Nova Scotia MLS® home sales remain stable in August
The number of homes sold through the MLS® System of the Nova Scotia Association of REALTORS® totaled 1,052 units in August 2023, declining by 10.4% from August 2022.
Home sales were 18% below the five-year average and 8.1% below the 10-year average for the month of August.
On a year-to-date basis, home sales totaled 7,235 units over the first eight months of the year. This was a notable decrease of 21.7% from the same period in 2022.
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 $401,700 in August 2023, an increase of 6.9% compared to August 2022.
The benchmark price for single-family homes was $395,500, a moderate gain of 6.5% on a year-over-year basis in August. By comparison, the benchmark price for townhouse/row units was $500,500, increasing by 6.3% compared to a year earlier, while the benchmark apartment price was $446,100, a gain of 13.5% from year-ago levels.
The average price of homes sold in August 2023 was $418,032, up by 8.1% from August 2022.
The more comprehensive year-to-date average price was $429,463, a minor increase of 1.2% from the first eight months of 2022.
The dollar value of all home sales in August 2023 was $439.8 million, was a small reduction of 3.1% from the same month in 2022.
The number of new listings fell 8.7% from August 2022. There were 1,435 new residential listings in August 2023. This was the lowest number of new listings added in the month of August in more than 15 years.
New listings were 11.5% below the five-year average and 14.5% below the 10-year average for the month of August.
Active residential listings numbered 3,457 units on the market at the end of August, a modest decline of 2.4% from the end of August 2022.
Active listings were 18.2% below the five-year average and 52.1% below the 10-year average for the month of August.
Months of inventory numbered 3.3 at the end of August 2023, up from the 3 months recorded at the end of August 2022 and below the long-run average of 6.9 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
Tammy Hines
