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Blended Messages About Real Estate In Nova Scotia

Mixed Messages

I just read an article in the Chronicle Herald which said "Clayton Park Real Estate Estate in Nova Scotia goes in opposition to the nationwide development as houses proceed to rise in price and sell sooner than the rest of the country." (The caption beneath the photo) Then in the first few paragraphs of the article I read how homes gross sales are down across the province. Fairly Confusing to say the least. Listed below are the numbers from NSAR (Nova Scotia Association of Realtors) for this January.

Residential gross sales activity recorded via the MLS® System of the Nova Scotia Affiliation of REALTORS® numbered 450 units in January 2017. This was down 3% from the identical month final year. January 2017 gross sales stood in line with the 5 -12 months common for the month.

Total gross sales activity numbered 528 units in January 2017, virtually unchanged (down 0.4% or two sales) from January 2016.

The typical price of properties sold in January 2017 edged down 1.3% from a 12 months earlier to $202,794.

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

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

There were 14.6 months of stock on the end of January, down from 16.6 months at the end of January 2016 and under the long-run average for this time of year. The number of months of stock is the number of months it might take to promote current inventories on the present rate of sales activity.

The total greenback volume of all residential house gross sales was down 2.7% from a yr earlier to $101.3 million.

Nova Scotia Monthly Abstract

January 2017 Residential Sales

Annapolis Valley 50 gross sales 0% change average value $138,388 down -18.2%

Cape Breton 37 sales +23.3% change average worth $121,295 up +7.7%

Halifax-Dartmouth 234 gross sales -7.5% change common price $265,237 up +0.three%

Highland Area 12 gross sales -33.three% change common worth $159,806 up +9.5%

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

South Shore fifty six sales +47.four % change common worth $a hundred and sixty,608 up + 7.1%

Yarmouth 14 gross sales -17.6% change common worth $ninety three,668 down -27.7%

Nova Scotia Total Gross sales 450 -three% change common worth $202,794 down -1.3%

So What do these numbers imply? This shows you the exercise and change from January 2016 to January 2017. Where costs are down and the place they're up. Over all within the province sales and prices are down slightly. The massive change is the reduction in inventory (Number of homes for sale) The housing market like several market is topic to provide and demand. Tight credit has had a really negative impression on Nova Scotia's over all economic system as credit changes have transformed so many potential consumers to renters and single household house development has stalled whereas a number of residential units are booming as rents in some areas have doubled in 5 years. So you can thank your government (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 community and property is exclusive so take all of it with a grain of salt. The great news is stock is shrinking and that's constructive for home sellers (do not start packing it is still hit and miss selling your house).

Spring is right here with Robins and May Flowers so we've made it by way of another Nova Scotian winter. You do need to admire how honest our government is with their policies pretty much shafting first time home consumers by keeping them from owning their very own homes however letting them buy a $50,000 truck with nothing down financed over eight years while kicking the ft out from under the baby boomers who want to down measurement and retire by eliminating many of the home buyers. No age discrimination there!! Oh properly 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 fret! Keep in mind fear is like a rocking chair! It doesn't get you any where!