Below is the latest market report from the Saint John Real Estate Board. TL;DR - the local housing market continues to show signs of strength as of the end of October, with housing sales continuing near their high mark in 2017, and active listings on the market down almost 20% from this time last year, resulting in a 5% increase in YTD average sale values.
Quote:
Saint John home sales hit 11-year high for October
Residential sales activity reported through the MLS® System of the Saint John Real Estate Board numbered 199 units in October 2018. This was an increase of 11.2% from October 2017.
On a year-to-date basis, home sales totalled 1,797 units over the first 10 months of the year. This edged down 2.3% from the same period in 2017 but stood above all other years going back to 2008.
“Home sales continue to run near decade-highs, while the number of months of inventory is sitting at a decade-low,” said Sherry Sheldrick, President of the Saint John Real Estate Board. “That combination has put the average home price in the region on track for a gain of about 5% in 2018.”
The average price of homes sold in October 2018 was $166,766, edging down 1.1% from October 2017; however, the more comprehensive and less volatile year-to-date average price was $186,250, up 5% from the first 10 months of 2017.
There were 283 new residential listings in October 2018. This was down 9% on a year-over-year basis.
Active residential listings numbered 1,461 units at the end of October, down19.3% from the end of October 2017 and the lowest reading for this time of the year since 2008.
Months of inventory numbered 7.3 at the end of October 2018, down from the 10.1 months recorded at the end of October 2017 and below the 10-year average of 11.8 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 total dollar value of all home sales in October 2018 was $33.2 million, rising 10% from the same month in 2017. This was a new record for the month.
Sales of all property types in Saint John numbered 222 units in October 2018, up 6.7% (14 sales) from October 2017. The total value of all properties sold was $35.2 million, rising 13.2% from October 2017.
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I'm eagerly awaiting this year's release of primary rental market
data from the CMHC. 2016 to 2017 saw a sharp decrease in private apartment vacancy rates and a steady increase in average rents. Having been monitoring apartment listings closely this year (we recently moved from one Central Peninsula apartment to another), I wouldn't be surprised to see that trend continue. Well-located, reasonably priced, decent quality apartments are increasingly hard to come by and I'm hoping that developers and other housing providers will be ready to respond with more supply soon.
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