Home Sales Remain Above Average

Home sales in Greater Saint John have fallen for the second straight month but remain well above average for this time of year.

The Saint John Real Estate Board says 286 homes were sold in August, down from 311 homes in July and an all-time record of 340 in June.

But compared to the long-term average, sales were nearly 12 per cent above the five-year average and 30 per cent above the 10-year average for August.

“Although down marginally from last year, MLS® home sales missed the record for the month by only four sales in August,” president Corey Breau said in a statement.

Breau said new listings remained well below average last month with 327 new listings — the lowest number added in the month of August in more than 15 years.

The drop in new listings kept overall inventory levels near historic lows. At the end of August, there were 663 units on the market, down 36 per cent year-over-year.

Months of inventory — the number of months it would take to sell current inventories at the current rate of sales activity — numbered 2.3 at the end of August, well below the long-run average of 9.1 months for this time of year.

“After a year of ups and downs our region seems to be playing out a very familiar story, with above-average demand and shrinking inventories,” said Breau. “These twin factors will likely keep upward pressure on prices in the near term.”

The average home sale price last month was $242,338, a gain of 18.7 per cent compared to a year earlier. The more comprehensive year-to-date average price was $249,120.

Overall, the dollar value of all home sales in August was $69.3 million, a new record for the month of August.

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.