📊 Weekly Real Estate Stats: Halifax/Dartmouth - July 30th, 2024 📊

The latest market stats are in! Here's what's happening in Halifax/Dartmouth:
1. Total Residential Listings:

- 2024: 1068

- 2023: 807

- 2022: 776

- 2021: 601

- Trend: There has been a steady increase in total residential listings over the past four years, indicating a growing inventory in the market.

2. Average Days on Market for Sales:

- 2024: 32 days

- 2023: 25 days

- 2022: 12 days

- 2021: 22 days

- Trend: The average days on market have increased from 2023 to 2024, suggesting homes are taking slightly longer to sell. This could indicate a more balanced market compared to previous years.

3. List to Sale Ratio:

- 2024: 100.55%

- 2023: 101.81%

- 2022: 113%

- 2021: 109%

- Trend: The list-to-sale ratio has decreased slightly, indicating that homes are selling closer to their listing prices but not as high as in the past few years. This suggests a more realistic pricing strategy in the current market.

4. Monthly Sales:

- 2024: 473

- 2023: 436

- 2022: 501

- 2021: 664

- Trend: Monthly sales have increased slightly from 2023 to 2024 but are still lower than the 2021 peak. This shows a stable but not overly heated market.

5. Year to Date Sales:

- 2024: 3,078

- 2023: 2,953

- 2022: 3,688

- 2021: 4,820

- Trend: Year-to-date sales have increased from 2023 to 2024 but remain below the levels seen in 2021 and 2022, indicating a normalization of the market after a high demand period.

6. Months of Inventory:

- 2024: 2.62 months

- 2023: 2 months

- 2022: 1.51 months

- 2021: 0.77 months

- Trend: Months of inventory have increased, suggesting that there are more homes available relative to the number of buyers, leading to a more balanced market.

7. Average Sale Price:

- 2024: $580,708

- 2023: $564,364

- 2022: $560,728

- 2021: $460,201

- Trend: The average sale price has been consistently rising, showing strong appreciation and demand for properties in the area.

8. Appreciation from Previous Year:

- 2024: 2.8%

- 2023: 0.6%

- 2022: 18%

- 2021: 23.8%

- Trend: The rate of appreciation has slowed significantly compared to the sharp increases in 2021 and 2022, indicating a more stable and sustainable growth in property values.

The Halifax/Dartmouth real estate market shows signs of stabilization and balanced growth. While the number of listings and inventory have increased, indicating more choices for buyers, the average sale price continues to rise, reflecting ongoing demand. The slower appreciation rate and increased days on market suggest a shift towards a more normalized market after a period of rapid growth and high competition. This environment could benefit both buyers and sellers, offering opportunities for careful negotiation and strategic buying or selling decisions.

Chat Soon,

Sandra

If you have a home to sell, you’re probably excited to get the process started. There are many things you need to consider when selling your property, and it’s hard not to feel overwhelmed by the task. The good news is we’ve done extensive research about what you need to know about selling your home – and I've answered the questions you’re probably wondering:
 
How will you determine my home’s value?
 
To determine your home’s value and set a listing price, I will complete a Comparative Market Analysis. The CMA uses recent sales of homes close in geography, age, size, and features to yours. (A CMA is not the same as an appraisal, which a licensed appraiser can perform.)
 
Is it a good idea to start high?
 
Many sellers like the idea of “starting high” to see if they get higher offers, but this strategy isn’t usually practical. First, buyers may not see your listing if they use a price filter set to what they expect prices in the area to run. Second, you run the risk of the appraisal coming in lower than your contract price, which will require your contract to be renegotiated or canceled. Third, if your listing price puts your home higher than your neighborhood value, your home will likely sit on the market longer as buyers wait for you to make a reduction. It’s best to set a realistic listing price that will bring you buyers quickly. My goal is always to get you the highest possible price in the shortest amount of time.
 
What percentage of the listing price can I expect to get?
 
The list-to-sell ratio is determined by dividing the selling price by the listing price. The ratio is largely market-driven. In a sellers’ market, which is when inventory is low, sellers may get close to 100% or over 100% if the home sells above list price. In a market with a large inventory of homes, a buyers’ market, buyers have more negotiating power, so the list-to-sell ratio may be closer to 90%. My goal is to get you as close to a 100% list-to-sell ratio as the market will bear.
 
How soon can I get my home on MLS?
 
Once we agree to work together, I will begin entering your home information on the MLS system. I will also schedule a time for a stager and a professional photographer to take photos, videos, and floorplans of the property. As soon as all the information and pictures are uploaded items, your listing can go live on MLS.
 
What do I need to do to get ready to list?
 
