Nova Scotia real estate activity
Competition heats up slightly in Nova Scotia’s Housing Market
June 11, 2013 – Nova Scotia: Real estate activity in Nova Scotia continues its trend of lower sales than last year, though that gap is getting smaller. The Nova Scotia Association of REALTORS® (NSAR) reports that statistics from their Multiple Listing Service® (MLS®) System show a 16.4 per cent decrease in sales from March to May 2013 as compared to the same period in 2012. The decrease reported last month was almost 23 per cent, and the month prior to that was just over 25 per cent.
“I think everyone has been confident the market would pick up again, and we are seeing that. The main reason for the larger decreases in sales over the past few months is that we are comparing it to the same time last year when we were experiencing very high increases, due to some increased activity surrounding the shipbuilding announcement,” says NSAR President, Gary Mailman. “The market is still stable and healthy, and Nova Scotia offers plenty of homeownership opportunities in all areas at all price ranges.”
Listings have picked up and have seen a 4.3 per cent increase in the last three months as compared to last year. Fewer sales of high end properties have had an impact on the average price, which has decreased by 4.3 per cent and sits at $221,547 provincially.
There appears to be fewer buyers in the market right now, especially in the rural areas. This means even more competition for sellers. “The key to selling in this market is to understand that you are competing with more sellers and you have to either compete on value, or compete on price. For a quicker sale, a house needs to be priced based on the current market and competition, and your REALTOR® knows how to analyze the market to determine the best pricing strategy to meet your goals,” Mailman states. “Pricing your home considerably higher than comparable homes in your neighbourhood can work against you, by helping to sell the other homes instead.”
Residential MLS® sales and listings from March to May across the province:
|
|
SALES |
LISTINGS |
||||
|
Region |
March - May 2012 |
March - May 2013 |
% Change |
March - May 2012 |
March - May 2013 |
% Change |
|
Cape Breton |
126 |
137 |
8.7% |
435 |
428 |
-1.6% |
|
Halifax-Dartmouth |
2,006 |
1,528 |
-23.8% |
3,908 |
4,125 |
5.6% |
|
Highland |
55 |
68 |
23.6% |
294 |
307 |
4.4% |
|
Northern Nova Scotia |
302 |
248 |
-17.9% |
948 |
1013 |
6.9% |
|
South Shore |
209 |
210 |
0.5% |
770 |
815 |
5.8% |
|
Yarmouth |
56 |
51 |
-8.9% |
209 |
207 |
-1.0% |
|
Annapolis Valley |
411 |
404 |
-1.7% |
1,224 |
1,230 |
0.5% |
|
Provincial |
3,165 |
2,646 |
-16.4% |
7,788 |
8,125 |
4.3% |
Average sale prices from March to May across the province:
|
Region |
Average Sale Price March - May 2012 |
Average Sale Price March - May 2013 |
Change |
|
Cape Breton |
$131,441 |
$123,569 |
-6.0% |
|
Halifax-Dartmouth |
$276,211 |
$278,057 |
0.7% |
|
Highland |
$149,626 |
$120,379 |
-19.5% |
|
Northern Nova Scotia |
$134,598 |
$125,654 |
-6.6% |
|
South Shore |
$177,988 |
$156,874 |
-11.9% |
|
Yarmouth |
$107,259 |
$99,805 |
-6.9% |
|
Annapolis Valley |
$170,298 |
$165,921 |
-2.6% |
|
Provincial |
$231,507 |
$221,547 |
-4.3% |
Important information
Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).
Please note that effective June 1, 2009, data for this report is now provided on a three-month basis and includes only single-family residential listings. Effective June 1, 2012, reporting for the South Shore Region and Halifax-Dartmouth Region have been updated to reflect current boundaries for each respective area.
The Nova Scotia Association of REALTORS® represents more than 1,800 brokers, salespeople and affiliate (e.g. solicitors, appraisers, banks) members throughout the province. NSAR serves its members through a wide variety of educational programs, publications and special services. The association, through an agreement with the Nova Scotia Real Estate Commission, provides all real estate licensing courses in the province. REALTOR® is a trademark, which identifies real estate professionals who are members of The Canadian Real Estate Association and, as such, subscribe to a high standard of professional service and a strict code of ethics.
SOURCE:
Nova Scotia Association of REALTORS®