In Newfoundland there were 2814 Active Listings on the market at the end of Sept; a decline of 22.1% from the end of Sept 2022. Active listings have not been this low in more than 15 years.
Out of 3046 currently posted MLS Listings there are 885 Listings posted as "pending Sold", leaving only 2164 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 properties/Active Listings were down again; 6% below the 5-year average & 10% below the 10-year average for September.
Because of this limited supply of Listings the number of HOMES SOLD through the MLS® System of the Newfoundland Labrador Association of REALTORS totaled 562 units in Sept 2023. Eight fewer sales than Sept 2022.
On a year-to-date basis, home sales totaled 3942 units over the first 9 months of this year - a decline of 18% from the same 9 months in 2022.
Residential activity/Volume in St. John’s posted a sizable 12.6% gain (the 1st this year) on a year-over-year basis in Sept, while activity in the rest of the province decreased by 7.2%.
The overall MLS (Home Price Index)HPI composite benchmark price for homes in St. John’s was up again in July to $338,900. Up by 2.9% compared to Sept 2022.
170 million dollars sold in Real Estate within NL for Sept 2023, up by 3.6% from Sept 2022. - The first increase for 2023.
562 Homes sold in Sept down1.6% compared to Sept 2022
The number of months of inventory was 5 months at the end of Sept, below the long-running average of 10.5 months for this time of year.
Average Price In Toronto: $1,119,428 up 3% YOY
Average Price In Mississauga $1,021,324 Down 1.1% YOY
Average Price in Ottawa $675,412 - up 4.9% YOY or 20.3% from Sept 2020
Average Price In Calgary $549,582 - up 10% YOY
Average Price in Vancouver $1,203,300 - up 4.4% YOY
Average Price In Halifax $426,593 - up 1.5% YTD
Average Price In St. John's $338,900
NATIONAL Average Price $650,140 - a 3% drop from last month, but up 2% YOY.
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.
