In October 2023, 529 homes changed hands through the MLS® System of the Newfoundland and Labrador Association of REALTORS®, a slight dip of 1.1% from the previous year. Though sales trailed the five-year average by 3.5%, they soared 8.4% above the 10-year average for October.
Year-to-date figures showed a 16.2% drop in home sales, with 4,470 units sold in the first 10 months of 2023 compared to the same period in 2022.
St. John's residential activity rose by 5.6%, contrasting with a 3.6% dip in the rest of the province. Single detached home sales in St. John's experienced a 6.3% boost from October 2022.
The MLS® Home Price Index (HPI) indicated a composite benchmark price of $292,400 in October 2023, up 3.9% year-over-year. Single-family homes in St. John's saw a benchmark price of $294,400, marking a 3.9% increase.
Despite a slight decline in overall home prices in October 2023, the average home price was $281,525, down 2.1% from the previous year.
New residential listings increased by 2.3%, reaching 793 in October 2023. Active residential listings dropped by 22.1% from October 2022, hitting a 15-year low.
With months of inventory at 5.1, down from 6.4 in October 2022, the real estate market appears dynamic, outpacing the long-run average of 9.5 months. It's a compelling snapshot of Newfoundland and Labrador's evolving real estate scenario.
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