Newfoundland and Labrador home sales decline in June
The number of homes sold in the region serviced by the Newfoundland and Labrador Association of REALTORS® totalled 364 units in June 2015. This was a decrease of 16.5 per cent from the same month a year earlier, with declines focused principally among single detached homes priced above $350,000 in St. John’s.
Nationally, home sales were up 11 per cent on a year-over-year basis in June 2015.
Residential activity in St. John’s was down 28.8 per cent on a year-over-year basis in June, while activity in the rest of the province declined 9.6 per cent.
Single detached home sales in St. John’s decreased 42.5 per cent from levels recorded in June 2014.
On a year-to-date basis home sales were running less than one per cent ahead of the first half of 2014.
The average price for homes sold across all of Newfoundland and Labrador in June 2015 was $280,605, down 4.6 per cent compared to a year earlier. The national average price was $453,560 in June 2015, up 9.6 per cent from June 2014.
The dollar value of home sales in the province amounted to $102.1 million in June 2015, down 20.4 per cent from a year earlier.
The number of new residential listings on the Association’s MLS® System was up 3.4 per cent from a year earlier to 1,254 units in June. This was the highest level of new listings of any month on record.
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 3,791 units at the end of June 2015, up 2.7 per cent from the same time a year earlier.
There were 10.4 months of inventory at the end of June 2015, up from 8.5 months at the end of June 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|
|June 2015||Year/Year % Change|
|Residential Unit Sales||364||-16.5|
|Residential Dollar Volume||$102,140,131||-20.4|
|Residential Average Price||$280,605||-4.6|
|Total Unit Sales||399||-14.2|
|Total Dollar Volume||$106,088,231||-20.1|
The Newfoundland and Labrador Association of REALTORS® was created in 2005. The Association represents more than 500 REALTORS® in all regions of Newfoundland and Labrador, providing professional support and a local Multiple Listing Service®. Listings can also be viewed on the national www.REALTOR.ca web site (residential properties) and ICX.CA (commercial and investment properties).