Nova Scotia Association of REALTORS®
Nova Scotia Association of REALTORS® MLS® home sales post second highest April as prices continue to rise
The number of homes sold through the MLS® System of the Nova Scotia Association of REALTORS® totaled 1,350 units in April 2022. This was a sharp decrease of 25.5% from the record set in April 2021 but was still the second highest level for the month in history.
Home sales were 12.1% above the five-year average and 31.4% above the 10-year average for the month of April.
On a year-to-date basis, home sales totaled 4,065 units over the first four months of the year. This was down by 24.6% from the same period in 2021.
Average Homes Price
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 $414,100 in April 2022, an advance of 37% compared to April 2021.
The benchmark price for single-family homes was $408,500, up sharply by 37.2% on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $505,400, a significant increase of 40.9% compared to a year earlier, while the benchmark apartment price was $442,600, a jump of 31.9% from year-ago levels.
The average price of homes sold in April 2022 was a record $462,187, an increase of 24.5% from April 2021.
The more comprehensive year-to-date average price was $439,058, a sizable gain of 23.6% from the first four months of 2021.
The dollar value of all home sales in April 2022 was $624 million, falling by 7.3% from the same month in 2021.
The number of new listings saw a sharp decrease of 17.9% from April 2021. There were 1,877 new residential listings in April 2022.
New listings were 4% above the five-year average and 9% below the 10-year average for the month of April.
Active residential listings numbered 2,205 units on the market at the end of April, down by 21.1% from the end of April 2021. Active listings haven’t been this low in the month of April in more than three decades.
Active listings were 52.1% below the five-year average and 69% below the 10-year average for the month of April.
Months of inventory numbered 1.6 at the end of April 2022, up from the 1.5 months recorded at the end of April 2021 and below the long-run average of 7.9 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.