Newfoundland and Labrador Association of REALTORS®

The number of homes sold through the MLS® System of the Newfoundland and Labrador Association of REALTORS® totaled 449 units in December 2024, an increase of 13.1% from December 2023.

Home sales were 1.4% below the five-year average and 21.3% above the 10-year average for the month of December.

On an annual basis, home sales totaled 5,686 units over the course of 2024. This was a moderate gain of 6.1% from 2023.

Residential activity in St. John’s posted a moderate decrease of 8.4% on a year-over-year basis in December, while activity in the rest of the province increased by 23.7%.

Single detached home sales in St. John’s were unchanged from levels recorded in December 2023.

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 $306,100 in December 2024, an increase of 7.6% compared to December 2023.

The benchmark price for single-family homes was $307,600, a moderate gain of 7.4% on a year-over-year basis in December. By comparison, the benchmark price for townhouse/row units was $309,900, increasing by 10.4% compared to a year earlier, while the benchmark apartment price was $264,100, a gain of 13.2% from year-ago levels.

The overall MLS® HPI composite benchmark price for homes in St. John’s was $366,300 in December 2024, was a sizable gain of 10% compared to December 2023.

The benchmark price for single-family homes in St. John’s was $380,000, increasing by 9.8% on a year-over-year basis in December. By comparison, the benchmark price for townhouse/row units was $302,100, a gain of 10.4% compared to a year earlier, while the benchmark apartment price was $264,300, up by 13.6% from year-ago levels.

The average price of homes sold in December 2024 was $329,346, increasing by 8.8% from December 2023.

The more comprehensive annual average price was $319,634, a gain of 8.9% from all of 2023.

The dollar value of all home sales in December 2024 was $147.9 million, up by 23% from the same month in 2023. This was also a new record for the month of December.

The number of new listings saw a minor decrease of 1% (three listings) from December 2023. There were 302 new residential listings in December 2024.

New listings were 2.6% below the five-year average and 8.6% below the 10-year average for the month of December.

Active residential listings numbered 1,890 units on the market at the end of December, a notable decline of 20.5% from the end of December 2023. Active listings haven’t been this low in the month of December in more than 15 years.

Active listings were 24.7% below the five-year average and 38.2% below the 10-year average for the month of December.

Months of inventory numbered 4.2 at the end of December 2024, down from the 6 months recorded at the end of December 2023 and below the long-run average of 9.2 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.