Residential activity in St. John’s Newfoundland was up 23.4% on a year-over-year basis in March 2019, while activity in the rest of the province rose by 10.9%.
The number of homes sold in Newfoundland and Labrador totalled 278 units in March 2019. This was an increase of 14.9% from March 2018 and was in line with both the five- and 10-year averages for the month.
The average house price of homes sold across all of Newfoundland and Labrador in March 2019 was $236,712, down 4.6% from March 2018. The average house price in St. John’s is closer to 273k up slightly from the average house price in St. John’s for 2018 (270k).
Single detached home sales in St. John’s rose 21.1% (8 sales) from levels recorded in March 2018.
There were 804 new residential listings in March 2019. This was a decrease of 13.4% on a year-over-year basis.
Months of inventory numbered 15.8 at the end of March 2019, down from the 18.4 months recorded at the end of March 2018 but above the 10-year average of 13.1 months for this time of year.
We are finally starting to see the average house price in the St. John’s Metro real estate market stabilize. Low interest rates, a positive 2019 Newfoundland Budget will be good news for the real estate market in 2019. While the average house prices aren’t predicted to increase, a flat market is better than what we have been experiencing the past few years.
If you are looking for additional information on the real estate market or curious what the value of your home is I’d be more than happy to assist you.