Single Detached
Months of inventory for single detached homes numbered 8.3 at the end of the first quarter of 2024, up from the 7.6 months recorded at the end of the first quarter of 2023.
Months of inventory for single detached homes in St. John’s numbered 4.4 at the end of the first quarter of 2024, down from the 5.3 months recorded at the end of the first quarter of 2023. This was the lowest level of months of inventory ever recorded in a first quarter for St. John’s.
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.
Despite a more balanced market, single detached homes spent less time on the market in the first quarter of 2024 than they had a year earlier.
The median number of days on market for single detached homes was 84 in the first quarter of 2024, down from 92 days in the first quarter of 2023.
The median number of days on market for single detached homes in St. John’s was 64 in the first quarter of 2024, down from 73 days in the first quarter of 2023.
Multi-Family
Months of inventory for multi-family units numbered 5.1 at the end of the first quarter of 2024, down slightly from the 5.4 months recorded at the end of the first quarter of 2023.
Months of inventory for multi-family units in St. John’s numbered 3 at the end of the first quarter of 2024, down from the 4.7 months recorded at the end of the first quarter of 2023. This was the lowest level of months of inventory ever recorded in a first quarter in St. John’s.
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.
With a tighter market, multi-family units spent less time on the market in the first quarter of 2024 than they had a year earlier.
The median number of days on market for multi-family units was 65 in the first quarter of 2024, down from 73 days in the first quarter of 2023.
The median number of days on market for multi-family units in St. John’s was 59 in the first quarter of 2024, down from 72 days in the first quarter of 2023.
