But Highlands sees healthy increase in the average sale price
The average sale price has made little movement in Nova Scotia according to the most recent data on the Nova Scotia Association of REALTORS®’ Multiple Listing Service (MLS®) System. Comparing the months of June, July and August in 2013 to the same three-month period in 2012 shows an increase in the average sale price of less than one per cent.
“Over the summer months last year, the average sale price was just under $216,000 provincially, while this summer the average sale price has held steady at just over $216,000,” says Gary Mailman, president of NSAR. “This means single-family residential listings are maintaining overall value here in Nova Scotia.”
There are, of course, some exceptions to provincial average changes. The Highland Region, for example, has seen a healthy increase in the average sale price, but no change in the amount of sales activity. Listings have also scaled back from last year’s levels as in other regions. So, why has the Highland’s average sale price performed differently?
“Every region is impacted by different economic factors and the impacts are ever more evident in smaller markets,” Mailman says. “This really is an example of each market being local and the reason why working with a real estate professional who specializes in your market is so important. An agent in your preferred location has the knowledge of what housing options are available, what types of housing are most in demand and what prices that market will tolerate.”
The Highland Region has enjoyed new growth thanks to job opportunities in Inverness and Port Hawkesbury. Employment is always a key factor in enabling people’s buying power and anyone looking to be active in the real estate market will be impacted by the results of the upcoming provincial election.
“The housing market in Nova Scotia has lots to offer right now,” Mailman says. “We have affordable housing, the continuation of low-lending rates and a high quality of life, yet we’ve seen less activity in 2013 compared to last year. One thing that can positively impact the market right now are economic opportunities and job creation, and that’s why the 1,800 real estate professionals here will be closely watching the election to see what positive movement may follow.”
Staff @ The Burnside News
Published on September 18, 2013