Nova Scotia Association of REALTORS®
The number of homes sold through the MLS® System of the Nova Scotia Association of REALTORS® totaled 972 units in September 2022, decreasing 27.9% from September 2021.
Home sales were 19.7% below the five-year average and 6.7% below the 10-year average for the month of September.
On a year-to-date basis, home sales totaled 10,219 units over the first nine months of the year. This was down by 19.3% 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 $385,700 in September 2022, up 14.4% compared to September 2021.
The benchmark price for single-family homes was $379,300, advancing 14.4% on a year-over-year basis in September. By comparison, the benchmark price for townhouse/row units was $471,400, increasing by 15.8% from year-ago levels, while the benchmark apartment price rose 17.3% to $444,400, compared to a year earlier.
The average price of homes sold in September 2022 was $379,029, an increase of 7.3% from September 2021.
The more comprehensive year-to-date average price was $420,057, gaining 18.1% from the first nine months of 2021.
The dollar value of all home sales in September 2022 was $368.4 million, a notable decline of 22.7% from the same month in 2021.
The number of new listings fell by 13.2% from September 2021. There were 1,216 new residential listings in September 2022. This was the lowest number of new listings added in the month of September in more than 15 years.
New listings were 14.2% below the five-year average and 21.7% below the 10-year average for the month of September.
Active residential listings numbered 3,318 units on the market at the end of September, up by 13.8% from the end of September 2021.
Active listings were 31.5% below the five-year average and 56.8% below the 10-year average for the month of September.
Months of inventory numbered 3.4 at the end of September 2022, up from the 2.2 months recorded at the end of September 2021 and below the long-run average of 8.2 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.