Demand for MLS® listed properties returns to pre-pandemic levels for the month of December
January 10, 2023
The number of homes sold through the MLS® System of the Saint John Real Estate Board totaled 112 units in December 2022. This was down sharply by 37.4% from December 2021.
Home sales were 19.4% below the five-year average and 1.6% below the 10-year average for the month of December.
On an annual basis, home sales totaled 2,445 units over the course of 2022. This was a substantial decrease of 22.1% from 2021.
“Although 2022 was a rollercoaster year for most markets across the country, our region has fared better than most. As expected, the seasonal holiday slowdown impacted the number of properties changing hands during the month of December,” said Kevin Donovan, President of the Saint John Real Estate Board. “On the bright side, sales totals were right around what we would expect to see for this time of year. However, new listings were below the historical average by a significant margin causing overall inventory to shrink to its lowest level since February. This was not entirely unexpected as there is usually a pull back in the number of homes available heading into a new year, but it has been nearly 20 years since there were less than 90 new listings in the month of December. With at least one more interest rate hike likely in the near term, it is difficult to forecast where the market will head in early 2023. Rest assured we are monitoring conditions in our region very closely for any definitive sign that will point to what to expect in the next few months and beyond.”
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 $261,300 in December 2022, increasing by 3.9% compared to December 2021.
The benchmark price for single-family homes was $261,900, a modest gain of 3.5% on a year-over-year basis in December. By comparison, the benchmark apartment price was $226,600, a significant increase of 33.9% from year-ago levels.
The average price of homes sold in December 2022 was $284,899, advancing 14.2% from December 2021.
The more comprehensive annual average price was $292,222, increasing by 15.4% from all of 2021.
The dollar value of all home sales in December 2022 was $31.9 million, down 28.6% from the same month in 2021.
The number of new listings fell 25.4% from December 2021. There were 88 new residential listings in December 2022. This was the lowest number of new listings added in the month of December in more than 15 years.
New listings were 22.5% below the five-year average and 28.9% below the 10-year average for the month of December.
Active residential listings numbered 363 units on the market at the end of December, a decrease of 7.9% from the end of December 2021. Active listings haven’t been this low in the month of December in more than two decades.
Active listings were 49.4% below the five-year average and 65.9% below the 10-year average for the month of December.
Months of inventory numbered 3.2 at the end of December 2022, up from the 2.2 months recorded at the end of December 2021 and below the long-run average of 11.2 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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