St. John’s Real Estate Stats - September 2019
Newfoundland home sales up year-over-year in September 2019
The number of homes sold in the region serviced by the Newfoundland and Labrador Association of REALTORS® was 400 units in September 2019. This was a 23.8% jump from September 2018 and was back in line with the five and 10-year averages for the month.
On a year-to-date basis, home sales totalled 3,006 units over the first nine months of the year, up 7.4% from the same period in 2018. It stood above 2017 as well.
Residential activity in the St. John’s real estate market was up by 39.1% (36 sales) on a year-over-year basis in September 2019, while activity in the rest of the province rose by 17.7%.
Single detached home sales in St. John’s rose by 24.5% from levels recorded in September 2018.
Nationally, home sales activity rose by 15.5% from year-ago levels in September 2019.
The average price of homes sold across all of Newfoundland and Labrador in September 2019 was $238,403, down 6.4% from September 2018.
The more comprehensive year-to-date average price was $241,214, down 4.6% from the first nine months of 2018.
The national average price, by comparison, rose 5.3% on a year-over-year basis to $512,501 in September 2019.
The dollar value of all home sales in the province for September 2019 was $95.4 million, rising 15.9% from the same month in 2018.
There were 903 new residential listings in September 2019. This was down 7.5% on a year-over-year basis.
Overall supply of homes on the market remains historically elevated. Active residential listings numbered 5,506 units at the end of September. This was down 4% from the end of September 2018.
Months of inventory numbered 13.8 at the end of September 2019, down from the 17.8 months recorded at the end of September 2018 but above the long-run average of 11.7 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.
Comparing September 2019 stats to August 2019 St. John's real estate stats we are still seeing an uptrend in the local market.
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