Homes Sales were 1.5% below the 5-year average & 19.7% above the 10-year average for the month of February.
In Newfoundland there were 2,134 Active Listings for sale at the end of February; a decline of 7.4% from the end of February 2023. Active listings have not been this low in more than 15 years.
Out of 2,077 currently posted MLS active MLS Listings, there are 644 Listings posted as "pending Sold", leaving only 1,433 actively for sale – As indicated above, this is the lowest supply in more than 15 years.
Supply of Active Listings were down yet again at the end February: 27.5% below the 5-year average and 37.9% below the 10-year average.
304 Units sold in February 2024 - a decrease of 4% from February 2023.
Residential activity/volume in St. John’s posted a decrease of 6.8% in February year over year, while activity in the rest of the province decreased by 6.1%.
The overall MLS (Home Price Index)HPI composite benchmark price for homes in St. John’s was up in February to $328,800. Up by 3.4% above February 2023.
87.2 million dollars sold in Real Estate within NL in February 2023, up 2.9% from February 2023.
The number of months of inventory was 7.6 months at the end of February down from the 7.7 months for February 2023. And below the long-running average of 16 months for this time of year.
Average Price In Toronto: $1,026,700 down 1.2% YOY
Average Price In Mississauga $1,048,700 up 14% YOY
Average Price in Ottawa $632,500 - up 4.3% YOY Dec 2023 Stats
Average Price In Calgary $570,000 - up 5.4% YOY or 11% increase in past 12 months
Average Price in Vancouver $1,252,000 - 7.6% annual increase or 0.8% monthly increase
Average Price In Halifax $581,300 - 8.7% annual increase
Average Price In St. John's $335,400 - 4.4% annual increase.
NATIONAL Average Price $657,000 - up 5% in the past 12 months
The very limited supply is still putting a major constraint on finding a home, keeping upward pressure on house prices.
Out-of-province buyers are continuing to move into NL because of our affordable housing compared to the rest of Canada. This increase in buyers is putting extra upward pressure on prices month over month.
If you are moving around within our marketplace, now is the time to do so. Check with your Bank about "porting your mortgage" off your existing home to the new home that you are buying - you can move your mortgage keeping your rate. Call your Bank for more details.
If you are thinking about selling your home or buying another one, please call me anytime. I love to have your Referrals! Let me know when you have family or friends buying or selling.
Kevin Martin
26 Years of experience
RE/MAX Hall of Fame Award.
