Homes Sales were 5.8% below the 5-year average & 11% above the 10-year average for the month of December.
In Newfoundland there were 1,960 Active Listings for sale at the end of December; a decline of 15.4% from the end of December 2022. Active listings have not been this low in more than 10 years.
Out of 2,249 currently posted MLS Listings, there are 586 Listings posted as "pending Sold", leaving only 1,663 actively for sale – this includes spec homes to be built. As indicated above, this is the lowest supply in more than 10 years.
Supply of Active Listings were down again; 31.1% below the 5-year average and 37.8% below the 10-year average at the end of December.
Home sales totaled 5,362 units for the 12 months of 2023 - a decline of 15.2% from 2022.
Residential activity/Volume in St. John’s decreased by 17.1% while activity in the rest of the province decreased by 12%.
The overall MLS (Home Price Index)HPI composite benchmark price for homes in St. John’s was up in December to $335,400. Up by 4.3% compared to December 2022.
121.5 million dollars sold in Real Estate within NL in December 2023, Down by 12.8% from December 2022.
398 Homes sold in December - down 13.7% from December 2022
The number of months of inventory was 5 months at the end of December, below the long-running average of 9.6 months for this time of year.
Average Price In Toronto: $1,084,692 up 3.2% YOY
Average Price In Mississauga $951,608 up 2.6% YOY
Average Price in Ottawa $632,487 - up 4.3% YOY
Average Price In Calgary $540,000 - up 9.1% YOY & 12% YTD
Average Price in Vancouver $1,072,700 - up 6.4% YOY
Average Price In Halifax $509,300
Average Price In St. John's $335,400
NATIONAL Average Price $646,134
The very limited supply is still putting a major constraint on finding a home, keeping upward pressure on house prices.
Out-of-province buyers are continuing to move into NL because of our affordable housing compared to the rest of Canada. This increase in buyers is putting extra upward pressure on prices month over month.
If you are moving around within our marketplace, now is the time to do so. Check with your Bank about "porting your mortgage" off your existing home to the new home that you are buying - you can move your mortgage keeping your rate. Call your Bank for more details.
If you are thinking about selling your home or buying another one, please call me anytime. I love to have your Referrals! Let me know when you have family or friends buying or selling.
Kevin Martin
26 Years of experience
RE/MAX Hall of Fame Award.
