TRURO – Local real estate sales are holding their own despite doom and gloom scenarios elsewhere in the country, industry proponents say.

“The local market here is relatively stable,” said Todlynn MacPherson, an associate broker with Royal LePage in Truro. “The general sentiment is that it is definitely picking up, just in the last week. That’s good news.”

Coming off back-to-back record sales years in 2007 and 2008, realtors may not expect to do quite as well this year, given the overall downturn in the economy. But MacPherson said just because media reports in such areas as Ontario, Vancouver or in the United States are spelling doom and gloom in their markets, that same message does not necessarily hold true for here.

“People are forgetting that real estate is really a local market. Truro’s market has been very stable.”

Figures obtained from the Nova Scotia Association of Realtors (NSAR) show that of the 196 active listings in the greater Truro/Bible Hill area in January 2008, 30 residential properties were sold. That compares to 11 properties sold last month out of 239 active listings. But MacPherson said she attributed much of January’s lack of activity more on weather than economy and that overall, real estate is showing signs of balancing itself out. “It’s a balanced market now,” she said. “It’s fair for both buyers and sellers.”

While sellers have had the upper hand for the past couple of years, that market began to balance out about mid-2008. Although prices have changed very little recently, prospective buyers are not facing as much of a competitive situation where multiple offers are being made on the same property. That gives them more time to assess the properties they are looking at, make a more relaxed decision and enjoy record-low interests rates that are averaging below five per cent.

“Basically, the sentiment is that it’s still going to be a good year in the Truro market,” she said. “There’s good selection, lots of time to make a proper decision and interest rates make it more affordable than they were even a year or two ago.”

NSAR president Robert Wambolt agrees. “All markets are not down,” he said, adding that the balancing trend described by MacPherson seems to be playing out right across Nova Scotia. “You are going to see a more balanced market. People here are not forced to sell (as they are in parts of central or western Canada).”

And like MacPherson, Wambolt blames the stormy and harsh winter weather of late as having much to do with any sagging numbers in the local real estate market for the first part of this year. When the sun returns, he said, so will the house seekers.

“There is still people buying,” he said. “That’s very definite.” – Truro Daily News