MLS® market activity slows as summer turns to fall in Saint John

The number of homes sold through the MLS® System of the Saint John Real Estate Board totaled 186 units in September 2023, falling 10.1% from September 2022.

Home sales were 20.4% below the five-year average and 9.2% below the 10-year average for the month of September.

On a year-to-date basis, home sales totaled 1,515 units over the first nine months of the year. This was a notable decline of 23.3% from the same period in 2022.

“September witnessed a chill in MLS® home sales, maintaining a trajectory that lingers below the typical rate for this season. A dip was also seen in the number of properties freshly listed on the market, coming in just beneath the month’s historical averages,” said Kevin Donovan, President of the Saint John Real Estate Board. “In addition, active listings have consistently come in lower than the usual figures for this time of year, marking the third successive month of declines. The MLS® HPI Composite Benchmark Price has risen 10 percent since the beginning of 2023 and seven percent from September 2022. Even as the market balance has relaxed marginally, the scales remain decidedly tipped 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 $297,400 in September 2023, increasing by 7.4% compared to September 2022.

The benchmark price for single-family homes was $298,600, a gain of 7.5% on a year-over-year basis in September. By comparison, the benchmark apartment price was $232,600, a minor increase of 3.3% from year-ago levels.

The average price of homes sold in September 2023 was $295,798, down only 0.5% from September 2022.

The more comprehensive year-to-date average price was $305,704, up modestly by 3.4% from the first nine months of 2022.

The dollar value of all home sales in September 2023 was $55 million, a decrease of 10.6% from the same month in 2022.

The number of new listings fell 2.6% (seven listings) from September 2022. There were 262 new residential listings in September 2023. This was the lowest number of new listings added in the month of September in more than 15 years.

New listings were 9.2% below the five-year average and 16.6% below the 10-year average for the month of September.

Active residential listings numbered 549 units on the market at the end of September, a decline of 20.5% from the end of September 2022. Active listings haven’t been this low in the month of September in more than two decades.

Active listings were 38.2% below the five-year average and 61.8% below the 10-year average for the month of September.

Months of inventory numbered 3 at the end of September 2023, down from the 3.3 months recorded at the end of September 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.