Below average number of MLS® listed homes changed hands in Saint John during the month of March
April 12, 2023
The number of homes sold through the MLS® System of the Saint John Real Estate Board totaled 153 units in March 2023, significant reduction of 36.5% from March 2022.
Home sales were 19.1% below the five-year average and 4% below the 10-year average for the month of March.
On a year-to-date basis, home sales totaled 349 units over the first three months of the year. This was a sharp decrease of 33.7% from the same period in 2022.
“March sales activity was below long-term averages partially due to the lack of available listings. Even though we saw an increase in the number of newly listed homes during the month, it was not sufficient to stop the seven-month slide in overall inventory,” said Kevin Donovan, President of the Saint John Real Estate Board. “Looking at the current conditions in our local market, it’s easy to determine why the average price and the MLS® HPI Benchmark Price ticked up from their February readings – it is simple supply and demand. Fewer homes and an increasing number of people that are looking to buy them is starting to once again put pressure on prices. With the spring market almost in full swing, it is reasonable to expect that market balance in our region will likely continue to weigh heavily in favour of sellers.”
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 $268,600 in March 2023, down modestly by 2.9% compared to March 2022.
The benchmark price for single-family homes was $269,500, a minor decrease of 2.7% on a year-over-year basis in March. By comparison, the benchmark apartment price was $217,000, down 16.1% from year-ago levels.
The average price of homes sold in March 2023 was $299,573, down modestly by 2.1% from March 2022.
The more comprehensive year-to-date average price was $270,158, a decrease of 7.8% from the first three months of 2022.
The dollar value of all home sales in March 2023 was $45.8 million, falling 37.8% from the same month in 2022.
The number of new listings retreated by 26.2% from March 2022. There were 211 new residential listings in March 2023. This was the lowest number of new listings added in the month of March in more than 35 years.
New listings were 21.4% below the five-year average and 32.8% below the 10-year average for the month of March.
Active residential listings numbered 395 units on the market at the end of March, a decline of 4.4% from the end of March 2022. Active listings haven’t been this low in the month of March in more than two decades.
Active listings were 47.3% below the five-year average and 67.3% below the 10-year average for the month of March.
Months of inventory numbered 2.6 at the end of March 2023, up from the 1.7 months recorded at the end of March 2022 and below the long-run average of 8.7 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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