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Strong demand for homes and limited inventory is expected to continue this year, according to one local realtor.
Figures released by the Saint John Real Estate Board show a total of 3,142 homes were sold in 2021.
Corey Breau, president of the board, said that figure “obliterated” the annual sales record set just a year earlier.
“We did not think we would break that record and we didn’t think we’d break it with the amount that we did break it. We sold over 20 per cent more in 2021,” Breau said in a recent interview.
While home sales continued to set records, the number of new listings on the market failed to keep up with demand.
That pushed the number of active listings to just 325 at the end of December — its lowest level in more than three decades.
“This past year has been a double-edged sword of exceptionally strong demand combined with the lowest level of inventory in more than a generation,” said Breau.
“Buyers are fiercely competing for the few properties available, consequently driving prices higher.”
Homes in Greater Saint John sold for an average of $253,336 last year, a year-over-year increase of 28.1 per cent.
Breau said the “double-edged sword” of strong demand and low inventory levels has led to frustration among some potential buyers.
“Some are holding off, but lots of buyers are buying,” he said.
The realtor said he anticipates home sales will remain high in 2022 while inventory levels will continue to be low.
“I think we’ll see our sales on par with 2021,” 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.
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