According to data from the Newfoundland and Labrador Association of REALTORS®, the number of homes sold through the MLS® System in February 2023 was 301 units. This represents a decrease of 8.8% from February 2022. Despite the decline, home sales were still 15.1% above the five-year average and 32.5% above the 10-year average for the month of February.

Looking at the year-to-date figures, home sales in the first two months of 2023 totaled 553 units, down 20.4% from the same period in 2022.In terms of residential activity in St. John’s, there was a modest decrease of 1.9% on a year-over-year basis in February, while activity in the rest of the province posted a decline of 12%. Single detached home sales in St. John’s remained unchanged from levels recorded in February 2022. 

The MLS® Home Price Index (HPI) provides a more accurate representation of price trends than average or median price measures. In February 2023, the overall MLS® HPI composite benchmark price was $276,700, a gain of 4.4% compared to February 2022. The benchmark price for single-family homes was $278,200, up by 4.3% on a year-over-year basis in February. 

Comparing different property types, the benchmark price for townhouse/row units was $260,100, a minor decrease of 2.9% compared to a year earlier, while the benchmark apartment price was $231,100, a gain of 12.3% from year-ago levels. Looking specifically at St. John’s, the overall MLS® HPI composite benchmark price for homes was $314,600 in February 2023, up modestly by 3.8% compared to February 2022. The benchmark price for single-family homes in St. John’s was $324,700, a minor increase of 3.7% on a year-over-year basis in February. 

Meanwhile, the benchmark price for townhouse/row units was $260,100, a small reduction of 2.9% compared to a year earlier, while the benchmark apartment price was $230,800, increasing by 12.9% from year-ago levels. The average price of homes sold in February 2023 was $281,918, up by 5.8% from February 2022. The more comprehensive year-to-date average price was $281,226, an increase of 5% from the first two months of 2022. The total dollar value of all home sales in February 2023 was $84.9 million, representing a small reduction of 3.5% from the same month in 2022. New listings fell by 29.5% from February 2022, with 467 new residential listings in February 2023. This was the lowest number of new listings added in the month of February in more than a decade. New listings were 24.3% below the five-year average and 29.7% below the 10-year average for the month of February. 

Active residential listings numbered 1,947 units on the market at the end of February, a sharp decline of 30.3% from the end of February 2022. Active listings haven’t been this low in the month of February in more than 15 years. Active listings were 41.6% below the five-year average and 44.5% below the 10-year average for the month of February. In contrast, residential activity in the rest of the province posted a decline of 12%. This decrease was mainly due to the decrease in the number of new listings added in the month of February, which was the lowest in more than a decade. The number of new listings fell by 29.5% from February 2022, and new listings were 24.3% below the five-year average and 29.7% below the 10-year average for the month of February. 

Active residential listings numbered 1,947 units on the market at the end of February, which was a sharp decline of 30.3% from the end of February 2022. Active listings haven’t been this low in the month of February in more than 15 years. The decline in active listings was 41.6% below the five-year average and 44.5% below the 10-year average for the month of February. As a result, months of inventory numbered 6.5 at the end of February 2023, down from the 8.5 months recorded at the end of February 2022 and below the long-run average of 16.8 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. 

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 $276,700 in February 2023, a gain of 4.4% compared to February 2022. The benchmark price for single-family homes was $278,200, up by 4.3% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $260,100, a minor decrease of 2.9% compared to a year earlier, while the benchmark apartment price was $231,100, a gain of 12.3% from year-ago levels. 

The overall MLS® HPI composite benchmark price for homes in St. John’s was $314,600 in February 2023, up modestly by 3.8% compared to February 2022. The benchmark price for single-family homes in St. John’s was $324,700, a minor increase of 3.7% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $260,100, a small reduction of 2.9% compared to a year earlier, while the benchmark apartment price was $230,800, increasingby 12.9% from year-ago levels.

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