New Construction Market Analysis - Sept
September New Construction Market Analysis
Executive Summary
The Nova Scotia new construction market recorded 40 transactions in September, with a median selling price of $699,450 and an average of $697,853. Market velocity remains mixed, with properties averaging 107 days on market. The median price per square foot stands at $340.50, indicating stable valuations across the province. Middle Sackville and Beaver Bank emerged as the most active communities, while Rooflight Construction Limited led builder activity with four completed transactions.
Market Velocity Analysis
Sales Timeline Distribution
The market demonstrates a bifurcated sales pattern. Quick-turn properties (seven days or less) represented 17.5% of transactions, indicating strong demand for well-positioned inventory. However, 37.5% of sales required more than 90 days to close, suggesting price sensitivity and buyer selectivity in certain segments.
The median days to sell of 78 days indicates that properly priced new construction typically secures buyers within the quarter, though the 107-day average reflects extended marketing periods for premium or specialty properties.
Quick Sales
17.5% of properties sold within 7 days, demonstrating immediate market acceptance for competitively positioned inventory.
Extended Marketing
37.5% required more than 90 days, reflecting the importance of strategic pricing and market positioning.
Price Range
Transaction values ranged from $145,000 to $1,619,800, representing diverse market segments from entry-level to luxury.
Pricing Analysis
Valuation Metrics
The average price per square foot of $332.71 reflects consistent construction quality and land values across the province. The median of $340.50 per square foot suggests that the majority of transactions cluster near this valuation benchmark, with outliers on both ends representing value-oriented products and premium finishes.
The tight alignment between average and median selling prices ($697,853 versus $699,450) indicates a balanced market without significant distortions from ultra-luxury or distressed sales.
Geographic Performance
| Rank | Community | Transaction Volume |
|---|---|---|
| 1 | Middle Sackville | 4 sales |
| 2 | Beaver Bank | 4 sales |
| 3 | Hammonds Plains | 2 sales |
| 4 | Bedford | 2 sales |
| 5 | Fall River | 2 sales |
Market Concentration
Middle Sackville and Beaver Bank emerged as co-leaders with four transactions each, representing established suburban markets with strong buyer interest. These communities benefit from proximity to Halifax while offering more accessible price points.
Hammonds Plains, Bedford, and Fall River each recorded two transactions, demonstrating sustained activity in these premium suburban corridors. The geographic distribution indicates healthy demand across multiple price segments and lifestyle preferences.
Builder Activity
| Rank | Builder | Completed Sales |
|---|---|---|
| 1 | Rooflight Construction Limited | 4 sales |
| 2 | Amara Developments Inc. | 2 sales |
| 3 | Gerald Mitchell Contracting Ltd | 2 sales |
| 4 | Marchand Homes | 2 sales |
| 5 | Provident Holdings Ltd. | 2 sales |
Builder Market Share
Developer Landscape
Rooflight Construction Limited led builder activity with four completed transactions, demonstrating consistent project delivery and market execution. The remaining top builders each completed two sales, indicating a competitive landscape with no single dominant player.
The fragmented builder distribution (30 different builders across 40 transactions) suggests a healthy market with diverse product offerings and competitive pressure on quality and value. This diversity provides buyers with substantial choice across price points and design preferences.
Market Outlook
Strategic Implications
The September data reveals a market in equilibrium, with balanced supply and demand dynamics. The 78-day median absorption rate suggests adequate but not excessive inventory, while the 17.5% quick-sale rate indicates sustained buyer interest for well-positioned properties.
The stable price per square foot metrics across diverse communities reflect consistent construction costs and land values, providing predictability for both buyers and developers. The geographic diversity of activity—spanning from Bedford to Beaver Bank to Middle Sackville—demonstrates robust demand across the Halifax Regional Municipality's suburban corridor.
For high net worth clients, the market presents opportunities in both established communities with proven appreciation trajectories and emerging areas offering value positioning. The presence of quality builders with demonstrated delivery capabilities reduces execution risk for new construction purchases.
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