For your part, it’s a good idea to begin cleaning out or organizing storage spaces, closets, and drawers and putting away some of your décor or belongings. You may also want to have the exterior pressure washed, and the landscaping cleaned up. We can talk further about specific things that will help your home show better.
 
How will showings be conducted?
 
You and I will agree on the terms you are comfortable with for showings. We want to make the home accessible to buyers without too much disruption to your personal life. We can use a showing schedule, and unless we agree otherwise, I will notify you in advance of showing requests. We use electronic lockboxes that only active members of our local Realtors Association (NSAR) can access. We can set the lockbox on a schedule, if necessary. Any time the lockbox is accessed, I receive a notification.
 
How will you market my property?
 
Marketing your listing is of utmost importance. Most buyers find their properties online through MLS (via their agent,) Realtor.ca or other search engines. Listings in our MLS system automatically show up on these sites within a day or two of becoming active. In addition, I share my listings with the agents in my network, on my website, and on my social media. We can discuss additional opportunities such as hosting open houses and marketing within your neighborhood.
 
How long will it take to find a buyer?
 
Several factors influence the time it takes to find a buyer. These include the market conditions, price range (higher-priced or luxury homes typically take longer to sell,) location (whether your home is in a desirable neighborhood or a unique location,) and the condition of the home (is move-in ready or in need of renovations?) In a balanced market, most houses, when priced accurately and without significant damage or extenuating circumstances, go under contract within thirty days. Homes sell faster in a seller’s market, while buyers take more time to look when inventory is high.
 
Will you qualify the buyer?
 
When an offer is received, I will work with the buyer’s agent to vet the buyer. All offers should be accompanied by either a pre-approval from a mortgage lender. Once you accept an offer, the buyer will have time to do their due diligence (about 10 business days). I will stay in close contact with the buyer’s agent.
 
What are the costs involved?
 
The seller usually pays for the real estate agent fees, which are divided between the buyer’s agent and the seller’s agent. There are also legal fees budget about $1500.

Can I cancel if I find my own buyer?
 
The listing agreement is a contract between you and me and/or my brokerage. It stipulates the terms for cancellation, which you are encouraged to review. Once we have signed the listing agreement, a prospective buyer who approaches you directly should be redirected to me.
 
How often will we communicate?
 
Communication is key to an easy and successful sale. I will keep you appraised of events every step of the way. You are welcome to reach out to me with questions or concerns. When we go over the listing information, we will discuss our preferred means of communication and schedules to make sure we know each other’s availability and boundaries.
Thinking of selling? I'm here to help! Shoot me a message or give me a call today.

National aggregate home price forecast to increase 5.5% year over year in Q4 of 2024

Following several years of unprecedented ups and downs, Canada’s housing market could return to more normal levels of activity and price trends next year. The Bank of Canada is expected to lower its overnight lending rate in the second half of 2024, which will lead to increased demand from sidelined buyers as they adjust to today’s lending realities. New household formation and newcomers to Canada will put additional upward pressure on prices. 

“Looking ahead, we see 2024 as an important tipping point for the national economy as most Canadians acknowledge that the ultra-low interest rate era is dead and gone,” said Phil Soper, President and CEO, Royal LePage. “We believe that the ‘great adjustment’ to tolerable, mid-single-digit borrowing costs will have a firm grip on our collective consciousness after only modest rate cuts by the Bank of Canada.”  

According to the Royal LePage 2024 Market Survey Forecast, the aggregate1 price of a home in Canada is set to increase 5.5% year over year to $843,684 in the fourth quarter of 2024, with the median price of a single-family detached property and condominium projected to increase 6.0% and 5.0% to $879,164 and $616,140, respectively.2 

Royal LePage’s forecast is based on the prediction that the Bank of Canada has concluded its interest rate hike campaign and that the key lending rate will hold steady at five percent through the first half of 2024. The central bank is expected to start making modest cuts in late summer or fall of next year. Meanwhile, several major financial institutions have already begun offering discounts on fixed-rate mortgages.

“Canada’s real estate market has been on a roller coaster ride for the last four years. A global pandemic briefly brought market activity to a grinding halt in early 2020, followed by a rapid, widespread spike in demand and price appreciation as Canadians sought safety and greater living space in their homes among a world of uncertainty. By the spring of 2022, home prices had reached unprecedented highs, but when interest rates started rising quickly and steeply to combat inflation, the extended market correction began,” said Soper. “Markets take time to adjust. We see a move toward typical home sale transaction levels in 2024, and as the year progresses, appreciating house prices.”

Nationally, home prices are forecast to see modest quarterly gains in the first two quarters of 2024, with more considerable increases expected in the second half of the year, following the anticipated start of interest rate cuts by the Bank of Canada. 

