Newfoundland Sees the Lowest Number of Active Listings in October in 15 years.
The number of homes sold through the MLS® System of the Newfoundland and Labrador Association of REALTORS® totaled 535 units in October 2022, declining by 18.4% from October 2021.
Home sales were 3.1% above the five-year average and 10.9% above the 10-year average for the month of October.
On a year-to-date basis, home sales totaled 5,332 units over the first 10 months of the year. This was a moderate decrease of 5.8% from the same period in 2021.
Residential activity in St. John’s was down significantly by 27.9% on a year-over-year basis in October, while activity in the rest of the province also declined by 14.4%.
Single detached home sales in St. John’s posted a reduction of 33% from levels recorded in October 2021.
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $281,600 in October 2022, a gain of 6.7% compared to October 2021.
The benchmark price for single-family homes was $283,400, up by 6.8% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $267,300, essentially unchanged, up just 0.2% compared to a year earlier, while the benchmark apartment price was $225,500, a gain of 10.4% from year-ago levels.
The overall MLS® HPI composite benchmark price for homes in St. John’s was $318,200 in October 2022, an increase of 5.5% compared to October 2021.
The benchmark price for single-family homes in St. John’s was $329,400, a moderate gain of 5.8% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $267,300, edging up 0.2% compared to a year earlier, while the benchmark apartment price was $224,600, a gain of 10.9% from year-ago levels.
The average price of homes sold in October 2022 was $287,489, increasing by 4.2% from October 2021.
The more comprehensive year-to-date average price was $291,766, a gain of 6.6% from the first 10 months of 2021.
The dollar value of all home sales in October 2022 was $153.8 million, falling by 15% from the same month in 2021.
The number of new listings decreased by 11.5% from October 2021. There were 677 new residential listings in October 2022. This was the lowest number of new listings added in the month of October in more than a decade.
New listings were 15.7% below the five-year average and 17.9% below the 10-year average for the month of October.
Active residential listings numbered 2,525 units on the market at the end of October, a substantial decline of 34.9% from the end of October 2021. Active listings haven’t been this low in the month of October in more than 15 years.
Active listings were 42.5% below the five-year average and 43.4% below the 10-year average for the month of October.
Months of inventory numbered 4.7 at the end of October 2022, down from the 5.9 months recorded at the end of October 2021 and below the long-run average of 9.7 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
