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Beechville and Lakeside Resale Market Update

By
Real Estate Agent with RE/MAX nova

The 2008 resale housing market in Beechville and Lakeside was similar to 2007 in numbers, but with an increase in the average sale price. There was very little change in the number of sales with 62 sales in 2008 compared to 61 in 2007. While the average price of a home in 2008 was $228,000 compared to $207,000 in 2007.

Although, there was little change in the overall numbers, there was a change in the types of homes being sold. The biggest changes were seen in semi-detached homes where the number of sales increased 64 per cent with the average price of $209,000 compared to $193,000 in 2007. There were also more homes selling for more money. In 2008, 13 homes sold for more than $250,000 compared to only two in 2007.

With all the media attention focusing on the recession and negative real estate stories, it's easy to see why sellers and even buyers are nervous. Yes, the market has changed. For the last few years we've been in a sellers market and now we're experiencing a more balanced market.

Fortunately, for Halifax, we are not experiencing any major corrections in price and volume as seen in other parts of the country. House prices have not fallen in Halifax-Dartmouth, in fact, while there was a decrease in the number of sales, home prices did increase by 6.6 per cent in  to $229,000 compared to $215,000 in 2007.

For 2009 it is expected that prices will be moderate and will show little growth from last year with Canada Mortgage and Housing Corporation (CMHC) predicting a 0.4 per cent increase for Halifax.

What does this mean to you? For sellers, it's more important to price your house realistically and to be prepared for it to take a little longer to sell than in the past. For buyers, it's a great time to buy. Interest rates are at historic lows, and real estate still remains a sound investment.

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