Newfoundland and Labrador home sales unchanged on a year-over-year basis as new supply drops
The number of homes sold in the region serviced by the Newfoundland and Labrador Association of REALTORS® totaled 163 units in January 2020. This was unchanged from January 2019.
Residential activity in St. John’s was down 16.1% on a year-over-year basis in January 2020, while activity in the rest of the province rose 9.9%.
That said, single detached home sales in St. John’s rose by 21.4% from levels recorded in January 2019.
Nationally, home sales activity rose by 11.5% from year-ago levels in January 2020.
The average price of homes sold across all of Newfoundland and Labrador in January 2020 was $229,885, down 8.7% from January 2019.
The national average price, by comparison, rose 11.2% on a year-over-year basis to $504,358 in January 2020.
The dollar value of all home sales in the province for January 2020 was $37.5 million, down 8.7% from the same month in 2019.
There were just 642 new residential listings in January 2020, a 32.7% drop on a year-over-year basis.
Overall supply of homes on the market remains historically elevated but has shown signs of topping out, particularly given January’s drop in new listings. Active residential listings numbered 3,770 units at the end of January, a decrease of 10.2% from the end of January 2019.
Months of inventory numbered 23.1 at the end of January 2020, down from the 25.8 months recorded at the end of January 2019 but still above the 10-year average of 17.7 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).
NEWFOUNDLAND AND LABRADOR ASSOCIATION OF REALTORS®
For more information,
Chief executive officer
(709) 726 3002