Housing market conditions continue to tighten in Greater Saint John with no end in sight.
New figures from the Saint John Real Estate Board show 276 homes were sold last month, just shy of the September record set last year.
That is 18.7 per cent above the five-year average and 42.1 per cent above the 10-year average for the month.
In comparison, there were 292 new listings added to the market in September, which is 5.9 per cent below the five-year average and 11.2 per cent below the 10-year average for the month.
“New listings were barely able to keep pace with the number of sales last month and consequently the number of active listings fell to the second-lowest level on record,” Corey Breau, president of the board, said in a news release.
Active residential listings numbered 617 units at the end of September, which is between 53.6 and 64.3 per cent below the long-term averages for the month. The months of inventory — the number of months it would take to sell current inventories at the current rate of sales activity — numbered 2.2.
“Market conditions continued to tighten, sustaining upward pressure on prices,” Breau noted.
The average price of homes sold in September hit an all-time record of $273,313. The dollar value of all homes sold last month was $75.4 million.
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.
Follow
