National real estate slump hasn’t hit N.S.

The Nova Scotia real estate market is continuing to outperform those in most other regions in Canada, says the head of the group representing sales agents.

Robert Wambolt, president of Nova Scotia Association of Realtors, said Friday that while national prices have slipped, provincial prices have held steady and new records have been set in Halifax.

Across the province, the average home price in July was $192,160. In Halifax the average was $236,514, and in Cape Breton the average home was valued at $119,143.

The total value of sales processed in July through the Multiple Listing Service, the association’s listing database, was $259.8 million, a decline of five per cent from total sales in July 2007. Based on the number of residential units, sales in July were most active in northern regions of the province, including Cape Breton.

Across the province the number of residential listings in July was up 15 per cent compared with July 2007, mirroring the national trend this month.

"The combination of a larger inventory of homes for sale and fewer home sales means less upward pressure on home prices in many markets," said Mr. Wambolt in a release. "The challenge for many sellers is determining the right price for today’s market conditions."