Nova Scotia Association of REALTORS®
Nova Scotia Association of REALTORS® MLS® home sales continue at below average pace
The number of homes sold through the MLS® System of the Nova Scotia Association of REALTORS® totaled 875 units in October 2022. This was a large decrease of 31% from October 2021.
Home sales were 23.6% below the five-year average and 10.8% below the 10-year average for the month of October.
On a year-to-date basis, home sales totaled 11,082 units over the first 10 months of the year. This was a notable decline of 20.5% 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 $374,900 in October 2022, up by 9.9% compared to October 2021.
The benchmark price for single-family homes was $368,900, an increase of 9.6% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $453,800, a gain of 13.1% from year-ago levels, while the benchmark apartment price also rose by 13.1% to $430,900, when compared to a year earlier.
The average price of homes sold in October 2022 was $385,756, increasing by 5.7% from October 2021.
The more comprehensive year-to-date average price was $417,454, advancing 17.1% from the first 10 months of 2021.
The dollar value of all home sales in October 2022 was $337.5 million, down sharply by 27.1% from the same month in 2021.
The number of new listings saw a decrease of 9.6% from October 2021. There were 1,125 new residential listings in October 2022. This was the lowest number of new listings added in the month of October in more than 15 years.
New listings were 15.2% below the five-year average and 18.3% below the 10-year average for the month of October.
Active residential listings numbered 3,121 units on the market at the end of October, a gain of 20.6% from the end of October 2021.
Active listings were 30.2% below the five-year average and 56.3% below the 10-year average for the month of October.
Months of inventory numbered 3.6 at the end of October 2022, up from the 2 months recorded at the end of October 2021 and below the long-run average of 8.1 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.