Total # of Listings [Jun] = 963

Total # of Sales [Jun] = 476

Number of Active Listings in the NLAR MLS System = 2580

Listings are almost on par for the same time for 2007 but the sales are up 12% year to date.

There were a good number of new listings for the St. John’s, Mount Pearl and surrounding areas in June. Buyers still out number the sellers as noted from the number of sales which is up again this month.  Two apartment homes and investment properties are in high demand.  Single Family homes in East End St. John’s are short in supply.

Most of the new sub divisions for St. John’s (Clovelly Trails, Roncolli Estates, East Point Landing) are in building demand.  Pine Ridge Creek in Torbay will soon open up the new phase.

Here is a break down by area for the month of June for single family homes

St. John’s Real Estate: Listings = 173 Sales = 103 Sales/Listings Ratio = 60%

Average Sale Price: $191,024 ($184,730 for April)

Mount Pearl Real Estate: Listings = 23 Sales = 26 Sales/Listings Ratio = 113%

Average Sale Price: $202,627

Paradise Real Estate: Listings =35 Sales = 37 Sales/Listings Ratio = 106%

Average Sale Price: $216,424

East Extern Real Estate: Listings = 32 Sales = 21 Sales/Listings Ratio = 66%

Average Sale Price: $192,465

Conception Bay Real Estate: Listings = 49 Sales = 28 Sales/Listings Ratio = 57%

Average Sale Price: $198,352

Unit sales in Canada for April rose the most in Newfoundland & Labrador at a 27 per cent gain over last year, followed by Saint John at 18 per cent, according to CREA.

While Home sellers flooded the markets in Toronto and Saskatoon last month, causing the number of listings to surge to a record level in Canada. Kitchener-Waterloo, St. John’s Newfoundland, and Thunder Bay actually saw a decrease in the number of homes on the market.

It appears that throughout most of Canada we are seeing a pull back in prices and real estate sales, a cool down. But not in Newfoundland. The only thing cool in Newfoundland right now is the temperature. Prices are continuing to rise. Buyers are continuing to flood the market and investors are still looking for rental properties.

In Saskatoon where prices are continuing to sky-rocket, buyers seemed leery about the idea of purchasing a new home. “70 per cent said it was not a good time to make a purchase.” In contrast to Atlantic Canada where 49 per cent were positive towards the idea of owning a new home.

CREA released it’s First Quarter Forecast 2008 earlier last week and as expected, MLS home sales are forecast to ease gradually in all provinces in 2008, but record-level activity in Saskatchewan and Newfoundland & Labrador during the first quarter will result in new annual records in these provinces.

Source: Homes Market Flooded by Sellers - Globe and Mail

Total # of Listings [Apr] = 932 (Up 7% from April 2007)

Total # of Sales [Apr] = 332 (Up 24% from April 2007)

Number of Active Listings in the NLAR MLS System = 2430

Inventory this month but so did the number of sales.Expired listings have declined by 23% Properties are still selling VERY fast and multiple offers are common in this sellers market.

Here is a break down by area for the month of April for single family homes

St. John’s Real Estate: Listings = 155 Sales = 84 Sales/Listings Ratio = 54%

Average Sale Price: $173,530 ($184,730 for April)

Mount Pearl Real Estate: Listings = 36 Sales = 16 Sales/Listings Ratio = 49%

Average Sale Price: $153,657

Paradise Real Estate: Listings = 43 Sales = 26 Sales/Listings Ratio = 60%

Average Sale Price: $188,460

East Extern Real Estate: Listings = 41 Sales = 22 Sales/Listings Ratio = 54%

Average Sale Price: $189,484

Conception Bay Real Estate: Listings = 45 Sales = 21 Sales/Listings Ratio = 47%

Average Sale Price: $165,735

While higher housing values and tight inventory levels have hampered home-buying activity so far this year, longer amortization periods and alternative housing types have offset the impact on most major markets across the country, according to a report released today by RE/MAX.

Despite a higher degree of frustration in the marketplace than in previous years, the RE/MAX Affordability Report found that first-time buyers, in particular, remain steadfast in their determination to purchase a home. In fact, entry-level purchasers are adjusting their expectations by sacrificing size, location, and even long-term financial freedom, to overcome challenges such as rising prices and serious supply issues. Innovative financing has become key to homeownership in today’s environment, with longer amortization periods gaining favour in 62 per cent of the major centres surveyed. Low or no down payments were popular with first-time buyers in 38 per cent of markets.

