Home sales in Greater Saint John cooled further last month, but a lack of available listings continues to have an impact.
The Saint John Real Estate Board says 140 homes changed hands in February, down 33 per cent year over year.
Board president Corey Breau said although new listings picked up last month, the lack of available inventory is still contributing to the tightest market conditions ever seen in this region.
“There is fierce competition for any newly listed property that comes on the market,” Breau said in a news release.
As a result, the average price of homes sold in February set a new record at just shy of $300,000.
There were 209 new residential listings last month, which was up year over year but still below the long-term averages.
Active residential listings numbered 353 units at the end of February — the lowest level in more than two decades for this time of year.
Breau said with no relief in sight on the supply side, sellers continue to reap the benefits of the combination of strong demand and extremely low inventory.
“We are monitoring our local market very closely, but if conditions remain as they are, it is reasonable to expect that the busy spring market will only drive prices even higher,” he said.
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.
