Saint John MLS® home sales miss tying record for August by four sales
The number of homes sold through the MLS® System of the Saint John Real Estate Board totaled 286 units in August 2021. This was down modestly by 1.4% (four sales) from August 2020.
Home sales were 11.8% above the five-year average and 30.4% above the 10-year average for the month of August.
On a year-to-date basis, home sales totaled a record 2,157 units over the first eight months of the year. This was a significant increase of 33.8% from the same period in 2020.
"Although down marginally from last year, MLS® home sales missed the record for the month by only four sales in August," said Corey Breau, President of the Saint John Real Estate Board. "The number of newly listed properties was lower than average for this time of year and as a result, inventory levels are once again hovering only slightly above their all-time lowest levels. After a year of ups and downs our region seems to be playing out a very familiar story, with above average demand and shrinking inventories. These twin factors will likely keep upward pressure on prices in the near term."
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 $234,500 in August 2021, increasing by 22.5% compared to August 2020.
The benchmark price for single-family homes was $235,000, a gain of 22.5% on a year-over-year basis in August. By comparison, the benchmark apartment price was $171,300, rising 19.1% from year-ago levels.
The average price of homes sold in August 2021 was $242,338, a gain of 18.7% from August 2020.
The more comprehensive year-to-date average price was $249,120, advancing 28.8% from the first eight months of 2020.
The dollar value of all home sales in August 2021 was $69.3 million, up by 17% from the same month in 2020. This was also a new record for the month of August.
The number of new listings was down sharply by 10.2% from August 2020. There were 327 new residential listings in August 2021. This was the lowest number of new listings added in the month of August in more than 15 years.
New listings were 4.8% below the five-year average and 6.8% below the 10-year average for the month of August.
Active residential listings numbered 663 units on the market at the end of August, a significant decline of 36% from the end of August 2020. Active listings haven't been this low in the month of August in more than two decades.
Active listings were 51.8% below the five-year average and 62.9% below the 10-year average for the month of August.
Months of inventory numbered 2.3 at the end of August 2021, down from the 3.6 months recorded at the end of August 2020 and below the long-run average of 9.1 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.
BOARD & ASSOCIATION INFORMATION
The Saint John Real Estate Board is an association of approximately 280 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