Saint John MLS® home sales continue at a steady pace
October 12, 2022
The number of homes sold through the MLS® System of the Saint John Real Estate Board totaled 209 units in September 2022. This was a decline of 24.3% from September 2021.
Home sales were 10.9% below the five-year average and 3.9% above the 10-year average for the month of September.
On a year-to-date basis, home sales totaled 1,982 units over the first nine months of the year, decreasing by 18.2% from the same period in 2021.
“MLS® home sales in our local market continue to buck the national trend, with sales totals coming in right around the level we would expect for this time of year,” said Kevin Donovan, President of the Saint John Real Estate Board. “New listings were below average during the month but only marginally. Active listings have recovered somewhat from the all-time lows set earlier this year, although the number of MLS® listed properties at the end of the month was still significantly below the long-term average. It is still too soon to foresee how the most recent interest rate hikes will impact affordability but at least for now, prices are holding steady in our region.”
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 $274,900 in September 2022, increasing by 13.9% compared to September 2021.
The benchmark price for single-family homes was $275,700, a gain of 13.6% on a year-over-year basis in September. By comparison, the benchmark apartment price rose 30.1% to $225,100, from year ago levels.
The average price of homes sold in September 2022 was $296,809, up by 8.6% from September 2021.
The more comprehensive year-to-date average price was $295,696, an increase of 17.6% from the first nine months of 2021.
The dollar value of all home sales in September 2022 was $62 million, a reduction of 17.8% from the same month in 2021.
The number of new listings decreased by 7.5% from September 2021. There were 270 new residential listings in September 2022. This was the lowest number of new listings added in the month of September in 15 years.
New listings were 8.8% below the five-year average and 16.1% below the 10-year average for the month of September.
Active residential listings numbered 610 units on the market at the end of September, a decline of 13.6% from the end of September 2021. Active listings haven’t been this low in the month of September in more than two decades.
Active listings were 44.4% below the five-year average and 61.6% below the 10-year average for the month of September.
Months of inventory numbered 2.9 at the end of September 2022, up from the 2.6 months recorded at the end of September 2021 and below the long-run average of 8.8 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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