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Hello! I hope you've been enjoying Fall 2025! With 32 days left until Dec 21, the official start of winter real estate market, here is a price point analysis of MLS residential sales since Jan 1, 2025. Across the province there have been 9850 residential firm MLS solds to date at any average selling price of $472,937 (median $440,000) with just under 50% of the sales under $425,000 and approx 21% under $250,000. By comparison, just based on the Halifax Peninsula, single family homes have been selling at a median selling price of $762,500 (higher than the median list price of $750,000) with the lowest selling price at $417,000 and highest selling price at $3,700,000 so far. And, of the 188 apartment style condos sold to date, the median selling price is $487,500 (lower than median list price at $499,000) with the lowest selling price at $210,000 and the highest at $1.4. Reviewing overall selling price categories, 25% of the 475 total residential real estate properties have MLS sold under $500,000 on the peninsula, 15% have sold between $800,000 - $1 m and 16% have sold over $1 m leaving approx. 44% of the residential selling between $500,000 - $800,000. Recently, Bloomberg reported that home sales are starting to move up in British Columbia, Alberta and Quebec, are down in Ontario, Saskatchewan and Manitoba and that the national average selling price, just in October, was just over $690,000... compared to the October Halifax Peninsula $822,680 (median $654,800)... yet going wider across HRM, the average MLS residential selling price in October based on 492 sales was $593,155 (median $545,000) Sooo... what does this mean? Are we moving into an overpriced sales market and is this sustainable? I have frequently maintained that our average price 'safe zone' is ideally 70% of the national average. However, especially as the Ontario market is still in recovery mode, I believe the national average is not yet a true reflection of realistic national average market values. Also, I think it is important to consider how locally we are moving into uncharted territory with so many new rental units being built to support affordable housing and to make room for our ongoing population growth. How this shift affects potential real estate market values remains to be seen but the 'build it and they will come' will likely continue to support successful and long term growth. Compared to other major cities, we are indeed still a relatively small market but we are also mighty... A possible 'guiding light' of a somewhat comparable major city is Victoria, BC, albeit with a smaller population. The average residential sale is just over $1m. Apart from their better weather, with the comparable lifestyle offerings, might Halifax finally be the Victoria of the east? Food for thought... Looking forward to our winter market! I think it will be active with equal opportunities for buyers and sellers alike. Also, please note that many 'off market' exclusive listings are expected to come to market. Please contact me to discuss your real estate plans anytime! All the Best Always with Gratitude, Michele .
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