Residential activity the St. John’s real estate market was up 1.5% on a year over year basis in August 2019 but activity in the rest of the province rose by 12.5%.
The number of homes sold in the region serviced by the Newfoundland and Labrador Association of REALTORS® totaled 480 units in August 2019. This was up 9.1% from August 2018 and was the strongest sales figure of any month in two years.
On a year-to-date basis, home sales totalled 2,606 units over the first eight months of the year, climbing 5.3% from the same period in 2018 and stood above 2017 as well.
Single detached home sales in the St. John’s real estate market declined 7.4% from levels recorded in August 2018.
Nationally, home sales activity rose by 5% from year-ago levels in August 2019.
The average price of homes sold across all of Newfoundland and Labrador in August 2019 was $236,242, down 9.5% from August 2018.
The more comprehensive year-to-date average price was $241,646, 4.3% below the first eight months of 2018.
The national average price, by comparison, rose 3.9% on a year-over-year basis to $493,448 in August 2019.
The dollar value of all home sales in the province for August 2019 was $113.4 million, edging down 1.3% from the same month in 2018.
There were 971 new residential listings in August 2019, a 7.7% decline on a year-over-year basis.
Months of Inventory
Overall supply of homes on the market in the St. John’s real estate market remains historically elevated but appears to be topping out. Active residential listings numbered 5,830 units at the end of August but this edged down 1.2% from the end of August 2018.
Months of inventory numbered 12.1 at the end of August 2019, down from the 13.4 months in August 2018. This is still above the 10-year average of 10.4 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.
Contact me for all the latest updates and stats and market trends for the St. john’s Real estate market.