Newfoundland and Labrador Association of REALTORS®

Newfoundland and Labrador home sales post small rebound in June, new listings surge

The number of homes sold in the region serviced by the Newfoundland and Labrador Association of REALTORS® totaled 340 units in June 2020. This was down 5.3% from June 2019.

On a year-to-date basis, home sales totalled 1,405 units over the first six months of the year. This was a decrease of 14.8% from 2019.

Residential activity in St. John’s edged down 2.6% on a year-over-year basis in June 2020, while activity in the rest of the province declined 6.5%.

Single detached home sales in St. John’s was up 3.5% from levels recorded in June 2019.

Nationally, home sales activity rose 15.2% from year-ago levels in June 2020.

The average price of homes sold across all of Newfoundland and Labrador in June 2020 was $227,132, down 9.8% from June 2019.

The more comprehensive year-to-date average price was $231,368, down 4.1% from the first six months of 2019.

The national average price, by comparison, recorded an increase of 6.5% on a year-over-year basis to $538,831 in June 2020.

The dollar value of all home sales in the province for June 2020 was $77.2 million, decreasing by 14.6% from the same month in 2019.

There were 1,179 new residential listings in June 2020. This edged down 3.6% on a year-over-year basis but was up significantly compared to the previous two months.

The overall supply of homes on the market dropped sharply from historically elevated levels at the beginning of the year but is now trending sideways. Active residential listings numbered 4,446 units at the end of June. This was down 23.9% from the end of June 2019.

Months of inventory numbered 13.1 at the end of June 2020, down from the 16.3 months recorded at the end of June 2019 but above the long-run average of 12.1 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
Neil Norcott