Nova Scotia home sales set set new October record as listings continue to trend lower
Residential sales activity recorded through the MLS® System of the Nova Scotia Association of REALTORS® numbered 1,044 units in October 2019. This was an increase of 14.1% from October 2018 and marked a new sales record for the month of October.
On a year-to-date basis, home sales totalled a record 10,732 units over the first 10 months of the year. This was up 8.9%from the same period in 2018 and stood above all other years on record.
The average price of homes sold in October 2019 was $248,059, up 8.6% from October 2018.
The more comprehensive year-to-date average price was $254,054, rising 6.9% from the first 10 months of 2018.
There were 1,295 new residential listings in October 2019. This edged up 1.3% on a year-over-year basis but stood below every other October going back 15 years.
Overall supply has steadily trended lower over the past four years and is running at the lowest level for the month in more than 15 years. Active residential listings numbered 5,680 units at the end of October, a decrease of 16.9% from the end of October 2018.
There were 5.4 months of inventory at the end of October 2019, down from the 7.5 months recorded at the end of October 2018 and just half the 10-year average of 10.3 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.
The total dollar value of all residential home sales in October 2019 was $259 million, rising 23.9% from the same month in 2018. This was a new record for the month of October.
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