Newfoundland and Labrador Association of REALTORS®

The number of homes sold through the MLS® System of the Newfoundland and Labrador Association of REALTORS® totaled 536 units in November 2024. This was a gain of 8.3% from November 2023.

Home sales were 0.9% below the five-year average and 20.7% above the 10-year average for the month of November.

On a year-to-date basis, home sales totaled 5,237 units over the first 11 months of the year. This was up by 5.5% from the same period in 2023.

Residential activity in St. John’s posted a sizable gain of 23.6% on a year-over-year basis in November, while activity in the rest of the province increased by 2.3%.

Single detached home sales in St. John’s marked a gain of 5.3% from levels recorded in November 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 $305,700 in November 2024, an increase of 6.8% compared to November 2023.

The benchmark price for single-family homes was $307,300, advancing 6.6% on a year-over-year basis in November. By comparison, the benchmark price for townhouse/row units was $303,500, increasing by 9% compared to a year earlier, while the benchmark apartment price was $261,300, a gain of 11.8% from year-ago levels.

The overall MLS® HPI composite benchmark price for homes in St. John’s was $364,100 in November 2024, up 9.4% compared to November 2023.

The benchmark price for single-family homes in St. John’s was $378,400, increasing by 9.5% on a year-over-year basis in November. By comparison, the benchmark price for townhouse/row units was $296,300, a gain of 9.1% compared to a year earlier, while the benchmark apartment price was $261,000, up by 11.8% from year-ago levels.

The average price of homes sold in November 2024 was $330,683, an increase of 11.4% from November 2023.

The more comprehensive year-to-date average price was $318,801, rose 8.9% from the first 11 months of 2023.

The dollar value of all home sales in November 2024 was $177.2 million, increasing by 20.7% from the same month in 2023. This was also a new record for the month of November.

The number of new listings saw a modest gain of 1.1% (seven listings) from November 2023. There were 619 new residential listings in November 2024.

New listings were 0.3% above the five-year average and 3.6% below the 10-year average for the month of November.

Active residential listings numbered 2,370 units on the market at the end of November, down by 21.1% from the end of November 2023. Active listings haven’t been this low in the month of November in more than 15 years.

Active listings were 27.2% below the five-year average and 40.2% below the 10-year average for the month of November.

Months of inventory numbered 4.4 at the end of November 2024, down from the 6.1 months recorded at the end of November 2023 and below the long-run average of 9.8 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.