As we step into the new season, the St. John's Metro housing market is buzzing with excitement! Let's take a look at the highlights from February 2025 that are making waves in real estate.

Inventory: The Hot Commodity

The housing inventory has taken a dramatic plunge, dropping by a whopping 32.49% to just 507 homes available for sale. This means buyers are facing a super competitive market where homes are flying off the shelves faster than ever! With an average of 267 sales per month over the past year, we're looking at a mere 1.90 months supply of inventory (MSI). It's officially a seller's paradise!

Prices on the Rise

The scarcity of homes is pushing prices up, and buyers are willing to pay more to snag their dream property. In February 2025, the average sale price jumped to $381,635 – a cool 5.04% increase from last year's $363,308. It's clear that buyers are eager to secure a home in this hot market.

Homes Selling in a Flash

Not only are prices rising, but homes are also selling faster than ever! The average days on market (DOM) decreased to 51.61 days in February 2025, down from 52.89 days last year. It's a buyer's market, but you have to act fast to get in on the action!

Sales Success: The Numbers Don't Lie

While new listings were down by 18.60% (280 this year compared to 344 last year), closed sales soared by 18.75% – with 190 homes sold this February versus 160 last year. The ratio of closed to listed properties skyrocketed from 46.5% to 67.9%, marking a whopping 45.89% increase. It's clear that buyers are serious about finding their perfect home!

What's Next?

As we dive deeper into 2025, it's likely the market will stay hot. Buyers, be ready to pounce on your dream home, and sellers, get ready to reap the benefits of a seller's market! With prices rising, homes selling fast, and inventory dwindling, it's an exciting time to be in real estate.

Stay tuned for more updates, and happy house hunting!