Saint John 2021 MLS® home sales obliterate annual record set in 2020
January 13, 2022
The number of homes sold through the MLS® System of the Saint John Real Estate Board totaled 179 units in December 2021. This decreased by 3.2% (six sales) from December 2020.
Home sales were 29.9% above the five-year average and 65.1% above the 10-year average for the month of December.
On an annual basis, home sales totaled a record 3,142 units over the course of 2021. This was a gain of 21.2% from the same period in 2020.
“MLS® home sales in our region closed out 2021 surpassing the annual record set in 2020 by more than 10%,” said Corey Breau, President of the Saint John Real Estate Board. “This past year has been a double-edged sword of exceptionally strong demand combined with the lowest level of inventory in more than a generation. Buyers are fiercely competing for the few properties available, consequently driving prices higher. It should be no surprise to anyone that the MLS® HPI composite benchmark price extended the streak of double-digit year-over-year percentage gains to 15 months in December. We will continue to monitor conditions in our region very closely for any definitive trends that may provide insight into what to expect in 2022.”
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $252,500 in December 2021, increasing by 27.5% compared to December 2020.
The benchmark price for single-family homes was $253,400, a gain of 27.3% on a year-over-year basis in December. By comparison, the benchmark apartment price was $168,900, a significant increase of 36% from year-ago levels.
The average price of homes sold in December 2021 was $249,527, up sharply by 30.5% from December 2020.
The more comprehensive annual average price was $253,336, an increase of 28.1% from all of 2020.
The dollar value of all home sales in December 2021 was $44.7 million, a notable gain of 26.2% from the same month in 2020. This was also a new record for the month of December.
The number of new listings declined by 12.6% from December 2020. There were 118 new residential listings in December 2021.
New listings were 1.5% below the five-year average and 8.7% below the 10-year average for the month of December.
Active residential listings numbered 325 units on the market at the end of December, a sharp decrease of 52.6% from the end of December 2020. Active listings haven’t been this low in more than three decades.
Active listings were 63.5% below the five-year average and 72.3% below the 10-year average for the month of December.
Months of inventory numbered 1.8 at the end of December 2021, down from the 3.7 months recorded at the end of December 2020 and below the long-run average of 13.4 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.
The Saint John Real Estate Board is an association of approximately 300 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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