Housing Market Continues To Tighten

The housing market in Greater Saint John is the tightest it has ever been, according to the local real estate board.

Numbers from the Saint John Real Estate Board show 213 homes were sold in February, a year-over-year increase of 31 per cent.

“Sales surpassed the previous record set last year by more than 50,” said Corey Breau, president of the board.

Breau said overall inventory continued to fall as the number of new sales outpaced the number of new listings. There were just 189 new residential listings added in February, a drop of nearly 24 per cent compared to the same month in 2020.

The drop in new inventory, combined with the record-setting sales, pushed the number of active residential listings down to 488.

“The combination of overwhelming demand and the fact that active listings fell below 500 homes for the first time in more than 20 years, has created the tightest market we have ever seen in Saint John,” said Breau.

Months of inventory — the number of months it would take to sell current inventories at the current rate of sales activity — numbered 2.3 at the end of February, well below the long-run average of 12.1 months for this time of year.

The average price of homes sold in February was a record $219,675, an increase of 19 per cent year-over-year. Year-to-date, the average price was $211,788.

The dollar value of all home sales neared $47 million, which was 57 per cent higher than the same month in 2020.

“Considering the current conditions in our region, it is no surprise we set yet another new all-time average price record in February.”

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.