Are you keeping an eye on the real estate market in St. John's? If so, you'll be interested to know that the latest data for January 2024 is in, and there are some notable trends to take note of. Let's dive into the key highlights from the recent market update.

Average Sale Price on the Rise

In January 2024, the average sale price for homes in St. John's experienced an increase, rising by 3.61% to $353,935 compared to the previous year at $341,591. This uptick in prices reflects a positive trend in the market and may have implications for both buyers and sellers.

Steady Average Days on Market

The average number of days that homes spent on the market before selling remained consistent with the same time period in 2023, at 54 days.

Decrease in Months Supply of Inventory (MSI)

The total housing inventory at the end of January 2024 decreased by 4.25% to 699 existing homes available for sale, resulting in an unsold inventory index of 2.91 months supply of inventory (MSI) for this period. This decrease in inventory could impact supply and demand dynamics in the market, potentially influencing pricing and competition among buyers.

Positive Sales Activity

January 2024 saw 347 new listings, marking a 15% increase from the previous year. Additionally, there were 137 closed listings this month, representing a small 2% decrease from the previous year. These figures indicate ongoing activity in the market and provide valuable insights into the volume of new listings and closed sales.

In summary, the St. John's Metro real estate market exhibited several positive indicators to start 2024, including an increase in average sale price, steady average days on market, and positive sales activity. These trends offer valuable insights for both buyers and sellers as they navigate the dynamic real estate landscape in the region.

As always, it's essential to stay informed about market trends and seek guidance from real estate professionals to make well-informed decisions. Whether you're considering buying or selling a home in St. John's, staying up to date with the latest market data is key to achieving your real estate goals.