Real estate activity continues to flourish in Greater Saint John, according to the local real estate board.
New figures show a total of 325 homes were sold last month, just shy of the June record set one year earlier.
That is still nearly 19 per cent above the five-year average and 38 per cent above the 10-year average for June.
“Although many other markets across the country have seen demand falter, market activity in our region continues to flourish,” Kevin Donovan, president of the Saint John Real Estate Board, said in a news release.
Donovan said the number of newly listed properties last month was what they would expect in a typical June, which helped to keep overall inventory stable.
A total of 386 new residential listings hit the market in June, which was slightly above the five-year average.
The number of active listings was down slightly month over month to 566. That is well below what we would normally see at this time of year.
The months of inventory — the number of months it would take to sell current inventories at the current rate of sales activity — numbered 1.7, down from the long-run average of eight months for this time of year.
“Although our region is faring very well in comparison to many other regions of Canada, we are mindful of the impact rising borrowing costs are having on buyers and acknowledge that further expected interest rate increases will eventually influence demand and affordability,” said Donovan.
Average home sale prices sat at just under $294,000 in June, an increase year over year but down a record $317,596 the month before.
But the dollar value of all home sales in June set a new record for any month in history at $95.5 million.
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.
