Newfoundland and Labrador Association of REALTORS®

The number of homes sold through the MLS® System of the Newfoundland and Labrador Association of REALTORS® totaled 726 units in October 2024. This was a substantial increase of 37.5% from October 2023. This was also a new sales record for the month of October.

Home sales were 19.6% above the five-year average and 40.6% above the 10-year average for the month of October.

On a year-to-date basis, home sales totaled 4,702 units over the first 10 months of the year. This was a moderate gain of 5.2% from the same period in 2023.

Residential activity in St. John’s posted an increase of 29.3% on a year-over-year basis in October, while activity in the rest of the province posted a jump of 40.7%.

Single detached home sales in St. John’s increased by 28.4% from levels recorded in October 2023.

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $306,700 in October 2024, a gain of 6.7% compared to October 2023.

The benchmark price for single-family homes was $308,600, up by 6.7% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $298,800, an increase of 7.3% compared to a year earlier, while the benchmark apartment price was $258,300, up 13.1% from year-ago levels.

The overall MLS® HPI composite benchmark price for homes in St. John’s was $365,300 in October 2024, an increase of 10.3% compared to October 2023.

The benchmark price for single-family homes in St. John’s was $380,600, a sizable gain of 10.5% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $292,100, increasing by 7.3% compared to a year earlier, while the benchmark apartment price was $257,800, a gain of 13.1% from year-ago levels.

The average price of homes sold in October 2024 was $318,636, increasing by 13.1% from October 2023.

The more comprehensive year-to-date average price was $317,407, a gain of 8.6% from the first 10 months of 2023.

The dollar value of all home sales in October 2024 was $231.3 million, up sharply by 55.5% from the same month in 2023. This was a new record for the month of October and was also the largest dollar value of homes sold for any month in history.

The number of new listings was essentially unchanged, up just 0.9% (seven listings) from October 2023. There were 799 new residential listings in October 2024.

New listings were 1% above the five-year average and 2.8% below the 10-year average for the month of October.

Active residential listings numbered 2,695 units on the market at the end of October, a large decline of 17.7% from the end of October 2023. Active listings haven’t been this low in the month of October in more than 15 years.

Active listings were 25.3% below the five-year average and 37.2% below the 10-year average for the month of October.

Months of inventory numbered 3.7 at the end of October 2024, down from the 6.2 months recorded at the end of October 2023 and below the long-run average of 8.9 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.