For all Newfoundland there were 2914 Active Listings on the market at the end of June; this is a large decline of 24.3% from the end of June 2022. Active listings are for the second month in a roll at 15 year lows.
Out of this 3106 currently posted MLS Listings there are 1101 sold as "pending deals", leaving only 2001 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; 34% below the 5-year average & 39% below the 10-year average for June.
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 562 units in June 2023. This was a decline of 13.4% from June 2022.
On a year-to-date basis, home sales totaled 2158 units over the first six months of the year, decreasing by 24.5% from the same period in 2022.
Residential activity/Volume in St. John’s was down 30% on a year-over-year basis in June, while activity in the rest of the province posted a small decrease of 4.7%.
The overall MLS (Home Price Index)HPI composite benchmark price for homes in St. John’s was up again in June to $330,500. Up modestly by 2.8% compared to June 2022. - the lowest increase in 2023 thus far.
163 million dollars sold in Real Estate within NL for June 2023, down by 18% from the same month in 2022.
562 Homes sold in June - down 13.4% compared to June 2022
The number of months of inventory dropped in June, now at 5.2 at the end of June, which is below the long-running average of 12.9 months for this time of year.
Average Price In Toronto: $1,182,120
Average Price In Mississauga $1,120,531
Average Price in Ottawa $670.221
Average Price In Calgary $552.273 - up 6.7% year to date
Average Price in Vancouver $1,203,000 - up 9.7% in 2 yrs
Average Price In Halifax $566,080 - down 1.8% year to date
Average Price In St. John's $330,500
NATIONAL Average Price $729,000 - Up over $110,000 since January of this year.
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.
