Market Returns to Balance Amidst Sales Surge

You will notice a distinct shift in the Saint John real estate landscape this year. The local housing market is returning to balanced conditions following a notable increase in activity during the first quarter. According to the RE/MAX 2019 Atlantic Canada Housing Market Report, home sales jumped 12 per cent in the first three months of the year compared to the same period in 2018.

This uptick in activity accompanies a slight rise in property values. The average price of a home in Saint John climbed one per cent to $179,947. While prices remain accessible compared to national averages, a shortage of new listings creates urgency for buyers looking to secure their ideal home.

Inventory Shortage Drives Competition

New listings dropped by approximately 28 per cent in the first quarter. This scarcity benefits sellers, as properties are selling close to their asking price. If you are looking for a home in the $200,000 to $300,000 price range, expect competition. This segment, typically known as move-up territory, is currently the tightest in the city.

Young families prioritizing proximity to schools face specific challenges finding available properties. Demand is particularly high in neighbourhoods such as Milledgeville, Rothesay, and Quispamsis.

Uptown Revitalization Attracts New Buyers

The historic Uptown Core continues to draw significant interest. Recent revitalization efforts have introduced trendy restaurants and shops, making the area attractive to investors, young professionals, and empty-nesters. The presence of Irving’s new headquarters also plays a major role, with many of the company’s 1,000 employees seeking housing nearby.

Condominiums in the city offer an affordable entry point for first-time buyers, with units starting at $100,000. In contrast, single-detached homes typically range between $150,000 and $200,000.

Luxury Market and Future Outlook

The upper end of the market shows robust health. In the first quarter alone, 21 homes sold over the $400,000 price point, a significant increase from the 14 sold during the same time last year.

Looking ahead, the spring market brings promise of more inventory coming on-stream. Forecasts suggest price appreciation will hold steady at around two per cent for the remainder of the year, with total sales expected to reach 1,950 units.

Frequently Asked Questions

What is the average home price in Saint John?

Data from the first quarter of 2019 places the average home price in Saint John at approximately $179,947.

Which neighbourhoods are currently in high demand?

Buyers are actively seeking properties in Milledgeville, Rothesay, Quispamsis, and the historic Uptown Core.

Is it a buyer’s or seller’s market?

The market is returning to balanced conditions, but a 28 per cent drop in new listings has created a favourable environment for sellers, particularly in the $200,000 to $300,000 price range.

What is driving demand in the Uptown area?

Revitalization of the core, including new dining and retail options, combined with the proximity to the new Irving headquarters, drives demand in Uptown Saint John.