Nova Scotia Association of REALTORS®
Nova Scotia MLS® home sales post second highest February total on record; MLS® benchmark price continues to climb
The number of homes sold through the MLS® System of the Nova Scotia Association of REALTORS® totaled 826 units in February 2022. This was a substantial decline of 25.5% from February 2021.
Home sales were 3.6% above the five-year average and 21.9% above the 10-year average for the month of February.
On a year-to-date basis, home sales totaled 1,528 units over the first two months of the year. This was a significant decrease of 21.6% from the same period in 2021.
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $367,200 in February 2022, a significant gain of 35.1% compared to February 2021.
The benchmark price for single-family homes was $361,200, an advance of 35.1% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $466,000, up sharply by 41.4% compared to a year earlier, while the benchmark apartment price rose 30.9% to $404,300.
The average price of homes sold in February 2022 was a record $422,100, up by 23.6% from February 2021.
The more comprehensive year-to-date average price was $408,988, a notable increase of 23.3% from the first two months of 2021.
The dollar value of all home sales in February 2022 was $348.7 million, a moderate decrease of 7.9% from the same month in 2021.
The number of new listings declined by 10.6% from February 2021. There were 1,005 new residential listings in February 2022. This was the lowest number of new listings added in the month of February in more than 15 years.
New listings were 10.3% below the five-year average and 17.3% below the 10-year average for the month of February.
Active residential listings numbered 1,594 units on the market at the end of February, a sharp decrease of 32.3% from the end of February 2021. Active listings haven’t been this low in the month of February in more than three decades.
Active listings were 60.9% below the five-year average and 74.3% below the 10-year average for the month of February.
Months of inventory numbered 1.9 at the end of February 2022, down from the 2.1 months recorded at the end of February 2021 and below the long-run average of 10.3 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
Thanks to www.crea.ca/
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