MLS Residential Sales Post Solid First Quarter

• MLS® residential sales increased 14.3 per cent to 713 units compared to last year’s first quarter sales of 624 units

• January, February and March MLS® sales were 236, 238 and 239, respectively and were held back by a lack of active listings

• Driven by low inventory, the first quarter average MLS® house price jumped 13.6 per cent to a record $156,953 compared to $138,167 during the first quarter of 2007

Resale Market Classified as Sellers

• The resale market headed quickly to a sellers classification last Fall and remained there throughout the first quarter of 2008

• Average time-on-market trended lower during the quarter, strong price growth continued and many choice properties enjoyed multiple purchase offers

• Current trends indicate the market will favor sellers once again during the second quarter, but an expected improvement in active listings may provide some relief for buyers

Active Listings Remained Low

• After falling nearly a half by January, active listings rebounded slightly during February and March, but remained low, restricting unit sales growth accordingly

• The supply of active residential listings averaged approximately 1,150 during the first quarter compared to almost double that number at 2,100 a year ago

• First quarter new listings were near last year’s first quarter level of 1,600, while active listings retreated 45 per cent compared to the first quarter of 2007

Mortgage Rates to Remain Low

• With U.S. recessionary pressures continuing, the Bank of Canada is widely expected to cut rates 50 basis points by June 10th

• Accordingly, mortgage interest rates are expected to remain low in 2008 and start to creep higher in 2009 as investors gain more confidence in financial markets

• One and five-year mortgage rates are forecast to be in the 6.25-7.25 and 6.50-7.50 per cent range, respectively, in 2008 and beyond

Total # of Listings [Mar] = 614 (Down 19% from March 2007)

Total # of Sales [Mar] = 260 (Down 9% from March 2007)

Number of Active Listings in the NLAR MLS System = 2192

Inventory decreased 19% in March over the previous year and down from February MLS stats. Sales to date have increased 18% since January, however decreased from February. Expired listings have declined by 27% meaning listings are selling faster and people are pricing homes correctly. The sales dollar volume year to date has increased by 30% meaning increases in real estate property values and higher end homes being sold.

Here is a break down by area for the month of March for single family homes

St. John’s Real Estate: Listings = 117 Sales = 69 Sales/Listings Ratio = 59%

Average Sale Price: $171,935

Mount Pearl Real Estate: Listings = 13 Sales = 7 Sales/Listings Ratio = 54%

Average Sale Price: $150,772

Paradise Real Estate: Listings = 51 Sales = 15 Sales/Listings Ratio = 29%

Average Sale Price: $187,233

East Extern Real Estate: Listings = 30 Sales = 13 Sales/Listings Ratio = 43%

Average Sale Price: $191,781

Conception Bay Real Estate: Listings = 33 Sales = 18 Sales/Listings Ratio = 55%

Average Sale Price: $162,531

Total # of Listings [Feb] = 671 (Up 29% from February 2007)

Total # of Sales [Feb] = 272 (Up 27% from February 2007)

Number of Active Listings in the NLAR MLS System = 2146

Inventory increased slightly this month compared to January MLS stats. We are still down in inventory from 2007 by 5%. Sales have increased as well (up 38% from 2007) due to the number of buyers currently searching for a new home or investment property. Larger homes are being built and sold outside St. John’s and Mount Pearl reflecting in higher prices for Paradise, East Extern and CBS this month.  It will be interesting to see in the next few months if increased inventory levels from new home construction will relieve some pressure on current buyers.  Many sub divisions are waiting to start their next phases in spring.  To my knowledge Clovelly Trails has 70 lots and Roncolli Estates 15.  Other subdivisions will be in full swing when the snow melts.

Here is a break down by area for the month of February for single family homes

St. John’s Real Estate: Listings = 109 Sales = 71 Sales/Listings Ratio = 65%

Average Sale Price: $171,085

Mount Pearl Real Estate: Listings = 33 Sales = 12 Sales/Listings Ratio = 51%

Average Sale Price: $148,981

Paradise Real Estate: Listings = 30 Sales = 16 Sales/Listings Ratio = 53%

Average Sale Price: $193,586

East Extern Real Estate: Listings = 52 Sales = 14 Sales/Listings Ratio = 27%

Average Sale Price: $190,048

Conception Bay Real Estate: Listings = 24 Sales = 16 Sales/Listings Ratio = 67%

Average Sale Price: $161,769