January 2020 St. John's Real Estate Market Stats
With the state of emergency in St. John’s for over a week it certainly played its toll on a number of businesses and real estate was one of them. Delays in closings, cancelled showings and home inspections all contributed to a decline in offers. To my surprise as soon as the SOE was lifted the market seemed to explode with activity.
Months Supply of Inventory (MSI) Decreases
The total housing inventory at the end of January 2020 decreased 5.24% to 2,334 existing homes available for sale. Over the last 12 months this area has had an average of 195 closed sales per month. This represents an unsold inventory index of 11.97 MSI for this period.
Average Sale Price Falling
According to the preliminary trends, this market area has experienced some downward momentum with the decline of Average Price this month. Prices dipped 2.40% in January 2020 to $286,224 versus the previous year at $293,264.
Average Days on Market Shortens
The average number of 75.96 days that homes spent on the market before selling decreased by 16.57 days or 17.91% in January 2020 compared to last year’s same month at 92.53 DOM.
Sales Success for January 2020 is Positive
Overall, with Average Prices falling and Days on Market decreasing, the Listed versus Closed Ratio finished strong this month. There were 402 New Listings in January 2020, down 36.09% from last year at 629. Furthermore, there were 73 Sold Listings this month versus last year at 97, a -24.74% decrease. Closed versus Listed trends yielded a 18.2% ratio, up from previous year’s, January 2019, at 15.4%, a 17.75% upswing. This will certainly create pressure on a decreasing Month’s Supply of Inventory (MSI) in the months to come.
Any questions on the St. John's real estate market please contact me.
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