(Contributed Photo)
It’s no secret, the real estate market is booming in Nova Scotia.
According to stats from the Nova Scotia Association of Realtors, property prices were up 79 percent in the Yarmouth area last month, compared to April, 2020, the biggest increase province-wide.
Johnny Armstrong, who is a local realtor and regional representative for the NSAR says those numbers may be a bit skewed.
“Because last April, the market slowed down because of COVID-19. Comparing last month to that time period might skew the numbers a little bit.”
He says by the same token, the market is hot, and there’s a shortage of properties for sale.
Armstrong says in his 14 years as a realtor, he’s never seen prices this high.
The NSAR says the average price of a home sold in Nova Scotia last month was just over $372,000, up almost 40 percent from April, 2020.
Armstrong says when a property comes up, it goes very quickly.
“Historically in the Yarmouth area, we’d have six to eight months, maybe even a year worth of supply on the market. Right now we’re down to maybe two or three months of supply.”
Armstrong says because of the pandemic, many from out of region have moved here, sold their properties for double or triple the price, and banked the rest.
