Combined Messages About Real Estate In Nova Scotia

Combined Messages About Real Estate In Nova Scotia

Mixed Messages

I just read an article in the Chronicle Herald which said "Timberlea Real Estate Estate in Nova Scotia is going in opposition to the national pattern as houses continue to rise in price and sell faster than the rest of the country." (The caption below the picture) Then in the first few paragraphs of the article I read how homes gross sales are down throughout the province. Pretty Complicated to say the least. Listed below are the numbers from NSAR (Nova Scotia Association of Realtors) for this January.

Residential sales activity recorded by means of the MLS® System of the Nova Scotia Affiliation of REALTORS® numbered 450 models in January 2017. This was down three% from the same month final year. January 2017 gross sales stood according to the five -12 months average for the month.

Total gross sales activity numbered 528 items in January 2017, virtually unchanged (down 0.four% or two gross sales) from January 2016.

The average price of properties sold in January 2017 edged down 1.three% from a 12 months earlier to $202,794.

New listings on the Affiliation's MLS® System numbered 1,215 models in January 2017, falling 10.9% from January ranges recorded in 2016. This was the lowest January level in over a decade.

There have been 6,550 lively residential listings on the Affiliation's MLS® System at the finish of January 2017, down 14.9% from the same time in 2016.

There have been 14.6 months of stock at the finish of January, down from 16.6 months at the end of January 2016 and under the lengthy-run common for this time of year. The number of months of stock is the number of months it will take to sell present inventories on the current rate of sales activity.

The total dollar quantity of all residential residence sales was down 2.7% from a 12 months earlier to $101.3 million.

Nova Scotia Month-to-month Abstract

January 2017 Residential Sales

Annapolis Valley 50 gross sales zero% change average value $138,388 down -18.2%

Cape Breton 37 gross sales +23.three% change average value $121,295 up +7.7%

Halifax-Dartmouth 234 gross sales -7.5% change average value $265,237 up +0.3%

Highland Region 12 gross sales -33.3% change average worth $159,806 up +9.5%

Northern Nova Scotia forty seven sales -19% change common worth $118,325 up +12.5%

South Shore 56 gross sales +47.4 % change common price $a hundred and sixty,608 up + 7.1%

Yarmouth 14 gross sales -17.6% change average value $ninety three,668 down -27.7%

Nova Scotia Total Gross sales 450 -3% change average value $202,794 down -1.three%

So What do these numbers mean? This shows you the exercise and alter from January 2016 to January 2017. The place prices are down and where they are up. Over all within the province gross sales and costs are down slightly. The big change is the reduction in stock (Number of properties on the market) The housing market like any market is subject to produce and demand. Tight credit has had a really negative influence on Nova Scotia's over all economic system as credit adjustments have transformed so many potential buyers to renters and single household residence building has stalled while multiple residential units are booming as rents in some areas have doubled in 5 years. So you may thank your authorities (Both Conservative and Liberal) for being trapped as a renter or blessed as a landlord. What's that saying the rich get richer and the poor get poorer? These stats are just a sign of the market and each neighborhood and property is exclusive so take it all with a grain of salt. The good news is stock is shrinking and that's constructive for residence sellers (don't start packing it's nonetheless hit or miss selling your house).

Spring is here with Robins and Could Flowers so we have made it by another Nova Scotian winter. You do must admire how fair our authorities is with their insurance policies pretty much shafting first time home buyers by keeping them from owning their own houses however letting them purchase a $50,000 truck with nothing down financed over 8 years while kicking the feet out from under the baby boomers who want to down dimension and retire by eliminating a lot of the home buyers. No age discrimination there!! Oh nicely Kevin (Trump) O'Leary will get us back on track! Is the world going loopy or am I just getting old and senile?

Have a fantastic spring and don't be concerned! Remember fear is like a rocking chair! It doesn't get you any where!