Nova Scotia Association of REALTORS®
Nova Scotia Association of REALTORS® MLS® home sales in Nova Scotia return to pre-pandemic levels during the month of December
Homes Sold
The number of homes sold through the MLS® System of the Nova Scotia Association of REALTORS® totaled 592 units in December 2022. This was a substantial decrease of 29.5% from December 2021.
Home sales were 17.7% below the five-year average but only 3.1% below the 10-year average for the month of December.
On an annual basis, home sales totaled 12,491 units over the course of 2022. This was a large decline of 21.6% from 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 $369,000 in December 2022, a gain of 6% compared to December 2021.
The benchmark price for single-family homes was $362,100, up by 5.7% on a year-over-year basis in December. By comparison, the benchmark price for townhouse/row units was $478,400, an increase of 19% compared to a year earlier, while the benchmark apartment price was $423,800, a modest gain of 6.4% from year-ago levels.
The average price of homes sold in December 2022 was $362,966, decreasing by 1.5% from December 2021.
The more comprehensive annual average price was $411,726, advancing 14.8% from all of 2021.
The dollar value of all home sales in December 2022 was $214.9 million, retreating 30.6% from the same month in 2021.
New Listings
The number of new listings fell 13.2% from December 2021. There were 505 new residential listings in December 2022. This was the lowest number of new listings added in the month of December in more than 15 years.
New listings were 15.5% below the five-year average and 22% below the 10-year average for the month of December.
Active Listings
Active residential listings numbered 2,200 units on the market at the end of December, a notable gain of 27.8% from the end of December 2021.
Active listings were 34.5% below the five-year average and 60.8% below the 10-year average for the month of December.
Months of inventory numbered 3.7 at the end of December 2022, up from the 2 months recorded at the end of December 2021 and below the long-run average of 10.5 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.
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