Hello!

I hope you are having a great summer with all the sunshine, rain, heat waves and everything in between :) 

After an interesting first half of the year resulting in an our unpredictable real estate market, this months newsletter includes an article with a deeper dive into the HRM sales numbers since Jan 1 of this year. 

In short, we are currently on the edge of a balanced market in HRM driven by residential sales primarily under $750,000 (approx. 80%).  At best, approximately 3 in 10 residential listing are selling, many of which have price adjusted to achieve the sale.  There are many homes and condo residential listings across HRM for buyers to choose from;

As of today, August 7;

379 under $500,000 (63 on the peninsula including 4 homes)

353 listed between $500,000 - $650,000 (54 on the peninsula including 17 homes)

233 listed between $650,000-$750,000 (26 on the peninsula including 12 homes)

161 listed between $750,000-$850,000 (13 on the peninsula including 5 homes)

165 listed between $850,000-$1,000,000 (10 on the peninsula including 8 homes)

221 listed $1,000,000 and over (44 on the peninsula including 39 homes)

Interesting to note that so far this year, of the 158 homes MLS sold on the peninsula, 42 homes have sold over $1,000,000 (approx. 27%). This is higher as compared to the overall total MLS sales since Jan 1, 2024...675 homes MLS sold on the peninsula of which 164 homes have sold over $1,000,000 (approx. 24%).

It also continues to be interesting to see the sales price domino affect of the affordability threshold and/or lifestyle choice across HRM. While the peninsula lifestyle continues to be in demand, other areas across HRM are also selling over $1,000,000.

i.e. Bedford -  of the 769 homes MLS sold since Jan 1, 2024, 102 homes have sold over $1,000,000 ... approx. 13%... just since Jan 1 of this year, this has increased to almost 17% of the solds.

(By general comparison, across the province, 184 homes have MLS sold over $1,000,000 this year - approx. 4% which is also an overall increase from approx. 3% since Jan 1, 2024.)

The $1 m plus category is a 'smaller piece of the pie' of the total 23,416 homes MLS sold so far across the province since Jan 1, 2024 (5152 since Jan 1. 2026), but it hopefully adds some perspective as to how and who is moving the market prices. Approximately 96 out of 100 buyers have been buying homes under $1,000,000 this year with approx. 88% buying under $750,000 and approx. 58 % buying under $500,000 in Nova Scotia.  

As always, affordability thresholds matter and contribute to establishing market values. With the current abundance of supply combined with overall fluctuating buyer confidence, it will be interesting to see where our average and median home sales prices land by the end of 2026.  

In the meantime, hope you take time to enjoy the rest of the summer and soak up the sun :) 

With Gratitude and Appreciation for Your Business and Referrals,

Michele