Newfoundland and Labrador Association of REALTORS®

The number of homes sold through the MLS® System of the Newfoundland and Labrador Association of REALTORS® totaled 489 units in June 2024. This was a decline of 13% from June 2023.

Home sales were 10.6% below the five-year average and 3.5% above the 10-year average for the month of June.

On a year-to-date basis, home sales totaled 2,196 units over the first six months of the year. This was a modest gain of 1.8% from the same period in 2023.

Residential activity in St. John’s increased by 2.6% on a year-over-year basis in June, while activity in the rest of the province posted a notable decrease of 19%.

Single detached home sales in St. John’s were up by 4% from levels recorded in June 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 $293,700 in June 2024, a gain of 4.5% compared to June 2023.

The benchmark price for single-family homes was $295,900, up by 4.5% on a year-over-year basis in June. By comparison, the benchmark price for townhouse/row units was $293,200, a minor increase of 2.5% compared to a year earlier, while the benchmark apartment price was $232,500, a moderate gain of 6.6% from year-ago levels.

The overall MLS® HPI composite benchmark price for homes in St. John’s was $345,200 in June 2024, increasing by 5.3% compared to June 2023.

The benchmark price for single-family homes in St. John’s was $360,000, a gain of 5.6% on a year-over-year basis in June. By comparison, the benchmark price for townhouse/row units was $284,500, up modestly by 1.5% compared to a year earlier, while the benchmark apartment price was $232,100, an increase of 6.6% from year-ago levels.

The average price of homes sold in June 2024 was a record $318,631, up by 9.9% from June 2023.

The more comprehensive year-to-date average price was $307,303, an increase of 8.6% from the first six months of 2023.

The dollar value of all home sales in June 2024 was $155.8 million, a moderate decrease of 4.4% from the same month in 2023.

The number of new listings decreased by 8.9% from June 2023. There were 968 new residential listings in June 2024. This was the lowest number of new listings added in the month of June in more than a decade.

New listings were 12.4% below the five-year average and 16.8% below the 10-year average for the month of June.

Active residential listings numbered 3,039 units on the market at the end of June, declining 11.4% from the end of June 2023. Active listings haven’t been this low in the month of June in more than 15 years.

Active listings were 22.7% below the five-year average and 34.6% below the 10-year average for the month of June.

Months of inventory numbered 6.2 at the end of June 2024, up from the 6.1 months recorded at the end of June 2023 and below the long-run average of 10.7 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.