MLS® home sales in Saint John continue to put up solid figures in May
June 8, 2022
The number of homes sold through the MLS® System of the Saint John Real Estate Board totaled 261 units in May 2022. Although a notable decline of 15% from the all-time high set in May 2021, it was still the second highest total for any May on record.Home sales were 8.2% above the five-year average and 26.7% above the 10-year average for the month of May.
On a year-to-date basis, home sales totaled 1,011 units over the first five months of the year. This was a significant decrease of 17.7% from the same period in 2021.
“When it comes to MLS® home sales in our region it really is a case of the song remains the same. May sales totals were the second highest of any May in history, due in part to a surge in new listings,” said Kevin Donovan, President of the Saint John Real Estate Board. “The above-average number of newly listed properties provided a broader choice of homes for the current pool of buyers. As a result, overall inventory continues to slowly rise from the unsustainably low levels seen earlier this year. Prices continued their march higher, with both average price and the MLS® HPI Composite Benchmark Price setting new records. This extended the streak of monthly year-over-year percentage gains in the mid to high 20% range.”
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 $294,000 in May 2022, an increase of 28.2% compared to May 2021.
The benchmark price for single-family homes was $295,600, a sizable gain of 28.2% on a year-over-year basis in May. By comparison, the benchmark apartment price was $199,700, an advance of 31.3% from year-ago levels.
The average price of homes sold in May 2022 was a record $317,596, up by 25.1% from May 2021. The more comprehensive year-to-date average price was $301,780, an increase of 23.1% from the first five months of 2021.
The dollar value of all home sales in May 2022 was $82.9 million, a moderate gain of 6.4% from the same month in 2021. This was also a new record for the month of May. The number of new listings increased by 9.3% from May 2021. There were 422 new residential listings in May 2022.
New listings were 7.5% above the five-year average and 7.3% below the 10-year average for the month of May. Active residential listings numbered 579 units on the market at the end of May, a sharp decrease of 24.8% from the end of May 2021. Active listings haven’t been this low in the month of May in more than two decades. Active listings were 48.1% below the five-year average and 63.5% below the 10-year average for the month of May.
Months of inventory numbered 2.2 at the end of May 2022, down from the 2.5 months recorded at the end of May 2021 and below the long-run average of 8.6 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 330 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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