Nova Scotia Association of REALTORS®
Nova Scotia Association of REALTORS® MLS® home sales in Nova Scotia continue at a steady pace in May
The number of homes sold through the MLS® System of the Nova Scotia Association of REALTORS® totaled 1,476 units in May 2022. Although down 7.3% from the same month last year, sales still managed to post the second highest total for any May on record.
Home sales were 11.3% above the five-year average and 22.1% above the 10-year average for the month of May.
On a year-to-date basis, home sales totaled 5,526 units over the first five months of the year. This was a significant decrease of 20.9% 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 $417,500 in May 2022, a significant increase of 31.7% compared to May 2021.
The benchmark price for single-family homes was $410,300, a jump of 31.3% on a year-over-year basis in May. By comparison, the benchmark price for townhouse/row units was $506,000, rising 33.1% compared to a year earlier, while the benchmark apartment price was $482,500, an advance of 36.9% from year-ago levels.
The average price of homes sold in May 2022 was $452,748, up by 25.7% from May 2021.
The more comprehensive year-to-date average price was $442,378, an increase of 24.1% from the first five months of 2021.
The dollar value of all home sales in May 2022 was $668.3 million, a notable gain of 16.5% from the same month in 2021. This was also a new record for the month of May.
The number of new listings advanced by 30.6% from May 2021. There were 2,238 new residential listings in May 2022.
New listings were 12.1% above the five-year average and 2.3% below the 10-year average for the month of May.
Active residential listings numbered 2,747 units on the market at the end of May, a modest gain of 2.3% from the end of May 2021.
Active listings were 44.2% below the five-year average and 64.2% below the 10-year average for the month of May.
Months of inventory numbered 1.9 at the end of May 2022, up from the 1.7 months recorded at the end of May 2021 and below the long-run average of 6.8 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.