The housing statistics in May 2020 for Halifax, Nova Scotia have revealed home prices are still climbing. The average sale price for single family homes have increased to $280,000 which is an increase of 2.1% compared to the previous month. Condos have decreased by 5.9% from the previous month to $260,507 for average sale price. The average price for all residential units has increased to $279, 850 which is an increase month-over-month at 1.7% and year-over-year 4.5% increase. Therefore, home values are still increasing in May despite the coronavirus.
The average days it takes to sell a property (all residential units) has increased to 71 days which indicates homes are selling slower by 9.2%. However, the average days to sell a single family home has slowed down 6% (71 days) compared to the previous month. Condos take 50% longer to sell (60 days) compared to April..
For 2020, the real estate market is still off by -16% in sale volume when comparing 2019 for all residential units. Month-over-month single family homes dropped by 14.9% and condominiums dropped 27.4%.
There are many new listings that show some recovery to the current real estate market. In May there was 61% more new listings than April for a total of 1277. However, wehn comparing year-over-year, new listings are down by 26.4%. Therefore, the real estate market is still in recovery.
In conclusion, the real estate market favors those who are selling their home since the supply is still low with a high amount of demand from Buyers. What does this mean? It means homes will get offers much quicker, there is less time to consider a home, and over priced listings still exist. Some homeowners are testing the market to see how much home values can increase. So be sure to evaluate a home before you write an offer! The influx of new listings is great for buyers and balancing the market. We may see more balance now that Nova Scotia has began the reopening of businesses and services. This increases consumer confidence where more people are comfortable to trade in our current real estate market.