For all Newfoundland there were 2,697 Active Listings on the market at the end of May, a large decline of 24.9% from the end of May 2022. Active listings HAVE NOT been this low in more than 15 years.
Out of this 2697 posted Listings there are 1062 sold as pending deals leaving only 1635 actively for sale – this includes lots, acreages, and spec homes to be built.
Supply of properties/active Listings were 34.5% below the 5-year average & 40% below the 10-year average for May.
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 403 units in May 2023. This was a decline of 31.3% from May 2022.
On a year-to-date basis, home sales totaled 1,598 units over the first five months of the year, decreasing by 27.7% from the same period in 2022.
Residential activity/Volume in St. John’s was down 36.2% on a year-over-year basis in May, while activity in the rest of the province posted a significant decrease of 28.9%.
The overall MLS (Home Price Index)HPI composite benchmark price for homes in St. John’s was $324,600 in May 2023, up modestly by 3.5% compared to May 2022.
109.6 million dollars sold in Real Estate within NL for May 2023, down sharply by 36.9% from the same month in 2022.
439 Homes sold in March - down 30.6% compared to May 2022
Months of inventory numbered 6.7 at the end of May 2023, below the long-run average of 12.9 months for this time of year.
Average Price In Toronto: $1,196,101
Average Price In Mississauga $1,140,328
Average Price in Ottawa $673,697
Average Price In Calgary $551,853
Average Price in Vancouver $1,188,000
Average Price In Halifax $472,473
Average Price In St. John's $324,600
NATIONAL Average Price $716,000 - Up $100,000 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 here because of our affordable housing compared to where they are coming from. This increase in buyers is putting extra upward pressure on prices.
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.
