March 2021: Resale housing activity in Saint John enters spring market firing on all cylinders
March 1, 2021
The number of homes sold through the MLS® System of the Saint John Real Estate Board totaled 239 units in March 2021. This was a gain 34.3% from March 2020 and was a new sales record for the month of March.
On a year-to-date basis, home sales totaled a record 625 units over the first three months of the year in creasing 32.1% from the same period in 2020.
“MLS® market activity in Saint John continued to defy expectations in March.” said Corey Breau, President of the Saint John Real Estate Board. “Home sales set yet another monthly record, surpassing the previous record set back in March 2007 by more than 50 sales. A notable uptick in new listings helped shore up overall inventory, halting a month over month decline that has continued unabated since July 2020. It appears the hot spring market in our region is off to a roaring start.”
The average price of homes sold in March 2021 was a record $265,095, an advance of 39.6% from March 2020.
The more comprehensive year-to-date average price was $232,167, up by 24.4% from the first three months of 2020.
The dollar value of all home sales in March 2021 was $63.4 million, a substantial increase of 87.5% from the same month in 2020. This was a new record for the month of March and was also the largest dollar value of homes sold for any month in history.
The number of new listings climbed 57.3% when compared to the same period last year. There were 354 new residential listings in March 2021.
Active residential listings numbered 570 units on the market at the end of March, a significant reduction of 44.7% from the end of March 2020. Active listings haven’t been this low in the month of March in more than two decades.
Months of inventory numbered 2.4 at the end of March 2021, down from the 5.8 months recorded at the end of March 2020 and below the long-run average of 11.3 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 JohnReal 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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