Real estate activity remained subdued across much of southern New Brunswick in February.
The Saint John Real Estate Board reported 105 home sales throughout the month.
While that remains below average, it marked the first month-over-month increase since June.
“Looking through the seasonality, market performance appears to have stabilized over the past couple of months,” board president Kevin Donovan said in a news release.
New listings remained well below average in February, with 139 new residential properties being added. Donovan said that pushed overall inventory to the second-lowest level in the region’s history.
Active residential listings numbered 372 units on the market at the end of February.
Months of inventory — the number of months it would take to sell current inventories at the current rate of sales activity — numbered 3.5, down from the long-run average of 9.9 months for this time of year.
Meanwhile, the benchmark price for a single-family home was $269,100, nearly unchanged compared to a year earlier.
“Only time will tell if the current conditions will persist or if we will see a return to a more traditional spring market this year,” said Donovan.
The board president said he is hopeful activity will pick up in the spring, especially with the Bank of Canada’s recent decision to hold the line on interest rates.
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
