November MLS® home sale totals align with long term averages for the month
The number of homes sold through the MLS® System of the Nova Scotia Association of REALTORS® totaled 892 units in November 2024. This increased by 7.3% from November 2023.
Home sales were 11.9% below the five-year average and 0.6% below the 10-year average for the month of November.
On a year-to-date basis, home sales totaled 10,472 units over the first 11 months of the year, a gain of 7.5% from the same period in 2023.
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 $402,400 in November 2024, a minor increase of 3.3% compared to November 2023.
The benchmark price for single-family homes was $395,000, a small gain of 3.7% on a year-over-year basis in November. By comparison, the benchmark price for townhouse/row units was $536,900, increasing by 4.6% compared to a year earlier, while the benchmark apartment price was $456,500, down only 0.8% from year-ago levels.
The average price of homes sold in November 2024 was $442,077, up by 8.4% from November 2023.
The more comprehensive year-to-date average price was $448,370, an increase of 5.9% from the first 11 months of 2023.
The dollar value of all home sales in November 2024 was $394.3 million, advancing 16.3% from the same month in 2023.
The number of new listings increased by 3.6% from November 2023. There were 1,056 new residential listings in November 2024.
New listings were 0.4% below the five-year average and 2.2% below the 10-year average for the month of November.
Active residential listings numbered 3,769 units on the market at the end of November, up 12.2% from the end of November 2023. Active listings haven't been this high in the month of November in five years.
Active listings were 22.1% above the five-year average and 28.9% below the 10-year average for the month of November.
Months of inventory numbered 4.2 at the end of November 2024, up from the 4 months recorded at the end of November 2023 and below the long-run average of 6.5 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.
BOARD & ASSOCIATION INFORMATION
Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).
NSAR represents more than 1,600 brokers, salespeople and affiliate (e.g. solicitors, appraisers, banks) members throughout the province. The Association serves its members through a wide variety of educational programs, publications and special services with the vision that learning and sharing real estate knowledge will help the profession advance. Through an agreement with the Nova Scotia Real Estate Commission, NSAR provides all real estate licensing courses in the province. REALTOR® is a trademark, which identifies real estate professionals who are members of The Canadian Real Estate Association and, as such, subscribe to a high standard of professional service and a strict Code of Ethics.
For more information,
please contact:
Tanya White
(902) 468-5874 or 1 (800) 344-2001
twhite@nsar.ns.ca
Andrew Gilroy
