A Dull Market is a Good Market in Real Estate

Staff ~ The Truro Daily News
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Highs and lows get more attention, but balance is best for the economy

September 16, 2009 - Nova Scotia: The Nova Scotia Association of REALTORS® announced today that the average price for MLS® home sales from June to August was $197,007, up 5.7 per cent over the same three months in 2008.

A total of 3436 homes sold through the MLS® System in Nova Scotia from June to August 2009, only down 3.5 per cent from one year earlier. The dollar value of these home sales totalled $676.9 million during the period, up two per cent year-over-year.

"We are pleased to see the numbers coming close to what they were during this period last year. It's the highs and lows in real estate that seem to get the most attention among media and the public, but it's balance that we as an Association enjoy reporting most," says Linda Smardon, President of the Nova Scotia Association of REALTORS®. "When we achieve balance in the market it means good opportunities for buyers and sellers and ultimately, that's what makes for a healthy market and strong economy."

While Nova Scotia's market is currently still leaning towards a buyer's market, the new residential listings on the MLS® system continue to decline. At 7542 units, they are down 6.9 per cent from June to August 2008.

Average prices from June to August 2009 in regions across the Province:

Region Average Price: June - August 2009 Compared to June - August 2008
Cape Breton $109,783 Down 2.8%
Halifax-Dartmouth $236,507 Up 4.2%
Highland Region $143,998 Up 10.2%
Northern Region $122,430 Up 7.8%
South Shore $159,577 Up 1.6%
Yarmouth $116,627 Down 7%
Annapolis Valley $147,609 Up 4.5%
Provincial $197,007 Up 5.7%

In Halifax-Dartmouth, there were 2072 MLS® home sales from June to August, an increase of 0.8 per cent from the previous year. The total value of sales was $490 million, up five per cent year-over-year.

In the area covered by the Annapolis Valley Real Estate Board, there were 423 MLS® home sales from June to August, a decrease of 3.9 per cent. The total value of these home sales amounted to $62.4 million, a 0.5 per cent increase from the dollar volume of one year earlier.

Organizations: Nova Scotia Association of REALTORS, System in Nova Scotia, Annapolis Valley Real Estate Board

Geographic location: Nova Scotia, Cape Breton, Highland Region Northern Region South Shore Annapolis Valley

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