Saint John Home Sales Set A Record

Saint John home sales set a new July record last month, according to numbers from the Saint John Real Estate Board.

Residential sales activity numbered 257 units last month, an increase of 0.8 per cent from July of last year.

“While 2019 remains very much in the running to be the best year ever for the local housing market, the July sales figure was actually the first monthly record so far this year,” said board president Sherry Sheldrick in a news release.

Home sales totalled 1,310 units over the first seven months of the year, trailing the record year of 2007 by about 40 sales.

Real estate sales in #SaintJohn hit record high for July: https://t.co/Eo0ogbQ5a6

— SJ_REALTORS (@SJ_REALTORS) August 15, 2019

The average price of homes sold in July was $188,973, edging up 1.1 per cent from July of last year.

“Prices have shown little in the way of upward movement so far this year,” said Sheldrick.

“However, with the number of months of inventory now under six for the first time in 11 years, the balance of supply and demand is likely getting to the kind of level where we’ll start to see home prices in the region move higher again.”

The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The total dollar value of all home sales in July set a new record at $48.6 million, up 1.9 per cent year-over-year.