A recent release from Nova Scotia Association of Realtors states that the real estate market in our province is still going strong. 2008 was another great year according to Robert Wambolt, President of NSAR. See the below article
Nova Scotia Real Estate posts near-record results in 2008: NSAR
HALIFAX – The Nova Scotia residential MLS re-sale housing market defied national trends in 2008, posting near-record results for the number of units sold and the dollar value of residential transactions. The year also ended with a record residential average MLS price for the province and a record for the number of new listings. By comparison, the national housing market ended 2008 with a slight decline in average price, and with a 17 per cent drop in the dollar volume of residential transactions.
“There is no doubt 2007 was the record-setting year for real estate in Nova Scotia. It may be a while before we surpass those statistics,” says Robert Wambolt, president of the Nova Scotia Association of Realtors. “That said, it’s always a good time to buy in Nova Scotia. As the results of 2008 show, our market fundamentals are solid. Interest rates remain low, and there is still consumer confidence in the housing market in our province.”
2008 Nova Scotia Real Estate Market Snapshot (2008 compared to 2007):
–There were 12,480 properties of all types sold through the MLS system (Down 9.1%);
–The total value of all sales processed was $2.2 billion, the second highest value of record (Down 5.3%);
–There were 10,874 residential properties sold (Down 8.4%);
–The total value of all residential sales $2.1 billion, the second highest value of record (Down 3.8%);
–The MLS average price of a residential property for the year was $189,902, an annual record (Up 5%);
–There were 20,117 new listings processed through the MLS system (Up 6%).
The number of new and active residential MLS listings began to increase in the final quarter of 2008, marking the move to a more balanced market. “The real estate market in Nova Scotia is moving towards a more balanced position for both buyers and sellers, and doing it without the major price and volume declines reported in other parts of Canada,” adds Wambolt.
December 2008: The residential MLS average price in Nova Scotia set both an annual record in 2008 and a monthly record at the end of December. The monthly residential average in December was $181,646, up six per cent from the end of December 2007. This continues the trend through 2008 of monthly increases in average price of six per cent or less. The annual residential average price was $189,902, also a record.
“That’s an important barometer showing we are escaping the major price fluctuations of other markets, and showing continued consumer confidence in our real estate market,” Wambolt says.
The total value of all MLS sales reported in the province in December was $82.8 million, down 16 per cent from the total value of all MLS sales in the same month of the record-setting 2007. There were 504 properties sold through the MLS system in Nova Scotia in December, a decline of 16 per cent from December 2007.
During December, the decline in sales combined with a higher number of active listings continued to push the real estate market in Nova Scotia towards a more balanced position. There were 664 new MLS residential listings added in December, so by the end of the month there were 6,292 active residential listings, a 23 per cent increase in the number of active listings compared to December 2007.
“As sales activity continues to slow from its record-setting pace in 2007, listings are staying on the market longer,” Wambolt adds. “That emphasizes how important it is for sellers to work with a realtor to price their homes realistically and benefit from their marketing expertise.”
Based on the number of residential units, sales in December were most active in Cape Breton and the north shore. In the Halifax-Dartmouth region the value of MLS residential sales in December was $54.5 million, a decrease of 12 per cent compared to the same month a year ago. A total of 233 residential properties were sold in Halifax-Dartmouth through the Association’s MLS system, a 22 per cent decline in units sold compared to December 2007. The average residential price in the Halifax region in December was $234,063, up 12 per cent compared to the average price in December 2007.
In the area served by the Annapolis Valley Real Estate Board, all MLS sales in December totaled $5.5 million, a 32 per cent decrease from December a year ago. There were 34 residential properties sold through the board’s MLS system in December, down 32 per cent compared to the number of units sold in December last year.
The average residential MLS price in the Annapolis Valley in December was $125,849, a five per cent decline from the average price in December of last year. – Staff
This is a very positive report for the Nova Scotia Real Estate market. With all the news of how bad the economy is, it is good to see that the market is remaining strong.
I am in the process of making major changes to my website and my blog site. I am hoping to have things clued up in a couple of weeks. I am very excited for these changes so stay tuned.
If you are looking to buy or sell Real Estate in Halifax, Dartmouth and surrounding areas give me a call 902-488-0012, I would be more than happy to assist you.
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Andrew Perkins
Your Halifax Real Estate Expert
{ 1 comment… read it below or add one }
I’m pretty optimistic about this year too, the interest rates are too low for buyers to pass on. When you can get into a mortgage at 4.5%, you better take that opportunity.
Robert Eskiw – Edmonton Homes