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August MLS Newfoundland Stats
Newfoundland MLS listings for August were down from the same time in 2007. Approximately a 16% decrease, however there was a 4% increase in properties sold for August 2008 vs August 2007 and a 10% increase in sales for 2008 year to date. This decrease in listing inventory and increase in properties sold is putting added pressure on selling prices. The supply and demand curve is still showing a sellers market.
One point to note: I’ve notice a big decrease in the properties sold in the $100,000 to $200,000 range and a large increase in properties sold over the $200,000 mark. Particularly the $260,000 to $349,900 range.
Total # of New MLS Listings [Aug] = 758
Total # of Sales [Aug] = 595
Number of Active Listings in the NLAR MLS System = 2675
Our Real Estate system is not showing the stats for my normal monthly Newfoundland MLS housing price break down by real estate area.
What I can report is for all of Newfoundland, the average sales price is $170,482 year to date for 2008. Compared to $147,201 for 2007. Remember this is for ALL Newfoundland (nlar.ca) Prices are closer to the $200,000 average in St. John’s, Mount Pearl and surrounding areas.
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Mortgage Rates
I find it funny on how we stand back and watch the real estate market grow and grow. I ask myself is the promise of a few thousand jobs over a 5 year period going to pay all these high mortgages. I mean we are already in a labor shortage here. Who is actually going to benifit from this increase besides agents and builders. In the long term it think somebody should intervene and monitor the real estate market.I know the goverment will have aa hell of alot more revenue to play with soon but what is the plan for us. Well i guess we like to believe sometimes we are different from the rest of the world but when it all boils down greed wins and the rich get richer and the middle class become poor.