Demand for MLS® listed home in Saint John remains stable
September 12, 2022
The number of homes sold through the MLS® System of the Saint John Real Estate Board totaled 227 units in August 2022, declining 19.5% from August 2021.
Home sales were 10% below the five-year average and 1.2% above the 10-year average for the month of August.
On a year-to-date basis, home sales totaled 1,779 units over the first eight months of the year. This was a decrease of 17.1% from the same period in 2021.
“Our local market seems to be holding up relatively well compared to others across the country. Even though both sales and new listings were down year-over-year, they were still more or less what we would expect in a typical August,” said Kevin Donovan, President of the Saint John Real Estate Board. “Admittedly, demand has softened recently which has eased upward price pressure, but prices are still significantly elevated from this time last year. Many would-be buyers and sellers have sidelined themselves waiting to see how the Bank of Canada’s aggressive attempt to tame inflation will impact the cost of borrowing and whether that will be partially offset by declining prices. Only time will tell how the next several months play out, but at least for the time being, market activity in our region remains stable.”
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 $278,300 in August 2022, a gain of 17.4% compared to August 2021.
The benchmark price for single-family homes was $279,400, increasing by 17.3% on a year-over-year basis in August. By comparison, the benchmark apartment price was $214,400, up by 20.7% from year-ago levels.
The average price of homes sold in August 2022 was $280,492, advancing 15.9% from August 2021.
The more comprehensive year-to-date average price was $295,099, up by 18.6% from the first eight months of 2021.
The dollar value of all home sales in August 2022 was $63.7 million, falling 6.7% from the same month in 2021.
The number of new listings saw a small reduction of 3% (10 listings) from August 2021. There were 318 new residential listings in August 2022. This was the lowest number of new listings added in the month of August in more than 15 years.
New listings were 5.7% below the five-year average and 7.7% below the 10-year average for the month of August.
Active residential listings numbered 607 units on the market at the end of August, a notable decline of 19.6% from the end of August 2021. Active listings haven’t been this low in the month of August in more than two decades.
Active listings were 46.4% below the five-year average and 63% below the 10-year average for the month of August.
Months of inventory numbered 2.7 at the end of August 2022, unchanged from the 2.7 months recorded at the end of August 2021 and below the long-run average of 8.1 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 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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