Nova Scotia Association of REALTORS®

Nova Scotia MLS® home sales up year over year in February

The number of homes sold through the MLS® System of the Nova Scotia Association of REALTORS® totaled 668 units in February 2024. This was up by 12.5% from February 2023.

Home sales were 15.2% below the five-year average and 3.4% below the 10-year average for the month of February.

On a year-to-date basis, home sales totaled 1,194 units over the first two months of the year. This was an increase of 10.7% from the same period in 2023.

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 $398,700 in February 2024, an increase of 4.9% compared to February 2023.

The benchmark price for single-family homes was $392,100, a moderate gain of 4.7% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $513,400, increasing by 12.5% compared to a year earlier, while the benchmark apartment price was $444,300, a gain of 4.2% from year-ago levels.

The average price of homes sold in February 2024 was $423,664, a moderate gain of 4.9% from February 2023.

The more comprehensive year-to-date average price was $423,385, increasing by 7.9% from the first two months of 2023.

The dollar value of all home sales in February 2024 was $283 million, a gain of 17.9% from the same month in 2023.

The number of new listings was up by 16% from February 2023. There were 959 new residential listings in February 2024.

New listings were 4.7% below the five-year average and 13.5% below the 10-year average for the month of February.

Active residential listings numbered 2,925 units on the market at the end of February, an increase of 29.1% from the end of February 2023.

Active listings were 8.6% above the five-year average and 41.5% below the 10-year average for the month of February.

Months of inventory numbered 4.4 at the end of February 2024, up from the 3.8 months recorded at the end of February 2023 and below the long-run average of 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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For more information,
please contact:
Tanya White
(902) 468-5874 or 1 (800) 344-2001
twhite@nsar.ns.ca

President
Matthew Dauphinee

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