 The housing statistics in May 2020 for Halifax, Nova Scotia have revealed home prices are still climbing. The average sale price for single family homes have increased to $280,000 which is an increase of 2.1% compared to the previous month. Condos have decreased by 5.9% from the previous month to $260,507 for average sale price. The average price for all residential units has increased to $279, 850 which is an increase month-over-month at 1.7% and year-over-year 4.5% increase. Therefore, home values are still increasing in May despite the coronavirus.  The average days it takes to sell a property (all residential units) has increased to 71 days which indicates homes are selling slower by 9.2%. However, the average days to sell a single family home has slowed down 6% (71 days) compared to the previous month. Condos take 50% longer to sell (60 days) compared to April.. For 2020, the real estate market is still off by -16% in sale volume when comparing 2019 for all residential units. Month-over-month single family homes dropped by 14.9% and condominiums dropped 27.4%.  There are many new listings that show some recovery to the current real estate market. In May there was 61% more new listings than April for a total of 1277. However, wehn comparing year-over-year, new listings are down by 26.4%. Therefore, the real estate market is still in recovery. In conclusion, the real estate market favors those who are selling their home since the supply is still low with a high amount of demand from Buyers. What does this mean? It means homes will get offers much quicker, there is less time to consider a home, and over priced listings still exist. Some homeowners are testing the market to see how much home values can increase. So be sure to evaluate a home before you write an offer! The influx of new listings is great for buyers and balancing the market. We may see more balance now that Nova Scotia has began the reopening of businesses and services. This increases consumer confidence where more people are comfortable to trade in our current real estate market.  This blog has been reposted by www.ListingsHalifax.com
Since the wide spread of Covid-19, we have been waiting to see how the real estate market has been affected. Home values seem stable and increasing while the makret remains to be a Seller's Market due to the effects of Covid-19.  Based on all residential units, the average days to sell a home right now is 66 days when compared to 2019 at 79 days. This decrease places homowners at an advantage over buyers. This means buyers will need to act quicker when new listings hit the MLS. When we combine single family and condominiums, the average sale price has increased since 2019. In today's market, homes sell for an average of $275,780 compared to last year at $263,826. This is a 4.5% increase in home value despite Covid-19. You can see how Covid-19 is affecting your home value using this free evaluation tool here.  The total number of closed sales for all residential units in April compared to 2019 have dropped by 45.6%! In April 2019 there was 1108 sales and in April 2020 the sales have dropped to 603! The coronavirus has decrease the number of buyers and sellers who want to participate in today's market due to job insecurity and health risks. Covid-19 has also affected the amount of new listings which changes the supply of homes in the market. We see a 35.6% decrease year over year for April. But, in April 2019 there was 5.9 months of inventory which is considered a balanced market. This year we see 3.8 months of inventory which is considered a "Sellers Market".  When comparing statistics month over month, it priovides us greater insight on how the market is changing. Typically in the spring, we see higher volumes of new listings. However, this year we have been seeing a huge decrease which supports a Sellers Market. There are 57.7% less single family listings compared to March 2020 and 61% less condo listings.  Months of invenotry has been steady when compared month over month. Single family homes reduced by .1 months of inventory since March. Condominiums, however, have increased by .3 months of inventory.  Reviewing days on market using month over month reveals that single family homes sell faster this year at 67 days which is a 15.2% decrease from last March at 71 days. For Condominiums, days on market has increased from 37 days in March to 50 days in April at a 32.4% increase.
For more information on the real estate market statistics for April 2020, you can download the full report from Nova Scotia Association of REALTORS® here. This blog is reposted from www.halifaxlistings.com  Using the numbers from October, we are experiencing higher inventory which increase the days to sell. But, we see home values are up 1.72% compared to last year because more people are purchasing homes in the luxury markets to take advantage of lower prices and decent mortgage rates.
 Edmonton is continuing to have steady sale values but the amount of people who are still buying have decreased by 13% which can be explained by the change in mortgage rates. Condominiums however, have increased in sale price compared to 2016.
 How are home prices right now? Homes values in Edmonton and surrounding areas have dropped along with sale volumes in August. Typically, July and August are slow since most people go on holidays to enjoy the last of the summer. However, the fall market approaches which is the next busiest time for real estate here in Alberta, Canada,.
 How's the real estate housing market right now? This is the most common question in real estate in Edmonton, Alberta. Right now, the housing market always tends to cool down in July and August since this is the most statistical time for summer vacations. However, the average sold price for all residential homes is almost identical to last year. This is a good sign to show our market could be stabilizing and beginning a recovery into the next year for great improvements.
 How's the Edmonton real estate right now? Is it good to sell or buy?
Edmonton's housing market still remains to be a buyers market which means there is more inventory of homes for sale then those who are buying. However, we're seeing homes selling much faster especially if they are above average condition and price well. We do find some areas are considered a "Sellers Market"This shows very good signs of real estate going into the right direction for recovery but May and June are typically more active then other periods in the year. Its still a good time to buy since there are lower prices compared to the real estate peak in 2014. The good listings sell fast. Foreclosures and homes with basement suites have also picked up a lot of interest in the market. Its a great time to sell your home in high desired areas like St. Albert, Sherwood Park, and neighbourhoods in Edmonton like Twin Brooks, Schonsee, Blue Quil, and others. Get a free estimate on your house value and neighbourhood now by following here.  Edmonton's housing market has experienced an increase of average prices across all real estate categories. However, condos continue to have high competition between Sellers since there is more supply then then demand. Typically, this time of year the market is very active with buyers and those who like to sell. The good stuff sells quickly!
 As of 28 February 2017, Edmonton Alberta has shown great signs of recovery for single family homes but not so much for condominiums and duplex homes. Housing inventory remains to be much higher then the number of home buyers. As a real estate agent with RE/MX River City, I am finding sales are much higher then 2016. I believe we will see an improved market this year for those who are selling.  Here's the Edmonton housing market in December 2016. Single family homes have seen an increase in price but take on a huge dive in sales volume.
Average sale prices for single family homes are up 1.76% compared to November 2015. However, numbers from the REALTORS® Association of Edmonton suggests a decrease in sales volume at 11.41% compared to this time last year. The decrease in jobs, Edmontons economy and the increase of those moving out of province can account for these numbers. Many changes made from the Bank of Canada this year has challenged first time home buyers and homeowners looking to upgrade. |
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