Home Buying Report for Q1 2022 in Halifax and Nova Scotia
Home Buying Report for Q1 2022 in Halifax and Nova Scotia
Wondering what does it cost to buy a house in Nova Scotia these days? Wondering if the housing deals are over?
Here is a breakdown of current home prices in different regions of Nova Scotia. Where they are priced the lowest, where the competition of lowest, and where there is more inventory than sales, so you will get zero in on a property and start living your best life here in Nova Scotia
MLS areas of Nova Scotia
There are 7 regions defined in MLS for Nova Scotia where listings get uploaded to. This is the largest in Halifax Dartmouth. Next is the Annapolis Valley which runs down the bad funding side of Nova Scotia. The South Shore region runs from the Halifax region South along the Atlantic Coast.
The Northern region is north towards PEI and the New Brunswick border and then there is the Cape Breton region.
There is also the Highland region which is north of Halifax up to Cape Breton which also overlaps Cape Breton depending on where the agent uploads it to. There is also the Yarmouth region which is a small section at the southern end of Nova Scotia that is overlapped by both the valley and so shore regions.
In Review
This report will review the number of active listings for each area as well as the median sold price and let you know if that sold price was under or over the list prices.
Most people know how the average price is calculated. But I also like to include the median price because that truly shows the property price that is in the exact middle of the pack whereas the average price figure can be swayed by extreme high prices-price properties.
South Shore Region
The South Shore region encompasses Hubbards down to Barrington Passage. The South Shore market doesn’t usually match up with the rest of Nova Scotia. This is mainly due to its scenic beauty and ocean shorelines appealing to mostly seasonal buyers. Employment and tourism are seasonal as well. The main economic center is Bridgewater, with the main employment sectors being fishing, forestry, and the Michelin Tire plant. More info about Chester, NS
The median sale price here is 272,000. There are currently 161 active listings
South Shore Region Active Listings
| Number | 161 | |
| Average | $684, 327 | |
| Median | $385,000 | |
| Lowest | $59,900 | |
| Highest | $12,100,000 |
South Shore Region Sold- Closed 60 Days
| Number | 147 | |
| Average | $356,490 | $9,000 under ask |
| Median | $272,000 | $3,000 under ask |
| Lowest | $50,000 | |
| Highest | $3,370,000 |
Annapolis Valley Region
The Annapolis Valley region is mostly along the Bay of Fundy, from Mount Uniacke down to Yarmouth. The valley region has a greater population density and therefore has more towns and year-round employment than the South Shore. To the population and size of the region, the Annapolis valley currently has a higher density of inventory as well.
. https://novascotiarealestate.pro/moving-to-wolfville-here-are-some-things-to-know/
Approximately 50% of Annapolis valley homes are still selling over ask but at a more reasonable $18 -22,000 on average with the median sale price being 350,000. There are currently 213 active listings.
Annapolis Valley Active Listings
| Number | 213 | |
| Average | $492,804 | |
| Median | $350,000 | |
| Lowest | $35,000 | |
| Highest | $4,995,000 | |
Annapolis Valley. Sold- Firm 60 Days
| Number | 246 | |
| Average | $374,953 | $22,000 over ask |
| Median | $350,500 | $18,000 over ask |
| Lowest | $37,800 | |
| Highest | $1,360,000 |
Northern Region
The Northern region includes Truro, Pictou, and Amherst. This region is a natural stopping place as an intersection heading to Moncton, PEI, Cape Breton, or Halifax. Lower prices in this area have made this area have some of the highest numbers of units sold in the past 60 days outside of Halifax.
It currently has 164 active listings with a median sale price of $232,600.
Northern Region Active Listings
| Number | 164 | |
| Average | $436,046 | |
| Median | $329,900 | |
| Lowest | $69,900 | |
| Highest | $2,599,000 |
Northern Region. Sold- Firm 60 Days
| Number | 287 | |
| Average | $265,556 | $3,129 over ask |
| Median | $232,600 | $7,600 over ask |
| Lowest | $27,000 | |
| Highest | $900,000 |
Cape Breton Region
Cape Breton is approximately five hours from Halifax and is a popular tourist destination. Sydney is its main town and port, where there are government offices, hospitals, and hotels.