📊 Weekly Real Estate Stats: Halifax/Dartmouth - July 30th, 2024 📊

The latest market stats are in! Here's what's happening in Halifax/Dartmouth:
1. Total Residential Listings:

- 2024: 1068

- 2023: 807

- 2022: 776

- 2021: 601

- Trend: There has been a steady increase in total residential listings over the past four years, indicating a growing inventory in the market.

2. Average Days on Market for Sales:

- 2024: 32 days

- 2023: 25 days

- 2022: 12 days

- 2021: 22 days

- Trend: The average days on market have increased from 2023 to 2024, suggesting homes are taking slightly longer to sell. This could indicate a more balanced market compared to previous years.

3. List to Sale Ratio:

- 2024: 100.55%

- 2023: 101.81%

- 2022: 113%

- 2021: 109%

- Trend: The list-to-sale ratio has decreased slightly, indicating that homes are selling closer to their listing prices but not as high as in the past few years. This suggests a more realistic pricing strategy in the current market.

4. Monthly Sales:

- 2024: 473

- 2023: 436

- 2022: 501

- 2021: 664

- Trend: Monthly sales have increased slightly from 2023 to 2024 but are still lower than the 2021 peak. This shows a stable but not overly heated market.

5. Year to Date Sales:

- 2024: 3,078

- 2023: 2,953

- 2022: 3,688

- 2021: 4,820

- Trend: Year-to-date sales have increased from 2023 to 2024 but remain below the levels seen in 2021 and 2022, indicating a normalization of the market after a high demand period.

6. Months of Inventory:

- 2024: 2.62 months

- 2023: 2 months

- 2022: 1.51 months

- 2021: 0.77 months

- Trend: Months of inventory have increased, suggesting that there are more homes available relative to the number of buyers, leading to a more balanced market.

7. Average Sale Price:

- 2024: $580,708

- 2023: $564,364

- 2022: $560,728

- 2021: $460,201

- Trend: The average sale price has been consistently rising, showing strong appreciation and demand for properties in the area.

8. Appreciation from Previous Year:

- 2024: 2.8%

- 2023: 0.6%

- 2022: 18%

- 2021: 23.8%

- Trend: The rate of appreciation has slowed significantly compared to the sharp increases in 2021 and 2022, indicating a more stable and sustainable growth in property values.

The Halifax/Dartmouth real estate market shows signs of stabilization and balanced growth. While the number of listings and inventory have increased, indicating more choices for buyers, the average sale price continues to rise, reflecting ongoing demand. The slower appreciation rate and increased days on market suggest a shift towards a more normalized market after a period of rapid growth and high competition. This environment could benefit both buyers and sellers, offering opportunities for careful negotiation and strategic buying or selling decisions.

Chat Soon,

Sandra

If you have a home to sell, you’re probably excited to get the process started. There are many things you need to consider when selling your property, and it’s hard not to feel overwhelmed by the task. The good news is we’ve done extensive research about what you need to know about selling your home – and I've answered the questions you’re probably wondering:
 
How will you determine my home’s value?
 
To determine your home’s value and set a listing price, I will complete a Comparative Market Analysis. The CMA uses recent sales of homes close in geography, age, size, and features to yours. (A CMA is not the same as an appraisal, which a licensed appraiser can perform.)
 
Is it a good idea to start high?
 
Many sellers like the idea of “starting high” to see if they get higher offers, but this strategy isn’t usually practical. First, buyers may not see your listing if they use a price filter set to what they expect prices in the area to run. Second, you run the risk of the appraisal coming in lower than your contract price, which will require your contract to be renegotiated or canceled. Third, if your listing price puts your home higher than your neighborhood value, your home will likely sit on the market longer as buyers wait for you to make a reduction. It’s best to set a realistic listing price that will bring you buyers quickly. My goal is always to get you the highest possible price in the shortest amount of time.
 
What percentage of the listing price can I expect to get?
 
The list-to-sell ratio is determined by dividing the selling price by the listing price. The ratio is largely market-driven. In a sellers’ market, which is when inventory is low, sellers may get close to 100% or over 100% if the home sells above list price. In a market with a large inventory of homes, a buyers’ market, buyers have more negotiating power, so the list-to-sell ratio may be closer to 90%. My goal is to get you as close to a 100% list-to-sell ratio as the market will bear.
 
How soon can I get my home on MLS?
 
Once we agree to work together, I will begin entering your home information on the MLS system. I will also schedule a time for a stager and a professional photographer to take photos, videos, and floorplans of the property. As soon as all the information and pictures are uploaded items, your listing can go live on MLS.
 
What do I need to do to get ready to list?
 
