Newfoundland and Labrador home sales up in April
The number of homes sold in the region serviced by the Newfoundland and Labrador Association of REALTORS® totalled 278 units in April 2015. This was an increase of 11.6 per cent from the same month a year earlier and came in right in line with the 10-year average for the month.
Nationally, home sales were up 10 per cent on a year-over-year basis in April 2015.
Residential activity in St. John’s was up 9.8 per cent on a year-over-year basis in April, while activity in the rest of the province rose 12.6 per cent.
Single detached home sales in St. John’s increased 11.9 per cent from levels recorded in April 2014.
On a year-to-date basis home sales were running 10.2 per cent ahead of the first four months of 2014.
Transactions in the range from $150,000 to $250,000 rose by 13.5 per cent from year-ago levels, while sales activity priced between $250,000 and $350,000 jumped 44.4 per cent. Sales in the price range from $350,000 to $500,000 were down 21.1 per cent. The number of sales priced above $500,000 increased by three units from April 2014 to April 2015.
The average price for homes sold across all of Newfoundland and Labrador in April 2015 was $276,760, down 0.8 per cent compared to a year earlier. The national average price was $448,862 in April 2015, up 9.5 per cent from April 2014.
The dollar value of home sales in the province amounted to $76.9 million in April 2015, rising 10.7 per cent from a year earlier. This was the third best dollar volume for April.
The number of new residential listings on the Association’s MLS® System was up 13.2 per cent from a year earlier to 1,003 units in April. This was a record for the month.
The overall supply of homes on the market is currently running at historically elevated levels but has shown signs of topping out. Active residential listings numbered 3,187 units at the end of April 2015, up 6.9 per cent from the same time a year earlier.
There were 11.5 months of inventory at the end of April 2015, down from 12.0 months at the end of April 2014. This remains above the long-run average for months of inventory at this time of the year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
|Newfoundland and Labrador Monthly Summary|
|April 2015||Year/Year % Change|
|Residential Unit Sales||278||11.6|
|Residential Dollar Volume||$76,939,250||10.7|
|Residential Average Price||$276,760||-0.8|
|Total Unit Sales||294||5.4|
|Total Dollar Volume||$80,636,150||6.5|