Home sales in Newfoundland and Labrador saw a decline of 21% in March 2023 compared to the same month in the previous year, with a total of 350 units sold. However, home sales for the month were 0.5% higher than the five-year average and 13.5% higher than the 10-year average. Year-to-date home sales for the first three months of 2023 were down 20.7% compared to the same period in 2022, with a total of 902 units sold.
St. John's saw a significant decline in residential activity of 32.3% year-over-year in March 2023, with single detached home sales falling 17.5% from March 2022 levels. In comparison, the rest of the province saw a smaller decline of 14.9%. The MLS® Home Price Index (HPI) showed that the overall benchmark price for homes in Newfoundland and Labrador was $272,600 in March 2023, up 2.8% from March 2022. The benchmark price for single-family homes was $274,100, while the benchmark apartment price increased by 8.2% to $225,900.
In St. John's, the overall benchmark price for homes was $307,600 in March 2023, up 2.2% from March 2022. The benchmark price for single-family homes was $317,200, while the benchmark apartment price was $225,300, up by 8.6% from the previous year. The average price of homes sold in March 2023 was $273,967, decreasing by 1.1% from March 2022.
The dollar value of all home sales in March 2023 was $95.9 million, down by 21.9% from the same month in 2022. The number of new listings fell by 20.3% compared to March 2022, with a total of 654 new residential listings in March 2023. Active residential listings numbered 2,034 units on the market at the end of March, dropping 32.5% from the previous year. Months of inventory were at 5.8 at the end of March 2023, down from the 6.8 months recorded in March 2022 and below the long-run average of 12.9 months.
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