Saint John Real Estate Board MLS® home sales remain subdued as new listings continue to decline

The number of homes sold through the MLS® System of the Saint John Real Estate Board totaled 210 units in May 2023. This was down by 18.3% from May 2022.

Home sales were 12.4% below the five-year average and 1% above the 10-year average for the month of May.

On a year-to-date basis, home sales totaled 704 units over the first five months of the year. This was a large decrease of 29.7% from the same period in 2022.

“MLS® home sales in May were trending at the lower end of the range for the historical average for this month. New listings were also below average in May, with a lack of new supply hampering the recovery in sales activity,” said Kevin Donovan, President of the Saint John Real Estate Board. “Overall inventory remained stable but was still well below historical averages. Market conditions continued to be heavily in favour of sellers and if supply remains below average there is no reason to expect that will change any time soon.”

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 $281,100 in May 2023, a moderate decrease of 5.2% compared to May 2022.

The benchmark price for single-family homes was $282,500, falling by 5.3% on a year-over-year basis in May. By comparison, the benchmark apartment price was $197,100, down modestly by 1.3% from year-ago levels.

The average price of homes sold in May 2023 was $312,366, a small reduction of 2.5% from May 2022.
The more comprehensive year-to-date average price was $291,772, decreasing by 3.6% from the first five months of 2022.

The dollar value of all home sales in May 2023 was $65.6 million, declining by 20.4% from the same month in 2022.

The number of new listings fell 33.6% from May 2022. There were 280 new residential listings in May 2023.

New listings were 22.9% below the five-year average and 34.9% below the 10-year average for the month of May.

Active residential listings numbered 475 units on the market at the end of May, a notable decrease of 25.2% from the end of May 2022. Active listings haven’t been this low in the month of May in more than two decades.

Active listings were 45.5% below the five-year average and 66.7% below the 10-year average for the month of May.

Months of inventory numbered 2.3 at the end of May 2023, down from the 2.5 months recorded at the end of May 2022 and below the long-run average of 7.7 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.