Newfoundland and Labrador Association of REALTORS®

The number of homes sold through the MLS® System of the Newfoundland and Labrador Association of REALTORS® totaled 310 units in March 2024. This was a decrease of 10.9% from March 2023.

Home sales were 12.3% below the five-year average and 1.3% below the 10-year average for the month of March.

On a year-to-date basis, home sales totaled 855 units over the first three months of the year. This was down by 5% from the same period in 2023.

Residential activity in St. John’s posted an increase of 8.6% on a year-over-year basis in March, while activity in the rest of the province posted a notable decline of 19.3%.

Single detached home sales in St. John’s were unchanged from levels recorded in March 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 $290,400 in March 2024, an increase of 6.7% compared to March 2023.

The benchmark price for single-family homes was $292,000, a moderate gain of 6.6% on a year-over-year basis in March. By comparison, the benchmark price for townhouse/row units was $284,000, increasing by 10% compared to a year earlier, while the benchmark apartment price was $240,600, a gain of 7.5% from year-ago levels.

The overall MLS® HPI composite benchmark price for homes in St. John’s was $335,000 in March 2024, an increase of 7.6% compared to March 2023.

The benchmark price for single-family homes in St. John’s was $346,500, a moderate gain of 7.7% on a year-over-year basis in March. By comparison, the benchmark price for townhouse/row units was $284,000, increasing by 10% compared to a year earlier, while the benchmark apartment price was $240,200, a gain of 7.5% from year-ago levels.

The average price of homes sold in March 2024 was $299,032, an increase of 9% from March 2023.

The more comprehensive year-to-date average price was $302,857, a moderate gain of 8.6% from the first three months of 2023.

The dollar value of all home sales in March 2024 was $92.7 million, falling by 2.9% from the same month in 2023.

The number of new listings was unchanged from March 2023. There were 657 new residential listings in March 2024.

New listings were 10.5% below the five-year average and 16.1% below the 10-year average for the month of March.

Active residential listings numbered 2,291 units on the market at the end of March, down by 5% from the end of March 2023. Active listings haven’t been this low in the month of March in more than 15 years.

Active listings were 26% below the five-year average and 36.6% below the 10-year average for the month of March.

Months of inventory numbered 7.4 at the end of March 2024, up from the 6.9 months recorded at the end of March 2023 and below the long-run average of 12.4 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.