Newfoundland and Labrador Association of REALTORS®

February MLS® home sales in Newfoundland and Labrador slip from 2023 levels

The number of homes sold through the MLS® System of the Newfoundland and Labrador Association of REALTORS® totaled 281 units in February 2024, decreasing by 6.3% from February 2023.

Home sales were 1.5% below the five-year average and 19.7% above the 10-year average for the month of February.

On a year-to-date basis, home sales totaled 545 units over the first two months of the year. This was a modest decline of 1.3% (seven sales) from the same period in 2023.

Residential activity in St. John’s posted a decrease of 6.8% on a year-over-year basis in February, while activity in the rest of the province posted a moderate decrease of 6.1%.

Single detached home sales in St. John’s posted a decline of 14.6% from levels recorded in February 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 $288,100 in February 2024, a gain of 4.5% compared to February 2023.

The benchmark price for single-family homes was $289,500, up by 4.4% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $291,700, an increase of 15% compared to a year earlier, while the benchmark apartment price was $240,000, a moderate gain of 5% from year-ago levels.

The overall MLS® HPI composite benchmark price for homes in St. John’s was $328,800 in February 2024, a minor increase of 3.4% compared to February 2023.

The benchmark price for single-family homes in St. John’s was $339,200, a small gain of 3.1% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $291,700, increasing by 15% compared to a year earlier, while the benchmark apartment price was $239,600, a gain of 5.2% from year-ago levels.

The average price of homes sold in February 2024 was $310,281, up by 9.9% from February 2023.

The more comprehensive year-to-date average price was $305,032, an increase of 8.4% from the first two months of 2023.

The dollar value of all home sales in February 2024 was $87.2 million, a small gain of 2.9% from the same month in 2023.

The number of new listings rose by 16.8% from February 2023. There were 548 new residential listings in February 2024.

New listings were 6% below the five-year average and 16.1% below the 10-year average for the month of February.

Active residential listings numbered 2,134 units on the market at the end of February, a decline of 7.4% from the end of February 2023. Active listings haven’t been this low in the month of February in more than 15 years.

Active listings were 27.5% below the five-year average and 37.9% below the 10-year average for the month of February.

Months of inventory numbered 7.6 at the end of February 2024, down from the 7.7 months recorded at the end of February 2023 and below the long-run average of 16.1 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 Newfoundland and Labrador Association of REALTORS® was created in 2005. The Association represents more than 500 REALTORS® in all regions of Newfoundland and Labrador, providing professional support and a local Multiple Listing Service®. Listings can also be viewed on the national www.REALTOR.ca web site (residential properties) and ICX.CA (commercial and investment properties).


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NEWFOUNDLAND AND LABRADOR ASSOCIATION OF REALTORS®

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For more information, please contact:
Bill Stirling
Chief executive officer
(709) 726 3002
BStirling@nlar.ca

President
Randall Hobbs

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