Saint John MLS® home sales set new record for the month of October
Residential sales activity reported through the MLS® System of the Saint John Real Estate Board numbered 283 units in October 2020. This was an increase of 25.8% from October 2019. This was also a new sales record for the month of October.
On a year-to-date basis, home sales totalled a record 2,175 units over the first 10 months of the year. This was up 8.9% from 2019.
“Not only did home sales break through the 250-mark for the first time in October, they also posted the second highest level of any month in history behind the record set just two months prior in August,” said Corey Breau, President of the Saint John Real Estate Board. “New listings have been increasing, however sales are outpacing them. Much like other parts of New Brunswick the main story continues to be the unexpected strength of demand combined with some of the lowest inventory numbers we’ve ever seen. It’s also looking like 2020 is shaping up to be a record year for home sales in Saint John.”
The average price of homes sold in October 2020 was a record $212,578, rising 12.3% from October 2019.
The more comprehensive year-to-date average price was $196,781, up 7.8% from the first 10 months of 2019.
There were 293 new residential listings in October 2020. This was an increase of 18.6% on a year-over-year basis.
Overall supply levels continue to decline. Active residential listings numbered 830 units at the end of October. This was a large decline of 38.4% from the end of October 2019.
Months of inventory numbered 2.9 at the end of October 2020, down from the 6 months recorded at the end of October 2019 and well below the long-run average of 10.8 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.
The total dollar value of all home sales in October 2020 was $60.2 million, a large increase of 41.2% from the same month in 2019. This was a new record for the month of October and was also the largest dollar value of homes sold for any month in history.
Sales of all property types in Saint John numbered 329 units in October 2020; this was an increase of 25.6% from October 2019. The total value of all properties sold was $67.8 million, a large gain of 44.5% from October 2019.
BOARD & ASSOCIATION INFORMATION
The Saint John Real Estate Board is an association of approximately 240 REALTORS® that provides services to and sets standards for members. The Saint John Real Estate Board covers the southern part of New Brunswick to the U.S. border in St. Stephen, and includes the counties of St. John, Kings, Charlotte and portions of Queens County.
SAINT JOHN REAL ESTATE BOARD