The number of homes sold in the region serviced by the Newfoundland and Labrador Association of REALTORS® was down in August 2012 compared to year-ago levels.
Residential sales activity numbered 486 units in August 2012. This was down 12 per cent on a year-over-year basis, albeit from a record month of August in 2011.
Nationally, home sales were down nine per cent on a year-over-year basis in August 2012. Declines were broad based in the wake of new mortgage rules that came into effect in July.
Residential activity in St. John’s was down just one per cent on a year-over-year basis in August while activity in the rest of the province fell 17 per cent.
Single detached home sales in St. John’s were down 22 per cent from levels recorded in August 2011. This was offset by gains in the townhouse, apartment and multi-family segments.
Transactions in the range from $150,000 to $250,000 declined 29 per cent from year-ago levels while sales priced between $250,000 and $350,000 were down five per cent. Sales in the price range $350,000 to $500,000 edged down two per cent while there were more than twice as many sales above $500,000 compared to a year earlier.
The average price for homes sold in Newfoundland in August 2012 was $262,436, up five per cent from a year earlier. The national average price was $350,192 in August 2012, edging up three tenths of one per cent from August 2011.
The number of new residential listings on the Association’s MLS® System was down three per cent from a year earlier to 894 units in August.
The overall supply of homes on the market remains at elevated levels. Active residential listings numbered 2,899 units at the end of August 2012, up three per cent from the same time a year earlier.
There were six months of inventory at the end of August 2012, up from 5.1 months at the end of August 2011.