*** SALE PENDING *** Fraser and Stephen Winters have just listed 7 Kincaid Street. This 4 year old 2-story home shows just like new. Hardwood and ceramic on the main floor. Bright open concept eat-in kitchen and family room. Rounding out the main floor is a separate, spacious living room as well as a 1/2 bathroom. Three bedrooms in total on the second floor. The master bedroom includes a 3 piece ensuite and walk-in closet. There is a large rec-room in the basement as well as a separate office (or 4th bedroom) Newly updated laundry room with a half bathroom. This house is located on an oversize lot with panoramic views of the East End of St. John’s. You can even enjoy a surprisingly spectacular view of the ocean from your patio deck. The property is fully landscaped has a fenced backyard and includes a baby barn. As a bonus feature, you can have rear yard access. Asking price is $299,900.
For a virtual tour of 7 Kincaid Street click here
St. John’s real estate market spent much of the past decade fluctuating between buyers and balanced market conditions. These conditions characterized the resale residential sector 72 per cent of the period from 2000 to 2010 (36 per cent respectively). Sellers held the cards just 28 per cent of the 11-year period—a fact that may come as a surprise, given the strong run up in average price in recent years. The compounded annual rate of return for homeowners in Newfoundland Labrador, based on average price from 2000 to 2010, was 8.14 per cent—ranking it fifth among Canada’s major centres and first among the Atlantic provinces ($99,525 vs. $235,341). Newfoundland’s sales-to-new listing ratio hovered at 54 per cent during last decade. Home buying activity has been solid at the outset of 2011, as Newfoundlander’s steadily regain confidence in Canada’s economic recovery and the brightening outlook for the province.
Several positive developments of late have bolstered optimism, the most substantial of which has been the Lower Churchill announcement. Business confidence is high and non-residential building activity is up considerably. Buyers have taken notice, moving off the sidelines, secure in the belief that the tide is turning. Affordability continues to play a role in Newfoundland. First-time buyers are leading the charge, with sales between $150,000 and $250,000 most active in Newfoundland, accounting for 36 per cent of all activity.
In St. John’s, entry-level purchasers are driving the $250,000 to $350,000 price point. The city’s newer subdivisions on the peripherals are most sought-after, including areas such as Paradise. Move-up buyers remain active. However, in this category, many transactions are conditional on the sale of another property. Upper-end purchasers continue to make their moves, with sales in the $500,000 to $650,000 price range relatively brisk. Luxury homes in Clovelly Trails and King William Estates remain very popular with affluent purchasers.
Days on market had been on the upswing across all price points post June 2010, but should begin to fall as absorption rates improve.
CMHC’s Housing Now publications was just released for Newfoundland and Labrador outlining January’s housing starts for the St. John’s real estate market. Below is the outline of the press release. For the full PDF file click here.
ST. JOHN’S, February 8, 2011 – Housing starts in the St. John’s region were flat during the month of January, according to preliminary released today by Canada Mortgage and Housing Corporation (CMHC). January’s housing starts totaled 105 units throughout the St. John’s area compared to 104 units in January of 2010. There were four additional starts recorded outside the St. John’s area, for a total of 109 provincial urban housing starts compared to 113 last January.
“An 18 per cent increase in single-detached housing construction was offset by lower multiple unit starts activity during January,” said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador. “While starts activity is expected to come off record highs, continued growth in employment, income and population will remain supportive of the local housing market this year,” added Janes.
In urban centres across Canada, total housing starts recorded in January were down six per cent to 9,773 units compared to last year’s total of 10,438. Single-detached starts declined 28 per cent to 3,463 units, while multiple starts increased 13 per cent to 6,310 units in January. In the Atlantic region, 480 new units were started in January compared to 441 units during the same period in 2010.
CMHC just released their First Quarter 2011 edition of Housing Now – Major Centres – St. John’s. You can view the entire PDF release here http://www.cmhc-schl.gc.ca/odpub/esub/64199/64199_2011_Q01.pdf
Here are some of the highlights:
- High prices and an increasing inventory of unsold new and existing homes saw housing market activity continue to slow during the fourth quarter of 2010
- Average prices, however, advanced compared to 2009, but remained relatively unchanged on a month-over-month basis
- Residential construction activity declined moderately
- Total housing starts were down approximately six per cent, with 488 starts versus 520 in 2009’s fourth quarter
- The overall average new house price for the St. John’s CMA was $326,954
- 50 per cent of all new single-detached homes sold for more than $300,000 during the quarter
- decline in sales and increased inventory, positioned the market as buyers again during the fourth quarter
- buyers had a much broader choice of homes because available inventory increased approximately 40 per cent in the quarter, including a 56 per cent surge in December
- Listings remained on the market for an average of 65 days
- Despite higher inventory, offers came in at approximately 96 per cent of asking
- The average MLS® residential price in Newfoundland was $238,696 during the October to December period – an increase of 12 per cent.
Average sale price of a house for St. John’s and Paradise increased in January, both up over $300,000. I believe this is due to mostly new home construction sales. The bulk of homes sales (approx 57%) were in the $250,000 to $349,900 price range. The average price of a home in St. John’s is now approximately $279,000. There were 308 expired listings this month, up a whopping 52% from last January. Proper pricing on your home is key in this market and will be the same trend in 2011. Contact us for a free market evaluation on your home.
Total # of new MLS Listings [January] = 653 (based on residential stats)
Total # of Sales [January] = 207
Number of Active Listings in the NLAR MLS System (ALL of Newfoundland) = 2925
Here is a break down by area for the month of January
St. John’s Real Estate: Listings = 168 Sales = 50 Sales/Listings Ratio = 30%
Average sale price for a home in St. John’s: $300,052 for the month of January and the 12 month average $278,753
Mount Pearl Real Estate: Listings = 34 Sales = 10 Sales/Listings Ratio = 29%
Average Sale Price (12 month average): $247,456
Paradise Real Estate: Listings =45 Sales = 17 Sales/Listings Ratio =38%
Average Sale Price (12 month average): $300,298
East Extern Real Estate: Listings = 42 Sales = 12 Sales/Listings Ratio = 29%
Average Sale Price (12 month average): $288,610
Conception Bay South Real Estate: Listings = 46 Sales = 13 Sales/Listings Ratio = 28%
Average Sale Price (12 month average): $255,094