,003 homes sold compared to 1,094 in May. This decline is typical for the summer selling season.

Regional Sales Data

The decline in home sales was observed across all regions:

 

– Halifax Dartmouth: 508 homes sold (down from 557 in May)

– Annapolis Valley: 160 homes sold (down by 2 from May)

– South Shore: 79 homes sold (down from 97 in May)

– Highland Region: 48 homes sold (up from 37 in May)

– Northern Region: 114 homes sold (down from 124 in May)

– Cape Breton: 54 homes sold (down from 65 in May)

– Yarmouth: 40 homes sold (down from 44 in May)

 

The Highland area’s increase hints at buyers possibly driven by local affordability or amenities attracting buyers.

Median Home Sale Prices: Fluctuations Across the Board

A Closer Look at Prices

Here’s a snapshot of median sale prices for June:

 

– Yarmouth: $249,000 (down from $327,500 in May)

– Cape Breton: $274,000 (up from $255,000 in May)

– Highland: $286,000 (steady from May)

– Northern Region: $277,450 (down from $280,000 in May)

– South Shore: $398,000 (down from $399,000 in May)

– Annapolis Valley: $369,500 (down from $375,000 in May)

– Halifax: $555,000 (up from $550,000 in May)

– Nova Scotia: $445,000 (down from $450,000 in May)

 

Median sale prices reveal much about local demand and market conditions. The significant drop in Yarmouth could indicate a correction or a shift in the types of homes being sold. Cape Breton’s increase suggests growing interest and possibly higher-value properties entering the market. Halifax’s slight increase, while still maintaining a high median, indicates a stable but cautious market.

Significant Activity in Key Regions

 

Let’s zoom in on some specific areas that have seen significant activity:

 

– **Halifax Central**: 2 homes sold (down from 8 in May); median home sale price: $918,250

– **Bedford**: 45 home sales (down 7 from May); median price: $660,000 (down from $700,000)

– **St. Margaret’s Bay/Timberlea/Tantallon**: 44 home sales (up 2 from May); median price: $569,900 (down from $650,000)

– **Waverly-Oakfield-Fall River**: 14 home sales (down 2 from May); median price: $662,500 (down from $782,853)

– **Windsor/Falmouth**: 5 home sales (up from 2 in May); median price: $399,000 (up from $340,000)

– **Greenwood**: 7 home sales (down from 8 in May); median price: $445,000 (up from $432,500)

– **Bridgewater**: 12 home sales (down from 17 in May); median price: $379,000 (down from $412,500)

 

Bedford and St. Margaret’s Bay remain popular, though the drop in median prices suggests sellers might be adjusting expectations to meet buyer demand. The significant price drop in the Waverly-Oakfield-Fall River area indicates higher-end properties sold in May. Windsor and Greenwood are showing signs of increased activity and rising prices, likely due to new construction in Windsor and military transfers to CFB Greenwood.

 

New Construction: A Surge in Building Permits

More Permits Issued

Kings County saw a significant jump in building permits in June, with 58 permits issued, mostly for triplexes and duplexes. West Hants Municipality granted 64 units in a multi-unit development, suggesting an increase in rental housing rather than homes for sale. This might help the detached home inventory as some homeowners may switch to rentals for downsizing and reduced maintenance.

New Construction Prices

With the median sale price for new construction in Nova Scotia averaging $599,900, newly built homes are often out of reach for many buyers. However, if you’re in the market for a newly built townhome or detached home, Bedford and Timberlea/Tantallon areas offer the most selection. For new semi-detached homes, Falmouth/Windsor is the spot to consider.

Conclusion

June’s real estate market in Nova Scotia showed signs of cooling after the spring market peak in May. With growing inventory and longer days on the market, buyers may find more negotiating power, especially outside of Halifax. Going forward, sellers will need to adjust their pricing and marketing strategies to attract buyers in this increasingly competitive market.

 

Dawn Magee

Recent Posts

Nova Scotia Real Estate Report for May

https://youtu.be/PwU28f_jk8M?si=2JsbpRAApJy4aiIL Bank of Canada reduces bank rate Welcome to the 2024 market for report update…

1 month ago

Guide to Buying Cheap Homes in Nova Scotia

Buying a fixer-upper is like embarking on a thrilling adventure, but like any great quest,…

2 months ago

Nova Scotia Real Estate Report for April

Nova Scotia Real Estate Market: Navigating Challenges and Opportunities The Nova Scotia real estate market…

2 months ago

What Does It Cost to Sell Your Home?

Are you a Nova Scotia homeowner gearing up to sell your property and wondering about…

3 months ago

March Real Estate Report for Nova Scotia

Are you a home buyer or seller feeling the pressure to make a move? Buyers…

3 months ago

Not Your Mother’s Chatbot

A Comprehensive Chatbot Guide for REALTORs® In today's digital age, leveraging technology to streamline processes…

4 months ago

This website uses cookies.