Skyrocketing home sales in Greater Saint John continued to set records during the month of April.
The Saint John Real Estate Board says 325 homes were sold last month — the most of any month in history.
That was more than double the levels from a year earlier and significantly higher than the long-term averages.
“Last year around this time, we weren’t selling many homes. It was the starting of COVID and we were on lockdown,” said Corey Breau, president of the real estate board.
Breau said while part of the increase in April is a reflection of the market hitting bottom a year ago, it also has to do with more people moving here amid the pandemic.
“This time last year, all eyes were on us as one of the safest places to be,” he said. “Fast forward a year later, people want to make New Brunswick their home. You are seeing people from across the country move to Saint John and that’s increasing the sales.”
In addition to rising home sales, the number of new listings on the market is also beginning to bounce back.
A total of 418 homes hit the market in April, more than doubling numbers seen a year earlier in the Saint John region.
“We always tend to see an increase in April, but we’re seeing more than we have ever seen come to market,” said Breau.
“I think homeowners who were on the fence last year are now coming to market and they’re seeing the prices and they’re getting more for their homes than they ever imagined so they’re selling their homes now.”
The average home sale price hit a record $268,644, a gain of more than 58 per cent from a year earlier. The dollar value of all home sales in April was $87.3 million, which also set a record.
Breau said with overall supply levels remaining at historical lows — only 638 active residential listings on the market at the end of April — intense competition among buyers is pushing home prices to never-before-seen values.
“We’re seeing lots of homes sell over the $500,000 price range,” he said. “Last year, there was only a handful of them sold. This year, it’s a common number to see go through as a sale.”
The Saint John Real Estate Board covers the southern part of New Brunswick to the U.S. border in St. Stephen and includes the counties of Saint John, Kings, Charlotte and portions of Queens.
