Newfoundland and Labrador Association of REALTORS®

Demand for MLS® listed homes in Newfoundland and Labrador falls in April

The number of homes sold through the MLS® System of the Newfoundland and Labrador Association of REALTORS® totaled 295 units in April 2023, down sharply by 39.3% from April 2022.

Home sales were 18.3% below the five-year average and 5.9% below the 10-year average for the month of April.

On a year-to-date basis, home sales totaled 1,196 units over the first four months of the year. This was a decrease of 26.4% from the same period in 2022.

Residential activity in St. John’s posted a large decline of 28.3% on a year-over-year basis in April, while activity in the rest of the province posted a substantial reduction of 44.3%.

Single detached home sales in St. John’s marked a sharp decrease of 21.3% from levels recorded in April 2022.

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 $276,600 in April 2023, a modest gain of 2.7% compared to April 2022.

The benchmark price for single-family homes was $278,100, up modestly by 2.6% on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $265,600, a minor decrease of 1.6% compared to a year earlier, while the benchmark apartment price was $230,500, a sizable gain of 10.3% from year-ago levels.

The overall MLS® HPI composite benchmark price for homes in St. John’s was $311,800 in April 2023, a small gain of 2.1% compared to April 2022.

The benchmark price for single-family homes in St. John’s was $321,300, increasing by 1.7% on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $265,600, a modest decline of 1.6% compared to a year earlier, while the benchmark apartment price was $230,300, up by 10.9% from year-ago levels.

The average price of homes sold in April 2023 was $297,795, a moderate gain of 4.5% from April 2022.

The more comprehensive year-to-date average price was $283,458, increasing by 2.9% from the first four months of 2022.

The dollar value of all home sales in April 2023 was $87.8 million, a sharp decrease of 36.6% from the same month in 2022.

The number of new listings was down by 5.5% from April 2022. There were 791 new residential listings in April 2023.

New listings were 8.2% below the five-year average and 12.9% below the 10-year average for the month of April.

Active residential listings numbered 2,311 units on the market at the end of April, a substantial decrease of 27.8% from the end of April 2022. Active listings haven’t been this low in the month of April in more than 15 years.

Active listings were 37.6% below the five-year average and 41.9% below the 10-year average for the month of April.

Months of inventory numbered 7.8 at the end of April 2023, up from the 6.6 months recorded at the end of April 2022 and below the long-run average of 13.7 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

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