MLS Listing Sales down – St. John’s housing prices up

July 22, 2009 · Filed Under CMHC Reports and Market Trends 

MLS sales retreated 8% to 996 units compared to 2008’s second quarter sales of 1,084 units.  April, May and June MLS sales were 259, 316 and 421, respectively. Despite the drop in sales, second quarter average MLS prices for St. John’s and surrounding areas up 20% to $203,854 compared to $169,942 during the second quarter of last year.  This is the only consecutive price growth in Canada since the fourth quarter of 2008.q2buyersmarket

Sales-to-active listings ratio increased to 19.6% in June and averaged 16.4% during Q2, indicating the market favouring buyers, particularly in April and May. However, as you can see from the chart, we are swinging upwards and my estimate we’ll see a balanced market for the third quarter. The St. John’s real estate market actually feels like a balanced market now.

The Bank of Canada left the prime lending rate at 0.25% the other day.  However mortgage rates are predicted to drift higher in 2010.

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Comments

One Response to “MLS Listing Sales down – St. John’s housing prices up”

  1. HOA Management Charlotte NC on July 31st, 2009 11:26 am

    Your observation was really very interesting and very informative. Thanks for the information. I learned a lot. I enjoyed reading it.

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