April 2024 Housing Market Update: Inventory and Prices Rise in St. John's Metro

Slight Increase in Housing Inventory

In April, the housing inventory in the St. John's Metro area saw a modest increase of 1.69%, bringing the total to 723 existing homes for sale. Given the average of 244 closed sales per month over the past year, this amounts to a 2.97 months' supply of inventory.

Significant Jump in Home Prices

The St. John's metro area experienced a notable rise in average home prices, which increased by 12.75%. This means the average sale price climbed from $341,000 in April 2023 to $384,464 in April 2024, reflecting strong demand in the market.

Faster Sales Pace

Homes are selling more quickly this year, with the average days on market dropping by 16.08%. In April 2024, homes were on the market for an average of just 50 days, compared to 59.59 days in April 2023, indicating a brisker sales environment.

Boost in Listings and Sales

April also saw an increase in both new and closed listings:
- New Listings: 439 (up 16.45% from 377 in April 2023)
- Closed Listings: 206 (up 14.44% from 180 in April 2023)

Despite these increases, the listed vs. closed ratio dipped slightly to 46.9%, down 1.72% from 47.7% last year. This minor decline suggests a slight lag in the rate of closing new listings.

St. John's Real Estate Market Outlook

The slight drop in the listed vs. closed ratio may lead to an increased supply of inventory in the coming months, potentially impacting market conditions. Both buyers and sellers should monitor these trends closely.

*Data provided by the Newfoundland Labrador Association of Realtors® MLS® for April 2024.*