Royal LePage says inventory is low and sales continue to rise as first-time home buyers enter the St. John’s real estate market.

The company’s latest House Price Survey out today shows that the median price of a two-storey home in the metro region rose 4.9 per cent to $382,064 dollars year-over-year in the fourth quarter of 2020.

The median price of a bungalow dropped 3.4 per cent.

Sales representative Glenn Larkin says first-time homebuyers are taking advantage of reasonable prices for mid-range properties and low borrowing costs.

He says lack of inventory is likely to continue to be a challenge since they aren’t seeing potential sellers testing the market – only those who are serious about selling.

Larkin says if this winter sees a lot of snow, it will mean an even later start to the typical seasonal pick-up while sellers, in general, are waiting for things to settle down in relation to the pandemic.