Robert Doucette

The Nova Scotia Association of Realtors (NSAR) reports that real estate sales appear to be slowing year-over-year as summer advances in Nova Scotia. Residential listings sold through the Multiple Listing Service® (MLS®) System from April to June 2010 are up 3.2 per cent when compared to the same three months in 2009. NSAR also reports a 0.8 per cent decrease in listings.

“The Canadian Real Estate Association reported that 70 per cent of Canadian markets saw a decrease in sales in June,” says Karen Edwards, President of the Nova Scotia Association of REALTORS®. “While the winter and spring were fairly busy with activity in Nova Scotia, the summer season is expected to cool sales.” Areas that saw the highest increase in sales were the South Shore and Yarmouth. Larger increases in sales and listings in Yarmouth could be due to more REALTORS® using NSAR’s MLS® System than in 2009 and not truly reflective of the current situation.

“Yarmouth will be an important market to watch over time,” comments Edwards. “If listings continue to increase, pricing will most certainly be affected.” REALTORS® in Yarmouth indicate that the cancellation of the CAT Ferry appears to have affected high end waterfront sales and tourism negatively this season.

The provincial average price in Nova Scotia continues its trend of small increases. It is up 3.4 per cent to $211,039. For additional information go to: www.nsar-mls.ca and click Media link.