Months Supply of Inventory (MSI) on the Rise

In February 2024, the housing inventory in our market area saw a 1.87% increase, bringing the total number of existing homes available for sale to 708. Over the past year, there have been an average of 242 closed sales per month, resulting in an unsold inventory index of 2.93 MSI for this period.

Upward Trend in Average Sale Price

Preliminary data indicates a positive trend in our market area, with the average sale price climbing this month. Prices surged by 9.11% in February 2024, reaching $363,769 compared to $333,405 from the previous year.

Decrease in Average Days on Market

Homes in our market are selling faster, with the average number of days on the market dropping to 52.87 days in February 2024. This marks a decrease of 6.24 days or 10.55% compared to the same month last year at 59.10 DOM.

Positive Sales Performance for February 2024

Despite a weaker finish in the Listed versus Closed Ratio this month, there were notable successes. New listings surged by 33.33% to 344 in February 2024 compared to last year's 258. Additionally, closed listings increased by 9.66%, with 159 closings this month versus 145 last year.

The Closed versus Listed ratio stood at 46.2%, down from February 2023's ratio of 56.2%, indicating a shift that may impact future inventory levels positively.

The combination of rising prices, reduced time on the market, and increased sales activity sets an optimistic tone for the real estate market in our area as we move forward into the coming months.

Data source: Newfoundland and Labrador MLS® Stats for January 2024