For your part, it’s a good idea to begin cleaning out or organizing storage spaces, closets, and drawers and putting away some of your décor or belongings. You may also want to have the exterior pressure washed, and the landscaping cleaned up. We can talk further about specific things that will help your home show better.
 
How will showings be conducted?
 
You and I will agree on the terms you are comfortable with for showings. We want to make the home accessible to buyers without too much disruption to your personal life. We can use a showing schedule, and unless we agree otherwise, I will notify you in advance of showing requests. We use electronic lockboxes that only active members of our local Realtors Association (NSAR) can access. We can set the lockbox on a schedule, if necessary. Any time the lockbox is accessed, I receive a notification.
 
How will you market my property?
 
Marketing your listing is of utmost importance. Most buyers find their properties online through MLS (via their agent,) Realtor.ca or other search engines. Listings in our MLS system automatically show up on these sites within a day or two of becoming active. In addition, I share my listings with the agents in my network, on my website, and on my social media. We can discuss additional opportunities such as hosting open houses and marketing within your neighborhood.
 
How long will it take to find a buyer?
 
Several factors influence the time it takes to find a buyer. These include the market conditions, price range (higher-priced or luxury homes typically take longer to sell,) location (whether your home is in a desirable neighborhood or a unique location,) and the condition of the home (is move-in ready or in need of renovations?) In a balanced market, most houses, when priced accurately and without significant damage or extenuating circumstances, go under contract within thirty days. Homes sell faster in a seller’s market, while buyers take more time to look when inventory is high.
 
Will you qualify the buyer?
 
When an offer is received, I will work with the buyer’s agent to vet the buyer. All offers should be accompanied by either a pre-approval from a mortgage lender. Once you accept an offer, the buyer will have time to do their due diligence (about 10 business days). I will stay in close contact with the buyer’s agent.
 
What are the costs involved?
 
The seller usually pays for the real estate agent fees, which are divided between the buyer’s agent and the seller’s agent. There are also legal fees budget about $1500.

Can I cancel if I find my own buyer?
 
The listing agreement is a contract between you and me and/or my brokerage. It stipulates the terms for cancellation, which you are encouraged to review. Once we have signed the listing agreement, a prospective buyer who approaches you directly should be redirected to me.
 
How often will we communicate?
 
Communication is key to an easy and successful sale. I will keep you appraised of events every step of the way. You are welcome to reach out to me with questions or concerns. When we go over the listing information, we will discuss our preferred means of communication and schedules to make sure we know each other’s availability and boundaries.
Thinking of selling? I'm here to help! Shoot me a message or give me a call today.

National aggregate home price forecast to increase 5.5% year over year in Q4 of 2024

Following several years of unprecedented ups and downs, Canada’s housing market could return to more normal levels of activity and price trends next year. The Bank of Canada is expected to lower its overnight lending rate in the second half of 2024, which will lead to increased demand from sidelined buyers as they adjust to today’s lending realities. New household formation and newcomers to Canada will put additional upward pressure on prices. 

“Looking ahead, we see 2024 as an important tipping point for the national economy as most Canadians acknowledge that the ultra-low interest rate era is dead and gone,” said Phil Soper, President and CEO, Royal LePage. “We believe that the ‘great adjustment’ to tolerable, mid-single-digit borrowing costs will have a firm grip on our collective consciousness after only modest rate cuts by the Bank of Canada.”  

According to the Royal LePage 2024 Market Survey Forecast, the aggregate1 price of a home in Canada is set to increase 5.5% year over year to $843,684 in the fourth quarter of 2024, with the median price of a single-family detached property and condominium projected to increase 6.0% and 5.0% to $879,164 and $616,140, respectively.2 

Royal LePage’s forecast is based on the prediction that the Bank of Canada has concluded its interest rate hike campaign and that the key lending rate will hold steady at five percent through the first half of 2024. The central bank is expected to start making modest cuts in late summer or fall of next year. Meanwhile, several major financial institutions have already begun offering discounts on fixed-rate mortgages.

“Canada’s real estate market has been on a roller coaster ride for the last four years. A global pandemic briefly brought market activity to a grinding halt in early 2020, followed by a rapid, widespread spike in demand and price appreciation as Canadians sought safety and greater living space in their homes among a world of uncertainty. By the spring of 2022, home prices had reached unprecedented highs, but when interest rates started rising quickly and steeply to combat inflation, the extended market correction began,” said Soper. “Markets take time to adjust. We see a move toward typical home sale transaction levels in 2024, and as the year progresses, appreciating house prices.”

Nationally, home prices are forecast to see modest quarterly gains in the first two quarters of 2024, with more considerable increases expected in the second half of the year, following the anticipated start of interest rate cuts by the Bank of Canada.