Newfoundland and Labrador Association of REALTORS®

The number of homes sold through the MLS® System of the Newfoundland and Labrador Association of REALTORS® totaled 340 units in February 2025. This was up by 21% from February 2024. This was also a new sales record for the month of February.

Home sales were 10.7% above the five-year average and 36.3% above the 10-year average for the month of February.

On a year-to-date basis, home sales totaled 680 units over the first two months of the year. This was an increase of 24.8% from the same period in 2024.

Residential activity in St. John’s posted an increase of 26% on a year-over-year basis in February, while activity in the rest of the province posted a gain of 18.4%.

Single detached home sales in St. John’s posted a significantly increase of 31.7% from levels recorded in February 2024.

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 $306,200 in February 2025, a moderate gain of 8% compared to February 2024.

The benchmark price for single-family homes was $307,700, increasing by 7.9% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $307,800, a gain of 9.1% compared to a year earlier, while the benchmark apartment price rose 10.9% to $263,600.

The overall MLS® HPI composite benchmark price for homes in St. John’s was $371,300 in February 2025, an increase of 12.9% compared to February 2024.

The benchmark price for single-family homes in St. John’s was $385,900, a sizable gain of 13.2% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $300,000, increasing by 9.3% compared to a year earlier, while the benchmark apartment price was $263,000, a gain of 11.1% from year-ago levels.

The average price of homes sold in February 2025 was $309,844, a slight reduction of 0.1% from February 2024.

The more comprehensive year-to-date average price was $322,646, increasing by 5.8% from the first two months of 2024.

The dollar value of all home sales in February 2025 was $105.3 million, a gain of 20.8% from the same month in 2024. This was also a new record for the month of February.

The number of new listings was down by 9.8% from February 2024. There were 506 new residential listings in February 2025.

New listings were 10.4% below the five-year average and 20.8% below the 10-year average for the month of February.

Active residential listings numbered 1,919 units on the market at the end of February, a notable decrease of 24.9% from the end of February 2024. Active listings haven’t been this low in the month of February in two decades.

Active listings were 26.6% below the five-year average and 42.1% below the 10-year average for the month of February.

Months of inventory numbered 5.6 at the end of February 2025, down from the 9.1 months recorded at the end of February 2024 and below the long-run average of 15 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.