MLS® home sales in Saint John soften in October

The number of homes sold through the MLS® System of the Saint John Real Estate Board totaled 162 units in October 2023. This was a decrease of 19.4% from October 2022.

Home sales were 30.3% below the five-year average and 18.6% below the 10-year average for the month of October.

On a year-to-date basis, home sales totaled 1,676 units over the first 10 months of the year. This was down by 23% from the same period in 2022.

“Sales dipped compared to October 2022 and continue at a below-average pace for this time of year. On the brighter side, new listings increased from the same period last year, although they’re still below what we usually see in October,” said Kevin Donovan, President of the Saint John Real Estate Board. “When it comes to our overall inventory, it shrank compared to both last month and last year, hovering well below what we’d expect based on historical averages. On pricing, the MLS® HPI composite benchmark inched up slightly in October, with most types of homes showing double-digit year-over-year gains, except for apartments which eked out a small increase. Market conditions softened a bit during the month, getting closer to a balanced state for the first time since the fall of 2022.”

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 $301,300 in October 2023, up by 11.9% compared to October 2022.

The benchmark price for single-family homes was $302,900, an increase of 12.2% on a year-over-year basis in October. By comparison, the benchmark apartment price was $220,500, increasing by 1.4% from year-ago levels.

The average price of homes sold in October 2023 was $298,141, an increase of 5.9% from October 2022.
The more comprehensive year-to-date average price was $304,772, a small gain of 3.5% from the first 10 months of 2022.

The dollar value of all home sales in October 2023 was $48.3 million, a decline of 14.6% from the same month in 2022.

The number of new listings saw a gain of 10.1% from October 2022. There were 219 new residential listings in October 2023.

New listings were 13.8% below the five-year average and 19.9% below the 10-year average for the month of October.

Active residential listings numbered 541 units on the market at the end of October, down by 10.7% from the end of October 2022. Active listings haven’t been this low in the month of October in more than two decades.

Active listings were 33.6% below the five-year average and 59.5% below the 10-year average for the month of October.

Months of inventory numbered 3.3 at the end of October 2023, up from the 3 months recorded at the end of October 2022 and below the long-run average of 7.5 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.