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The Numbers Don’t Lie when it comes to Real Estate Stats in Halifax

In the world of real estate, it's impossible to escape the constant chatter about the market. If I hear one more time that the market is still crazy, I think I will SCREAM. But here's the thing – our stats tell a different story. 

NSAR Stats from Jan - Dec 2023 The Numbers Don't Lie

In 2023, a total of 3,770 single-family homes were sold in Halifax, NS. These numbers are based on NSAR stats from January to December 2023. But what's truly fascinating is when we break down these sales into categories, a different picture emerges:

  • 49% of the homes sold below asking price
  • 7% Sold at Asking
  • 20% Sold from $1.00 - $24,999
  • 13% Sold from $25,000 - $49,999
  • 10% Sold from $50,000 - $99,000
  • 1% Sold over $100,000

These numbers are eye-opening. They show that nearly half of the homes sold in 2023 went for less than their initial asking price. But that's not all; there's more to this story.

The Decline of Offers Over $100,000 In 2022, a staggering 22% of homes that sold had offers over $100,000 of the asking price. But in 2023, this trend has shifted dramatically. Long gone are the offers over $100,000.

So, what caused this change? The Pandemic Effect During the height of the COVID-19 pandemic, we witnessed an influx of buyers who had successfully sold their homes in other parts of Canada. Armed with cash, these buyers came to Halifax in search of a new home. Both C.F.As and local buyers were advised to look below their budgets when purchasing homes due to the limited inventory.

The result? Bidding wars became the norm, leading to the perception of a "crazy" market.

Is It the Same for All Price Points? While I didn't conduct specific stats for all price points, one fact stands out – 43% of the homes that sold in 2023 were priced under $499,000. This price point suggests a strong presence of first-time homebuyers in our market.

Market Segmentation

When we analyze the market, we see distinct segments:

  • Luxury Market (Over $1,000,000): This segment captures only 5% of buyers.
  • $500,000 - $599,000 Range: These homes accounted for 21% of sales in 2023.

The Mobile Home Market To review a different aspect of the market, consider this: the average mobile home now sells for $224,475! This is a significant increase from the past when $110,000 was considered high. What's even more astonishing is that 89% of mobile homes listed in 2023 were sold.

Need More Stats?  If you're interested in knowing more statistics about your area or specific aspects of the market, don't hesitate to reach out. I will be more than happy to oblige.

Frequently Asked Questions (FAQs)

Q: Are these statistics specific to Halifax, NS?

A: Yes, these statistics are based on the Halifax, NS real estate market for the year 2023.

Q: What do the percentages represent in the breakdown of sales?

A: The percentages represent the proportion of homes that were sold within each price range category. 

Q: Why did the offers over $100,000 decline in 2023?

A: The decline in offers over $100,000 can be attributed to an influx of buyers during the COVID-19 pandemic, who were advised to look below their budgets due to limited inventory, leading to bidding wars.

Q: What is the significance of the $499,000 price point?

A: Homes priced under $499,000 made up 43% of the total sales in 2023, indicating a strong presence of first-time homebuyers in the market. 

Q: How does the luxury market perform in Halifax?

A: The luxury market, consisting of homes priced over $1,000,000, captures only 5% of buyers in Halifax.

Q: What is the average selling price for mobile homes in 2023?

A: The average selling price for mobile homes in 2023 was $224,475, a significant increase from previous years.

In the world of real estate, it's easy to get caught up in the hype and hearsay. But as our stats from 2023 reveal, the market tells a different story. With a significant percentage of homes selling below asking price, a decline in offers over $100,000, and a strong presence of first-time homebuyers, Halifax's real estate landscape is more complex and diverse than meets the eye. 

So, the next time you hear that the market is still crazy, remember our stats – they tell a different story.

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