A few weeks ago, I drew some conclusions regarding the state of the Annapolis Valley Real Estate market in 2012 over 2011. Unfortunately, these stats included data for all properties, across all counties as opposed to just pre-existing homes (in other words, we are removing new home construction from the equation). It left a lot to the imagination. That said, I am pleased to present a more in-depth analysis of the pre-existing homes market, analysed by County. This information will be most useful for current home owners looking to sell, or anyone looking to buy an existing home here in one of the Annapolis Valley’s four counties.
This analysis is based on a report recently released by the The Canadian Mortgage and Housing Corporation (CMHC). It is provided here for your interpretation & use.
Valley-wide, average sale price increased 3.5% to $161,915 and unit sales increased 6.4% to 1300 units. Over half of these sales were reported in Kings County alone. Kings county was a major contributing factor to this year’s increase.
Anyone living in Annapolis County may initially be concerned to see that our numbers were off slightly this year. Unit sales were down 8 units (281 vs 273), and the average sale price declined 3.3% to $133,584. However, I feel that this is merely a correction from a large spike we saw in 2011: average sale price was up a whopping 12.8%, where every other county saw a decline. This was an anomaly and it’s difficult to offer a simple explanation for why this may have happened. Averaging the yearly increases/decreases reveals that Annapolis County is still on par with longer trends and is still enjoying steady, predictable growth:
|Annapolis County 5-year trend (2008-2012)|
|MLS® Average Unit Sales||286|
|MLS® Average Sale Price increase||3.08%|
Kings County‘s numbers are an encouraging sign of things to come for the Valley as a whole. The county is leading our region’s growth both in terms of units sold and average sale price increases:
|Kings County 5-year trend (2008-2012)|
|MLS® Average Unit Sales||660|
|MLS® Average Sale Price increase||4.85%|
Digby County has experienced impressive growth in terms of unit sales: in 2008 total units sold was 95, jumping to 146 units only 5 years later. This is an increase of over 53%. However, average sale prices have not improved, hovering around the $100,000 mark.
|Digby County 5-year trend (2008-2012)|
|MLS® Average Unit Sales||118|
|MLS® Average Sale Price increase||-0.5%|
Finally, looking again at the 5-year trend, Hants County appears to be the least stable market and shows significant fluctuation year over year. One may speculate that this is due to its proximity to Halifax county, where housing prices and market activity are more heavily influenced by socio-economic factors. Nonetheless, the county has still enjoyed respectable growth and 2012 units sold were up significantly (219 over 192 units in 2011).
|Hants County 5-year trend (2008-2012)|
|MLS® Average Unit Sales||200|
|MLS® Average Sale Price increase||1.23%|
I could go on and on. Ultimately what’s important to you, the consumer, depends largely on your individual circumstance. That said, I’m always happy to discuss the market, and how it may apply to your unique buying or selling demands!