For all Newfoundland there were 3202 Active Listings on the market at the end of July; a decline of 21.8% from the end of July 2022. Active listings have NOT been this low in more than 15 years.
Out of this 3106 currently posted MLS Listings there are 1060 sold as "pending deals", leaving only 2202 actively for sale – this includes spec homes to be built. As indicated below, this is the lowest supply in more than 15 years.
Supply of properties/active Listings were down again; 33.3% below the 5-year average & 38.7% below the 10-year average for July.
Because of this limited supply of Listings the number of homes sold through the MLS® System of the Newfoundland and Labrador Association of REALTORS totaled 554 units in July 2023. This is a decline of 21.1% from July 2022.
On a year-to-date basis, home sales totaled 2712 units over the first 7 months of the year, decreasing by 23.9% from the same period in 2022.
Residential activity/Volume in St. John’s was down 27% on a year-over-year basis in July, while activity in the rest of the province posted a smaller decrease of 19%.
The overall MLS (Home Price Index)HPI composite benchmark price for homes in St. John’s was up again in July to $333,800. Up modestly by 2.2% compared to July 2022.
168.8 million dollars sold in Real Estate within NL for July 2023, down by 22.5% from July 2022.
562 Homes sold in June - down 13.4% compared to June 2022
The number of months of inventory was 5.5 at the end of July, below the long-running average of 9.7 months for this time of year.
Average Price In Toronto: $1,118,374
Average Price In Mississauga $1,112,531
Average Price in Ottawa $682,436 - up 3.6% YTD
Average Price In Calgary $539,461 - up 9.8% YTD
Average Price in Vancouver $1,210,700 - up 10.8% in 2 yrs
Average Price In Halifax $566,080 - unchanged YTD
Average Price In St. John's $333,800
NATIONAL Average Price $709,218 - a 3% drop from last month
The very limited supply has put 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.
