Nova Scotia Association of REALTORS®

Nova Scotia Association of REALTORS® MLS® home sales remain historically strong in October as supply levels continue to fall

The number of homes sold through the MLS® System of the Nova Scotia Association of REALTORS® totaled 1,181 units in October 2021. This was a substantial decline of 21.8% from October 2020 but still posted the second best level for this month in history.

Home sales were 6.1% above the five-year average and 23.5% above the 10-year average for the month of October.

On a year-to-date basis, home sales totaled a record 13,872 units over the first 10 months of the year. This was a gain of 18.7% from the same period in 2020.

The average price of homes sold in October 2021 was $365,692, up by 20.5% from October 2020.

The more comprehensive year-to-date average price was $360,558, an increase of 25.4% from the first 10 months of 2020.

The dollar value of all home sales in October 2021 was $431.9 million, a moderate decrease of 5.8% from the same month in 2020.

The number of new listings saw a substantial decline of 23.9% from October 2020. There were 1,229 new residential listings in October 2021. This was the lowest number of new listings added in the month of October in more than 15 years.

New listings were 10.1% below the five-year average and 13.1% below the 10-year average for the month of October.

Active residential listings numbered 2,576 units on the market at the end of October, a sharp decrease of 30.6% from the end of October 2020. Active listings haven't been this low in the month of October in more than three decades.

Active listings were 52.6% below the five-year average and 66.2% below the 10-year average for the month of October.

Months of inventory numbered 2.2 at the end of October 2021, down from the 2.5 months recorded at the end of October 2020 and below the long-run average of 8.9 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.


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For more information,
please contact:
Tanya White
(902) 468-5874 or 1 (800) 344-2001
twhite@nsar.ns.ca

President
Donna Malone