Nova Scotia Association of REALTORS®
Nova Scotia MLS® home sales post second highest March 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 1,203 units in March 2022. Although a large decline of 26.4% from March 2021, sales totals were still well above the historical norm is for this time of year.
Home sales were 9.8% above the five-year average and 34.5% above the 10-year average for the month of March.
On a year-to-date basis, home sales totaled 2,727 units over the first three months of the year. This was a substantial decline of 23.9% 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 $390,200 in March 2022, a significant increase of 37.4% compared to March 2021.
The benchmark price for single-family homes was $384,500, advancing 37.4% on a year-over-year basis in March. By comparison, the benchmark price for townhouse/row units was $491,600, a substantial gain of 45.7% compared to a year earlier, while the benchmark apartment price rose to $421,200, increasing 33.6% from year-ago levels.
The average price of homes sold in March 2022 was a record $450,581, up 23.3% from March 2021.
The more comprehensive year-to-date average price was $427,005, increased 23% from the first three months of 2021.
The dollar value of all home sales in March 2022 was $542 million, declining 9.2% from the same month in 2021.
The number of new listings fell by 21.1% from March 2021. There were 1,622 new residential listings in March 2022.
New listings were 2% below the five-year average and 7.5% below the 10-year average for the month of March.
Active residential listings numbered 1,857 units on the market at the end of March, a large decline of 27.8% from the end of March 2021. Active listings haven’t been this low in the month of March in more than three decades.
Active listings were 57% below the five-year average and 71.7% below the 10-year average for the month of March.
Months of inventory numbered 1.5 at the end of March 2022, down from the 1.6 months recorded at the end of March 2021 and below the long-run average of 8.8 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.