An article that was in the Halifax Herald this morning stated that existing home sales in Nova Scotia were up by 13% in February as compared to January. This is according to the Multiple Listing Service numbers that were just released by our association(The Nova Scotia Association of REALTORS®. As stated in Dave’s post yesterday we have not seen the dramatic decrease in sales and home prices that they have seen in other parts of the country.
These stats are seasonally adjusted that take into account the number of days in a month and also slow winter sales. Without these adjustments the increase in MLS sales would have been a whopping 48% month over month(January was pretty slow this year compared to other years)! NSAR said that would have been the largest jump for that period in a decade.
So it seems that buyers are coming out of the woodwork to buy. Whether it is due to incentives such as the new home owner tax credit or the low interest rates(see Daryl Woodill’s Updated interest rates chart) that are the driving factors. One thing is for sure. Our brokerage is getting busier and busier every day. The phone is ringing, people are starting to want to look at homes and more offers are being made.
Some other stats in the article were that year over year sales in February were down by 23%. That is less than the year over year for January which was negative 32%. Nationally home sales were down by 31% in February.
The biggest difference between Nova Scotia and the rest of Canada was the change in the average sale price. The average MLS sale price in Nova Scotia in February was pretty much the same as it was last year. That’s not so with the rest of the country…..Nationally the average sale price declined by 9%! The Halifax Real Estate market had the biggest positive change in Nova Scotia with the average sale price increasing by 2.7% year over year.
To sum up this post, sales have slowed down this year as compared to last year but on the national stage we are fairing very well. Real Estate in the Halifax area is still one of the best investments you can make and will continue to be in the future.