February 2021: A record setting month for MLS® home sales in Saint John
February 3, 2021
The number of homes sold through the MLS® System of the Saint John Real Estate Board totaled 213 units in February 2021 a sharp increase of 31.5% from February 2020. This was also a new sales record for the month of February.
On a year-to-date basis, home sales totaled a record 388 units over the first two months of the year. This was up sharply by 31.5% from the same period in 2020.
“MLS® home sales set a new monthly record in February,” said Corey Breau, President of the Saint John Real Estate Board. “outpacing the previous record set last year by more than 50 sales. The number of new listings last month was once again outpaced by the number of sales, further deteriorating overall inventory. The combination of overwhelming demand and the fact that active listing fell below 500 homes for the first time in more than 20 years, have created the tightest market we have ever seen in St John. Considering the current conditions in our region, it is no surprise we set yet another new all-time average price record in February.”
In February 2021 the average price of homes sold was a record $219,675, an increase of 19.3% from February 2020.
The more comprehensive year-to-date average price was $211,788, was a gain of 14.7% from the first two months of 2020.
The dollar value of all home sales in February 2021 was $46.8 million, advancing 56.8% from the same month in 2020. This was also a new record for the month of February.
The number of new listings saw a sharp decrease of 23.5% from February 2020. There were 189 new residential listings in February 2021.This was the lowest number of new listings added in the month of February in more than 15 years.
There were 488 active residential listings on the market at the end of February. This was down significantly, by 53.4% from the end of February 2020. Active listings haven’t been this low in the month of February in more than two decades.
Months of inventory numbered 2.3 at the end of February 2021, down from the 6.5 months recorded at the end of February 2020 and below the long-run average of 12.1 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.
The Saint John Real Estate Board is an association of approximately 240 REALTORS® that provides services to and sets standards for members. The Saint John Real Estate Board covers the southern part of New Brunswick to the U.S. border in St. Stephen, and includes the counties of St. John, Kings, Charlotte and portions of Queens County.
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