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The red-hot real estate market in Greater Saint John showed no signs of cooling off in November.
A total of 225 homes were sold last month which, according to the Saint John Real Estate Board, set a new monthly record.
That is an increase of just over 30 per cent compared with the same month last year.
Year-to-date home sales are now more than 10 per cent higher than this time a year ago.
Corey Breau, president of the real estate board, said home sales continue to defy expectations.
“I think it is safe to say that when the pandemic started back in the spring, very few people could have predicted that this would turn out to be the best year for sales our region has ever recorded,” said Breau in a news release.
“Yet with just one month left to go, we have already surpassed the full 2019 sales total.”
Despite the record-breaking home sales, new listings have struggled to keep pace with sales, with only 204 new listings in November.
The number of active residential listings now stands at 733 units — levels not seen in more than 15 years.
Months of inventory — the number of months it would take to sell current inventories at the current rate of sales activity — numbered 3.3 at the end of November, well below the long-run average of 12 months for this time of year.
Those low levels have pushed the year-to-date average home sale price to $198,035, up eight per cent year-over-year.
The Saint John Real Estate Board covers the southern part of New Brunswick to the U.S. border in St. Stephen and includes the counties of Saint John, Kings, Charlotte and portions of Queens.
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