Newfoundland and Labrador home sales surge to one of best February levels on record
The number of homes sold in the region serviced by the Newfoundland and Labrador Association of REALTORS® totaled 232 units in February 2020. This was a large 46.8% jump from February 2019 and stood just six sales shy of the February record set back in 2008.
On a year-to-date basis, home sales totalled 394 units over the first two months of the year, up 22.7% from 2019 and stood above 2017 as well.
Residential activity in St. John’s was up 28% on a year-over-year basis in February 2020, while activity in the rest of the province rose 55.6%.
Having said that, single detached home sales in St. John’s declined 23.3% from levels recorded in February 2019.
Nationally, home sales activity rose by 26.9% from year-ago levels in February 2020.
The average price of homes sold across all of Newfoundland and Labrador in February 2020 was $232,866, edging down only 0.4% from February 2019.
The more comprehensive year-to-date average price was $231,830, down 4.6% from the first two months of 2019.
The national average price, by comparison, rose 15.2% on a year-over-year basis to $539,724 in February 2020.
The dollar value of all home sales in the province for February 2020 was $54 million, a large 46.2% increase from the same month in 2019.
There were 601 new residential listings in February 2020. This was a decrease of 15.8% on a year-over-year basis.
The overall supply of homes on the market has started coming down from historically elevated levels. Active residential listings numbered 3,861 units at the end of February, a decrease of 12.4% from the end of February 2019.
Months of inventory numbered 16.6 at the end of February 2020, well down from the 27.9 months recorded at the end of February 2019 and below the 10-year average of 18 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