Wanting to cash in on the newfound interest from buyers outside the province and those in the province looking for larger homes, the number of Nova Scotia homeowners who listed their houses this April was 174.8 per cent higher than those in the albeit-low month in 2020, producing more new listings for the month than in any April in the past five years.
However, because so many homes were snapped up over the previous 15 months, the number of active listings — those without accepted offers — continued their decline, dropping 34.4 per cent last month from April 2020, posting a three-decade low. The province has seen a housing shortage for two years, and new construction isn’t adding new homes quickly enough.
Another metric for analyzing the boom is the industry-standard “months of inventory,” which represents the number of months it would take to sell the current number of listings at the current rate of sales activity. This April, it stood at 1.6 months; the long-term average for April is about 8.4 months.
The Nova Scotia Association of Realtors released a regional snapshot of price gains for the province for April 2021 over the same month the year before:Annapolis Valley, up 48.6 per centShare this article in your social network