Nova Scotia home sales break October record with ease as real estate market activity remains in the stratosphere
Residential sales activity recorded through the MLS® System of the Nova Scotia Association of REALTORS® numbered 1,427 units in October 2020. This was a large increase of 30.3% from October 2019 and was also a new sales record for the month of October.
On a year-to-date basis, home sales totalled a record 11,596 units over the first 10 months of the year. This was up 7.5% from the same period in 2019.
The average price of homes sold in October 2020 was a record $304,590, rising 21.4% from October 2019.
The more comprehensive year-to-date average price was $287,507, up 13% from the first 10 months of 2019.
There were 1,603 new residential listings in October 2020. This was an increase of 22.6% on a year-over-year basis. This was also the largest number of new listings added in the month of October in history.
Overall inventory remains at levels not seen in more than 15 years. Active residential listings numbered 3,790 units at the end of October. This was a large decline of 34.5% from the end of October 2019.
There were 2.7 months of inventory at the end of October 2020, down from the 5.3 months recorded at the end of October 2019 and below the long-run average of 9.8 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.
The total dollar value of all residential home sales in October 2020 was $434.7 million, a notable gain of 58.2% from the same month in 2019. This was also a new record for the month of October.
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