Homes Sales were 3.5% below the 5-year average and 8.5% above the 10-year average for the month of October.
In Newfoundland there were 2,678 Active Listings for sale at the end of October; a decline of 22.1% from the end of October 2022. Active listings have not been this low in more than 15 years.
Out of 2,764 currently posted MLS Listings, there are 745 Listings posted as "pending Sold", leaving only 2,019 actively for sale – this includes spec homes to be built. As indicated above, this is the lowest supply in more than 15 years.
Supply of Active Listings were down again; 33.5% below the 5-year average and 39.6% below the 10-year average at the end of October.
Home sales totaled 4470 units for the first 10 months of this year - a decline of 16.2% from the same 10 months in 2022.
Residential activity/Volume in St. John’s posted a sizable 5.6% gain (2nd time for 2023) on a year-over-year basis in October, while activity in the rest of the province decreased by 3.6%.
The overall MLS (Home Price Index)HPI composite benchmark price for homes in St. John’s was up in October to $333,700. Up by 3.3% compared to October 2022.
148.9 million dollars sold in Real Estate within NL in October 2023, Down by 3.2% from October 2022.
529 Homes sold in October. Six(6) sales less than last year
The number of months of inventory was 5.1 months at the end of October, below the long-running average of 9.5 months for this time of year and down from the 6.4 months recorded in October 2022.
Average Price In Toronto: $1,125,928 up 3.4% YOY & a increase of 0.6 from last month
Average Price In Mississauga $1,106,263 up 12% YOY
Average Price in Ottawa $660,836 - up 5.9% YOY & a decrease of 2.2% from last month
Average Price In Calgary $545, 746 - up 7.1% YOY & a decrease of 0.7% from last month
Average Price in Vancouver $1,299,503 - up 5.5% YOY & a increase of 0.1% from last month
Average Price In Halifax $425,899 - up 2% YTD
Average Price In St. John's $333,700
NATIONAL Average Price $656,625 - up 0.2% from last month & up 2% YOY.
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.