The remainder is fairly rural, doted by tourist stops, and fishing villages. Visitors go for the highland national park, skyline trial, and world-class golf. Population density and remoteness are factors in these numbers.
This region has the lowest median sold listing at $170,000 and just 76 active listings.
Cape Breton. Active Listings
| Number | 76 | |
| Average | $416,985 | |
| Median | $319,450 | |
| Lowest | $37,500 | |
| Highest | $1,800,000 |
Cape Breton Region Sold- Closed 60 Days
| Number | 98 | |
| Average | $191,444 | $908 under ask |
| Median | $170,000 | $1,000 over ask |
| Lowest | $24,000 | |
| Highest | $680,000 |
Highland Region
The highland region has some overlap with Cape Breton, northern and Halifax/Dartmouth, but it is worth noting the University town of Antigonish and some Atlantic coastline could be impacting the median sold price here of $193, 500, with just 119 active listings.
Highland Region Active Listings
| Number | 119 | |
| Average | $452,073 | |
| Median | $329,918 | |
| Lowest | $74,000 | |
| Highest | $3,200,000 |
Highland Region. Sold- Closed 60 Days
| Number | 48 | |
| Average | $246,541 | $14,038 under ask |
| Median | $193,500 | $5,000 under ask |
| Lowest | $43,000 | |
| Highest | $875,000 |
Yarmouth Region
The Yarmouth region as designated by our NS Real Estate Association is fair, small, and does overlap both the south shore and Annapolis Valley, depending on how it is uploaded to MLS.
There is the Ferry to main that runs out of Yarmouth and as well a nursing training hospital has recently been designated.
Home prices have typically been lower and inventory higher in this region due to the location being outside the 2 hr drive time from Halifax has seen a surge, but those have also been factors in the increased number of sales, mostly from out of province buyers who are retiring or able to work from home.
The median home sale price from the last 60 days is $315,000 which was on average $71,000 over the list price.
Yarmouth. Active Listings
| Number | 51 | |
| Average | $381,413 | |
| Median | $319,900 | |
| Lowest | $70,000 | |
| Highest | $1,100,000 |
Yarmouth Region. Sold- Closed 60 Days
| Number | 35 | |
| Average | $211,520 | $48,000 under ask |
| Median | $315,000 | $71,000 over ask |
| Lowest | $69,000 | |
| Highest | $475,000 |
Halifax Region
The last region to review is Halifax, Dartmouth. With its population of 440,000, has been impacted the most by the Seller’s market. Approximately, ¾ of the listings go for over asking, and on average 22-26%.
The average over the amount on the median sold prices from the last 60days was $111,500 over the ask of the 879 sold. There are currently only 232 active listings.
Halifax/Dartmouth Active Listings
| Number | 232 | |
| Average | $804,842 | |
| Median | $599,900 | |
| Lowest | $119,900 | |
| Highest | $6,750,000 |
Halifax/Dartmouth. Sold- Firm 60 Days
| Number | 879 | |
| Average | $583,875 | $92,863 over ask |
| Median | $536,500 | $111,500 over ask |
| Lowest | $39,000 | |
| Highest | $4,500,000 |
In Summary
The regions where the properties are currently priced closest to what they are selling for are in second place, the Halifax/Dartmouth regions where the median sold price is within $60,000 of the median price for active listings.
The Annapolis Valley is the top region, where those median prices are within $500.00 of each other. These are the two busiest regions of Nova Scotia, so there is more data on sold prices available to more accurately set list prices.
When buying in Nova Scotia, a buyer can always ask their agent for recent comparable sold properties to the one you are interested in and as well ask for data on what percentage properties are selling for over asking and by what percentage.
*Data compiled from MLS as of March 29th, 2022.
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