Nova Scotia's October MLS® home sales see a slight year-over-year decline while overall inventory continues to gradually increase
The number of homes sold through the MLS® System of the Nova Scotia Association of REALTORS® totaled 861 units in October 2023. This was a minor decrease of 1.1% (10 sales) from October 2022.
Home sales were 23.8% below the five-year average and 13% below the 10-year average for the month of October.
On a year-to-date basis, home sales totaled 8,961 units over the first 10 months of the year, declining 19% 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 $402,500 in October 2023, an increase of 9.1% compared to October 2022.
The benchmark price for single-family homes was $394,600, a moderate gain of 8.1% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $509,000, increasing by 12.3% compared to a year earlier, while the benchmark apartment price was $467,200, a gain of 19.5% from year-ago levels.
The average price of homes sold in October 2023 was $419,717, increasing by 8.4% from October 2022.
The more comprehensive year-to-date average price was $425,899, a modest gain of 2% from the first 10 months of 2022.
The dollar value of all home sales in October 2023 was $361.4 million, up by 7.2% from the same month in 2022.
The number of new listings rose 20.4% from October 2022. There were 1,339 new residential listings in October 2023.
New listings were 0.3% above the five-year average and 1.3% below the 10-year average for the month of October.
Active residential listings numbered 3,626 units on the market at the end of October, a sizable gain of 14.1% from the end of October 2022.
Active listings were 4.5% below the five-year average and 44.2% below the 10-year average for the month of October.
Months of inventory numbered 4.2 at the end of October 2023, up from the 3.6 months recorded at the end of October 2022 and below the long-run average of 7.2 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.
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