Nova Scotia Association of REALTORS® reports below average MLS® home sales for September
The number of homes sold through the MLS® System of the Nova Scotia Association of REALTORS® totaled 955 units in September 2024, increasing 9.9% from September 2023.
Home sales were 16.5% below the five-year average and 10% below the 10-year average for the month of September.
On a year-to-date basis, home sales totaled 8,498 units over the first nine months of the year. This was a gain of 5.5% 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 $410,900 in September 2024, increasing by 3.4% compared to September 2023.
The benchmark price for single-family homes was $402,600, a modest gain of 3.2% on a year-over-year basis in September. By comparison, the benchmark price for townhouse/row units was $545,700, up by 7.4% compared to a year earlier, while the benchmark apartment price was $477,200, an increase of 5% from year-ago levels.
The average price of homes sold in September 2024 was $439,406, up by 9.2% from September 2023.
The more comprehensive year-to-date average price was $449,224, an increase of 5.6% from the first nine months of 2023.
The dollar value of all home sales in September 2024 was $419.6 million, advancing 20% from the same month in 2023.
The number of new listings increased by 8.2% from September 2023. There were 1,461 new residential listings in September 2024.
New listings were 2.2% above the five-year average and 0.9% below the 10-year average for the month of September.
Active residential listings numbered 4,523 units on the market at the end of September, a gain of 25.8% from the end of September 2023. Active listings haven’t been this high in the month of September in five years.
Active listings were 22.9% above the five-year average and 27.6% below the 10-year average for the month of September.
Months of inventory numbered 4.7 at the end of September 2024, up from the 4.1 months recorded at the end of September 2023 and below the long-run average of 6.3 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
