AUGUST 2021 NOVA SCOTIA REAL ESTATE MARKET OPINION

Our real estate market, albeit still a sellers market, has calmed down a little in HRM for the moment. More listings have come to market and the days on market are momentarily a bit longer. This is typical for this time of year as most people tend to shift their focus to enjoying the summer but we are still seeing competing offers on good listings. 

Since July 1 there have been 1754 firm residential sales across the province of which 870 of been in HRM at an average selling price of $437,511 (median price $400,000.)

Currently there are also 698 conditional residential sales showing across the province of which 288 are in HRM on listings listed at an average price of $394,278. (median list price $349,900)

Interesting to note the summer data shift of HRM firm sales compared province wide conditional sales... almost 50% of the firm summer sales are in HRM and less then 42% make up the current summer conditional sales based on province wide sales meaning more conditional sales are currently happening outside of HRM.  

While cottages and land continue to be in high demand, no doubt making up a large portion of the conditional sales outside of HRM, single family home sales in many smaller communities are also in high demand. I really love how our market is seemingly benefitting all parts of Nova Scotia as many local and new to the province buyers are shifting their lifestyles to smaller communities, towns and cities.  

Time will tell what 'the new' Nova Scotia will look like in the near future but I think we're in for sustainable exciting progress that will continue to be grounded in all of the elements and culture that make this province such a great place to call home. 

Last but not least... as always, the big question is 'when will the market balance out' ? Of course no one knows for sure, despite the numerous predictions, but my experience based on 25+ years in real estate leads me to believe that, since this is an election year, we can expect the market to continue for at least 6 months post election. The rational has always been that interest rates tend to stay stable for 6 months pre and post an election. This combined with our unusual state of affairs (understatement), inspiring many people to reassess their lifestyle, should keep our Nova Scotia real estate market strong for at least 8-10 months to come. 

I hope you enjoy the rest of your summer! Please contact me anytime to discuss your real estate goals!