St. John's Real Estate Market January 2025 St. John's Housing Market Update: Positive Trends in January 2025 The local housing market showed promising signs in January 2025, with several key indicators pointing towards a strong start to the year. Let's dive into the latest trends and what they mean for buyers and sellers. Inventory Tightens as Demand Remains Strong The housing inventory at the end of January 2025 decreased by 13.33% to 1,599 existing homes available for sale. With an average of 479 closed sales per month over the past year, the market currently sits at a 3.34 months supply of inventory (MSI). This tightening supply suggests a competitive market for buyers and potentially favorable conditions for sellers. Prices on the Rise Good news for homeowners: the average sale price is trending upward. January 2025 saw a significant 9.37% increase in average prices, reaching $334,333 compared to $305,692 in the previous year. This price growth indicates a robust demand for homes in the area. Homes Selling Faster Properties are moving quickly in this market. The average days on market (DOM) decreased to 59.77 days, a reduction of 7.23 days or 10.79% compared to January 2024. This faster turnover rate is another positive sign for sellers and reflects strong buyer interest. Strong Sales Performance January 2025 demonstrated a positive sales success rate: - New listings: 625 (down 3.70% from last year) - Closed listings: 301 (up 24.90% from last year) - Closed vs. Listed ratio: 48.2% (up from 37.1% last year, a 29.69% increase) This improved ratio of closed to listed properties indicates a more efficient market with a higher percentage of listings resulting in successful sales. St. John's Metro Real Estate Market: Looking Ahead for 2025 The combination of rising prices, quicker sales, and a tightening inventory suggests a dynamic market heading into the spring. Buyers should be prepared to act quickly, while sellers may find themselves in a favorable position. As the months supply of inventory continues to decrease, we can expect continued pressure on prices and potentially even more competitive conditions in the coming months. For both buyers and sellers, staying informed and working with a knowledgeable real estate professional will be key to navigating this active market successfully.
