Newfoundland and Labrador Association of REALTORS®

Demand for MLS® listed homes in Newfoundland and Labrador remains strong as spring market gets underway.

The number of homes sold through the MLS® System of the Newfoundland and Labrador Association of REALTORS® totaled 377 units in April 2024. This was a gain of 28.2% from April 2023.

Home sales were 0.1% below the five-year average and 15.6% above the 10-year average for the month of April.

On a year-to-date basis, home sales totaled 1,231 units over the first four months of the year. This was up modestly by 3.1% from the same period in 2023.

Residential activity in St. John’s was up by 15.6% on a year-over-year basis in April, while activity in the rest of the province posted a significant increase of 35.7%.

Single detached home sales in St. John’s posted a sizable gain of 18.8% from levels recorded in April 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 $292,200 in April 2024, up by 5.9% compared to April 2023.

The benchmark price for single-family homes was $293,700, an increase of 5.8% on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $300,000, a sizable gain of 11.5% compared to a year earlier, while the benchmark apartment price was $242,100, increasing by 8.9% from year-ago levels.

The overall MLS® HPI composite benchmark price for homes in St. John’s was $342,500 in April 2024, up by 7.5% compared to April 2023.

The benchmark price for single-family homes in St. John’s was $354,300, an increase of 7.5% on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $300,000, a sizable gain of 11.5% compared to a year earlier, while the benchmark apartment price was $241,600, increasing by 9% from year-ago levels.

The average price of homes sold in April 2024 was $304,570, a minor increase of 2.1% from April 2023.

The more comprehensive year-to-date average price was $303,160, a moderate gain of 6.9% from the first four months of 2023.

The dollar value of all home sales in April 2024 was $114.8 million, a substantial gain of 30.9% from the same month in 2023.

The number of new listings saw a gain of 16.7% from April 2023. There were 930 new residential listings in April 2024.

New listings were 12.2% above the five-year average and 1.7% above the 10-year average for the month of April.

Active residential listings numbered 2,595 units on the market at the end of April, down by 4.3% from the end of April 2023. Active listings haven’t been this low in the month of April in more than 15 years.

Active listings were 21.5% below the five-year average and 33.3% below the 10-year average for the month of April.

Months of inventory numbered 6.9 at the end of April 2024, down from the 9.2 months recorded at the end of April 2023 and below the long-run average of 13 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
Randall Hobbs

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