Sales of MLS® listed homes in Nova Scotia rebound in October
The number of homes sold through the MLS® System of the Nova Scotia Association of REALTORS® totaled 1,098 units in October 2024. This was an increase of 28.6% from October 2023.
Home sales were 1.6% below the five-year average and 7.8% above the 10-year average for the month of October.
On a year-to-date basis, home sales totaled 9,587 units over the first 10 months of the year. This was a moderate gain of 7.6% 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 $411,100 in October 2024, up modestly by 2.3% compared to October 2023.
The benchmark price for single-family homes was $403,300, a minor increase of 2.4% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $542,400, a moderate gain of 5.4% compared to a year earlier, while the benchmark apartment price was $472,100, unchanged from year-ago levels.
The average price of homes sold in October 2024 was $444,067, increasing by 5.7% from October 2023.
The more comprehensive year-to-date average price was $449,889, a gain of 5.9% from the first 10 months of 2023.
The dollar value of all home sales in October 2024 was $487.6 million, up sharply by 35.9% from the same month in 2023. This was also a new record for the month of October.
The number of new listings saw a minor increase of 2.2% from October 2023. There were 1,336 new residential listings in October 2024.
New listings were 1.3% above the five-year average and 0.6% below the 10-year average for the month of October.
Active residential listings numbered 4,166 units on the market at the end of October, a sizable gain of 14.8% from the end of October 2023. Active listings haven’t been this high in the month of October in five years.
Active listings were 20.7% above the five-year average and 28.5% below the 10-year average for the month of October.
Months of inventory numbered 3.8 at the end of October 2024, down from the 4.2 months recorded at the end of October 2023 and below the long-run average of 6.2 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.
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
