Get ready for a real estate rollercoaster ride! In May 2023, the MLS® System of the Newfoundland and Labrador Association of REALTORS® witnessed some fascinating twists and turns. Brace yourself for the numbers!
A total of 403 homes were sold that month, but hold on tight, because that's a 31.3% drop compared to May 2022. We're not reaching the heights we were hoping for.
In fact, home sales were 7% below the five-year average and 6% above the 10-year average for May. So, we're somewhere in the middle of the real estate spectrum.
Now, let's zoom out and take a look at the bigger picture. From January to May 2023, a total of 1,598 homes were sold, marking a 27.7% decline from the same period in 2022. We're definitely seeing some twists and turns on this journey.
As we focus on St. John's, the residential activity there took a 36.2% year-over-year plunge in May. But the rest of the province didn't fare much better, experiencing a significant decrease of 28.9%. It's like a synchronized slowdown dance!
When it comes to single detached homes in St. John's, sales dropped by 16.5% compared to May 2022. The tempo seems to be slowing down a bit.
Now, let's switch gears and talk prices. The MLS® Home Price Index (HPI) is our trusty guide here. In May 2023, the overall MLS® HPI benchmark price was $280,400, a modest gain of 3.3% from May 2022. Prices are inching up, but not at warp speed.
For St. John's, the benchmark price for homes hit $324,600 in May 2023, showing a modest 3.5% increase from the previous year. We're seeing a gentle rise in the city's real estate values.
Oh, and the average price of homes sold in May 2023 was $271,953, down 8.1% from May 2022. It seems like we're catching a bargain!
Let's talk inventory. The number of new listings dropped by 11.2% compared to May 2022, with 1,038 new residential listings in May 2023. It's like a game of hide and seek for available properties.
At the end of May 2023, there were 2,697 active residential listings, a whopping 24.9% decrease from the previous year. We haven't seen these levels of low inventory in May for over 15 years. The hunt for homes is becoming quite challenging!
To put it into perspective, we currently have 6.7 months of inventory, slightly higher than the 6.1 months we had in May 2022. However, it's still below the long-run average of 12.9 months for this time of year. So, there's a sense of urgency in the air.
Phew! That was quite the real estate adventure. From declining sales to modest price gains and dwindling inventory, the market in Newfoundland and Labrador has its fair share of excitement. Buckle up, because the journey isn't over yet!
*Data and charts courtesy crea.ca
Posted by Infinity Admin on
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