Saint John MLS® home sales close out 2023 with a subdued performance

The number of homes sold through the MLS® System of the Saint John Real Estate Board totaled 98 units in December 2023. This was down by 10.1% (11 sales) from December 2022.

Home sales were 28.8% below the five-year average and 15.7% below the 10-year average for the month of December.

On an annual basis, home sales totaled 1,952 units over the course of 2023. This was a decrease of 19.6% from 2022.

“2023 presented its share of challenges. The year kicked off with a sluggish market, gradually gaining momentum as the Bank of Canada (BOC) hinted at a pause in its tightening policy. Unfortunately, this upswing proved short-lived as the BOC resumed its tightening cycle, casting a shadow on sales,” said Kevin Donovan, President of the Saint John Real Estate Board. ” MLS® home sales dropped in December, falling below 100 for the first time since the beginning of 2023. December also witnessed the lowest number of newly listed properties for any single month on record. Overall inventory contracted, dipping below the 350 available homes mark for the first time in history. On a positive note, the MLS® HPI Composite Benchmark Price saw an upward trend in 2023, boasting an eight percent increase compared to the end 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 $285,400 in December 2023, an increase of 8.3% compared to December 2022.

The benchmark price for single-family homes was $286,400, up 8.4% on a year-over-year basis in December. By comparison, the benchmark apartment price was $231,900, a modest gain of 2.4% from year-ago levels.

The average price of homes sold in December 2023 was $285,607, a small reduction of 1.1% from December 2022.

The more comprehensive annual average price was $303,519, increasing by 4% from all of 2022.

The dollar value of all home sales in December 2023 was $28 million, down 11.1% from the same month in 2022.

The number of new listings fell sharply by 31% from December 2022. There were 60 new residential listings in December 2023. This was the lowest number of new listings added in the month of December in more than 35 years.

New listings were 39% below the five-year average and 48.7% below the 10-year average for the month of December.
Active residential listings numbered 345 units on the market at the end of December, a notable decrease of 24% from the end of December 2022. Active listings haven’t been this low in the month of December in more than two decades.

Active listings were 39.5% below the five-year average and 63.6% below the 10-year average for the month of December.
Months of inventory numbered 3.5 at the end of December 2023, down from the 4.2 months recorded at the end of December 2022 and below the long-run average of 9.2 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.