Nova Scotia MLS® home sales and new listings cool slightly in June
The number of homes sold through the MLS® System of the Nova Scotia Association of REALTORS® totaled 1,150 units in June 2024. This was down by 6.4% from June 2023.
Home sales were 14.7% below the five-year average and 10.3% below the 10-year average for the month of June.
On a year-to-date basis, home sales totaled 5,318 units over the first six months of the year. This was a minor increase of 3.7% 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 $420,100 in June 2024, up by 5.2% compared to June 2023.
The benchmark price for single-family homes was $413,900, an increase of 5.3% on a year-over-year basis in June. By comparison, the benchmark price for townhouse/row units was $523,000, a moderate gain of 6% compared to a year earlier, while the benchmark apartment price was $466,800, increasing by 3.7% from year-ago levels.
The average price of homes sold in June 2024 was $460,753, a small gain of 3.8% from June 2023.
The more comprehensive year-to-date average price was $452,637, increasing by 5.5% from the first six months of 2023.
The dollar value of all home sales in June 2024 was $529.9 million, was a modest decline of 2.9% from the same month in 2023.
The number of new listings rose 7.6% from June 2023. There were 1,751 new residential listings in June 2024.
New listings were 8.3% below the five-year average and 15.2% below the 10-year average for the month of June.
Active residential listings numbered 4,335 units on the market at the end of June, a substantial increase of 33.9% from the end of June 2023.
Active listings were 18.2% above the five-year average and 33.3% below the 10-year average for the month of June.
Months of inventory numbered 3.8 at the end of June 2024, up from the 2.6 months recorded at the end of June 2023 and below the long-run average of 5.3 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.
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
