July Home Sales Below Average In Our Region

Home sales in Greater Saint John continue to moderate, according to the local real estate board.

Figures provided by the Saint John Real Estate Board show there were 229 homes sold in July.

That is 12.8 per cent below the five-year average and 2.1 per cent below the 10-year average for the month.

Kevin Donovan, president of the real estate board, said the number of newly listed properties was also below average for this time of year.

There were 312 new residential listings last month, the lowest number added in the month of July in more than 15 years.

“The series of recent interest rate hikes are starting to stunt demand for MLS® listed properties across the country and it was only a matter of time before we started to see the slowdown in our region,” Donovan said in a statement.

“Although still technically a seller’s market, the shift in market conditions has eased the upward pressure on prices.”

The average price of homes sold last month was $276,437, according to the real estate board.

While still above average, that is down from $294,000 in June and $317,000 in May.

The more comprehensive year-to-date average price was $296,965, up by nearly 19 per cent compared to the first seven months of 2021.

Meanwhile, the dollar value of all home sales in July was $63.3 million, down almost 15 per cent from the same month in 2021.

“We are keeping a close eye on the conditions in our local market for any definitive trend that may provide insight into what to expect over the coming months,” said Donovan.

Active residential listings numbered 589 units at the end of July, down 22.4 per cent from the same time last year. The board said active listings have not been this low in July in more than two decades.

Months of inventory — the number of months it would take to sell current inventories at the current rate of sales activity — numbered 2.6, down from the long-run average of 7.6 months for this time of year.

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.