Home Sales Break More Records In September

September was another record-setting month for home sales in the Saint John region, according to the local real estate board.

The Saint John Real Estate Board said 286 homes were sold during the month, which set a new September sales record.

“Once again we’re seeing sales continue to be strong,” said Corey Breau, president of the real estate board.

Year-to-date, home sales are up by nearly nine per cent to 1,927 units during the first nine months of 2020.

Breau said brisk sales, combined with low inventory levels, pushed the average home sales price to more than $205,000 in September.

“It was the first time Saint John broke the $205,000 mark for average sales price per month,” he said, adding it was the fifth consecutive month the average price has set a new record.

The more comprehensive year-to-date average price was $195,080, up more than seven per cent from the first nine months of 2019.

New home listings posted strong gains in Greater Saint John last month but are struggling to stay ahead of record-breaking sales.

There were 320 new residential listings in September, up nearly four per cent on a year-over-year basis.

But overall supply levels continue to decline and now stand at levels not seen since 2008. There were 926 active residential listings as of the end of September, down 38 per cent year-over-year.

Months of inventory — the number of months it would take to sell current inventories at the current rate of sales activity — numbered 3.2 at the end of September, well below the long-run average of 10.2 months for this time of year.

Overall, home sales totalled $58.7 million last month, down slightly from the $61.5 million reported in August but a new record for the month of September.

“As long as the demand stays here and inventory stays low, I think we’ll continue to see the path that we’re on continue,” said Breau.

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.