MLS® home sales in Nova Scotia continue to moderate from last year’s record high but still post second best August on record
The number of homes sold through the MLS® System of the Nova Scotia Association of REALTORS® totaled 1,362 units in August 2021. Although this was a large decline of 11.1% from August 2020 it was still the second highest total for the month of August in history.
Home sales were 6.1% above the five-year average and 25.1% above the 10-year average for the month of August.
On a year-to-date basis, home sales totaled a record 11,257 units over the first eight months of the year. This was a significant gain of 30.9% from the same period in 2020.
The average price of homes sold in August 2021 was $350,463, increasing 18.2% from August 2020.
The more comprehensive year-to-date average price was $355,987, up by 26.4% from the first eight months of 2020.
The dollar value of all home sales in August 2021 was $477.3 million, rising 5.1% from the same month in 2020. This was also a new record for the month of August.
The number of new listings saw a big reduction of 15.2% from August 2020. There were 1,605 new residential listings in August 2021.
New listings were 4.4% below the five-year average and 7.1% below the 10-year average for the month of August.
Active residential listings numbered 3,104 units on the market at the end of August, a substantial decline of 27.1% from the end of August 2020. Active listings haven't been this low in the month of August in more than 15 years.
Active listings were 49.5% below the five-year average and 63.4% below the 10-year average for the month of August.
Months of inventory numbered 2.3 at the end of August 2021, down from the 2.8 months recorded at the end of August 2020 and below the long-run average of 8.8 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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