Posted Jul 23, 2021, 10:55 PM
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New Brunswick Urbanite
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Join Date: Sep 2007
Location: Saint John, NB
Posts: 790
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Residential market continues to be hot in greater SJ, according to the latest stats from that Saint John Real Estate Board. Homes are selling quickly, inventory is low and prices are rising dramatically.
Quote:
Saint John MLS® home sales once again set new all-time single month record in June
The number of homes sold through the MLS® System of the Saint John Real Estate Board totaled 340 units in June 2021. This was a sizable increase of 28.3% when compared to June 2020. This was also a new sales record for the month of June and was the highest level for any month in history.
Home sales were 32.7% above the five-year average and 55% above the 10-year average for the month of June.
On a year-to-date basis, home sales totaled a record 1,572 units over the first six months of the year. This was a substantial gain of 50.6% from the same period in 2020.
"The number of market-activity records that have been shattered in our region over the past year is nothing short of extraordinary,” said Corey Breau, President of the Saint John Real Estate Board. "Eight of the highest monthly sales totals in history have been recorded in the last 12 months. June sales again broke the all-time monthly record. Demand has shown no signs of waning and with new listings still barely keeping up with the pace of sales, overall inventory has again fallen to only slightly above the lowest level on record. These conditions are all contributing to the tightest market in the history of our region, and as a result, continue to put upward pressure on prices.”
The MLS® HPI composite benchmark also set a new record in June, marking the ninth consecutive year-over-year monthly double-digit percentage gain.
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 $224,700 in June 2021, rising 25.2% when compared to the same period last year.
The benchmark price for single-family homes was $225,500, increasing by 25.2% on a year-over-year basis in June. By comparison, the benchmark apartment price rose 24% to $154,000, when compared to the end of June 2020.
The average price of homes sold in June 2021 was a record $271,160, an advance of 35% from June 2020.
The more comprehensive year-to-date average price was $250,603, up sharply by 33.2% from the first six months of 2020.
The dollar value of all home sales in June 2021 was $92.2 million, a substantial increase of 73.3% from the same month in 2020. This was a new record for the month of June and was also the largest dollar value of homes sold for any month in history.
The number of new listings saw a modest gain of 5.1% from June 2020. There were 391 new residential listings in June 2021.
New listings were 5.3% below the five-year average and 12.7% below the 10-year average for the month of June.
Active residential listings numbered 665 units on the market at the end of June, a substantial reduction of 34.4% from the end of June 2020. Active listings haven't been this low in the month of June in more than two decades.
Active listings were 51.3% below the five-year average and 62.7% below the 10-year average for the month of June.
Months of inventory numbered 2 at the end of June 2021, down from the 3.8 months recorded at the end of June 2020 and below the long-run average of 9.1 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.
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“The street is the river of life of the city, the place where we come together, the pathway to the center.” –William H. Whyte
“Forget the damned motor car and build the cities for lovers and friends.” –Lewis Mumford
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