With an inventory of twenty eight properties on the market for a million dollars or over, it is good news that five of these are under a sales contract. The first quarter of 2011 has been excellent. Showings on our higher end properties are on the increase as well. Getting activity on our upper-end inventory is a good indication the market in Nova Scotia is on the rebound.
In 2010 we only sold three homes over a million dollars, so this early activity is welcomed. First quarter results also show that we have closed 50% more sales in 2011, than the same period for 2010.
However, even with the sales activity, the effort that is required to put a Buyer and a Seller together is extreme. Negotiations have been protracted and at times heated, as the Buyers are squeezing the Seller for every drop of blood. Having said that, once the deal is signed, everyone is shaking hands and looking forward to the day of closing.
Two of the five sales have been in Chester, one west of Chester near Lunenburg, another one east of Chester and one in St. Margaret’s Bay on Peggy’s Cove Road.
We typically have an inventory of forty or more properties over a million dollars, so the present lower inventory is also a benefit for those still in the market. Others have decided to remain off the market until things pick up. Maybe the time will soon be near for more inventory to hit the market. – Tim Harris, Broker, Tradewinds Realty Nova Scotia.