More Home Sales Records Set In August

August was another record-setting month for home sales in the Saint John region, according to the Saint John Real Estate Board.

Numbers released by the board show 303 homes were sold last month, an increase of 23.7 per cent compared to last August.

Corey Breau, president of the board, said that is the highest level of home sales ever recorded in the region.

“I think the sales were a bit backlogged from the start of the pandemic where people held off entering the real estate market. I think you’re seeing those people enter the market now, which is causing an influx of buyers and sellers,” said Breau in a phone interview.

On a year-to-date basis, home sales totalled a record 1,644 units over the first eight months of the year, up 6.2 per cent from 2019.

The average home sale price in August hit an all-time record high for the third straight month at $203,126, up 6.4 per cent year-over-year.

The more comprehensive year-to-date average price was $193,213, up 6.2 per cent from the first eight months of 2019.

Breau said strong demand combined with historically low supply levels are putting upward pressure on prices. Active residential listings numbers 940 units at the end of August — numbers which have not been seen since 2008.

“Fortunately, we are seeing more listings come to the market. August was the first month that we listed more this August versus last August, so we are seeing the rise in listings, which should help level things out,” he said.

There were 367 new residential listings in August, up 9.6 per cent on a year-over-year basis.

Overall, home sales totalled $61.5 million in August, the largest dollar value of homes sold for any month in history.

Breau said he expects the record-high sales activity will continue over the coming months, as long as Atlantic Canada “keeps up the great work we’re doing” in terms of COVID-19 numbers.

The Saint John Real Estate Board covers the southern part of New Brunswick to the U.S. border in St. Stephen, and includes the counties of Saint John, Kings, Charlotte and portions of Queens.