Nova Scotia MLS® home sales start to gain momentum in April
The number of homes sold through the MLS® System of the Nova Scotia Association of REALTORS® totaled 922 units in April 2023. This was a decrease of 31.1% from April 2022.
Home sales were 22% below the five-year average and 10.3% below the 10-year average for the month of April.
On a year-to-date basis, home sales totaled 2,727 units over the first four months of the year. This was down by 32.5% 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 $384,600 in April 2023, falling by 5.9% compared to April 2022.
The benchmark price for single-family homes was $376,500, a decline of 6.7% on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $467,100, down by 6.9% compared to a year earlier, while the benchmark apartment price was $470,600, an increase of 5.3% from year-ago levels.
The average price of homes sold in April 2023 was $441,625, a decrease of 4.6% from April 2022.
The more comprehensive year-to-date average price was $412,321, a moderate decrease of 6.1% from the first four months of 2022.
The dollar value of all home sales in April 2023 was $407.2 million, a significant reduction of 34.3% from the same month in 2022.
The number of new listings saw a sharp decrease of 26.1% from April 2022. There were 1,372 new residential listings in April 2023.
New listings were 18% below the five-year average and 29.3% below the 10-year average for the month of April.
Active residential listings numbered 2,833 units on the market at the end of April, up by 28.1% from the end of April 2022.
Active listings were 23.1% below the five-year average and 55.8% below the 10-year average for the month of April.
Months of inventory numbered 3.1 at the end of April 2023, up from the 1.7 months recorded at the end of April 2022 and below the long-run average of 7.1 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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