Newfoundland and Labrador MLS® home sales surpass Q1 2021 totals; new listings return to historical average for this time of year
The number of homes sold through the MLS® System of the Newfoundland and Labrador Association of REALTORS® totaled 443 units in March 2022. This was down modestly by 2.9% (13 sales) from March 2021.
Home sales were 35.7% above the five-year average and 47.4% above the 10-year average for the month of March.
On a year-to-date basis, home sales totaled a record 1,138 units over the first three months of the year. This was an increase of 12% from the same period in 2021.
Residential activity in St. John’s was up modestly by 3.3% on a year-over-year basis in March, while activity in the rest of the province posted a decrease of 5.9%.
Single detached home sales in St. John’s posted a moderate decrease of 4.5% from levels recorded in March 2021.
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 $324,200 in March 2022, increasing by 12.3% compared to March 2021.
The benchmark price for single-family homes was $327,400, a gain of 12.4% on a year-over-year basis in March. By comparison, the benchmark price for townhouse/row units was $278,300, up by 4.8% compared to a year earlier, while the benchmark apartment price was $239,500, an increase of 7.6% from year-ago levels.
The overall MLS® HPI composite benchmark price for homes in St. John's was $289,900 in March 2022, up by 9.2% compared to March 2021.
The benchmark price for single-family homes in St. John's was $294,200, an increase of 9.6% on a year-over-year basis in March. By comparison, the benchmark price for townhouse/row units was $282,800, a moderate gain of 4.6% compared to a year earlier, while the benchmark apartment price was $239,200, increasing by 7.7% from year-ago levels.
The average price of homes sold in March 2022 was $277,032, a moderate gain of 9.5% from March 2021.
The more comprehensive year-to-date average price was $271,339, increasing by 8% from the first three months of 2021.
The dollar value of all home sales in March 2022 was $122.7 million, a gain of 6.4% from the same month in 2021. This was also a new record for the month of March.
The number of new listings was down sharply by 13.6% from March 2021. There were 815 new residential listings in March 2022.
New listings were 0.6% below the five-year average and 1.9% above the 10-year average for the month of March.
Active residential listings numbered 2,436 units on the market at the end of March, a substantial decline of 35% from the end of March 2021. Active listings haven't been this low in the month of March in more than a decade.
Active listings were 36.7% below the five-year average and 34.9% below the 10-year average for the month of March.
Months of inventory numbered 5.5 at the end of March 2022, down from the 8.2 months recorded at the end of March 2021 and below the long-run average of 13.4 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.