MLS totals show strong year-over-year growth in Newfoundland

April 2, 2008 · Filed Under Market Trends and St. John's Real Estate 

According to statistics released by the Newfoundland and Labrador Association of REALTORS®, year-over-year residential and total MLS® sales activity once again showed an increase in the region.

Real estate transactions recorded through the Association’s MLS® system in February 2008 reached a total value of $39,801,664. That’s a three per cent decline from the amount in January 2008, however it is a 32 per cent increase from February 2007.

In all, 272 real estate transactions were recorded through the Association’s MLS® system this February. That’s three per cent more than the number recorded in January, and 27 per cent above the February 2006 total.

“Our year-over-year totals are up in all but one grouping – and that is in active residential listings,” said Association President Edwina Baldwin. “That’s a strong indication that listings are moving in the Newfoundland and Labrador region.”

The value of home sales recorded through the Newfoundland and Labrador Association of REALTORS® MLS® system this February was $35,996,114 – a five per cent decrease over January 2008 and a 29 per cent increase over February 2007.

There were 238 individual residential transactions recorded through the Association’s MLS® system this February. That is one per cent, or two properties more, than in January, and 20 per cent more than February 2007.

The average residential price sold through the Association’s MLS® system in February 2008 was $151,244 (entire Newfoundland and Labrador region). That’s six per cent below the average in January and eight per cent higher than the average in February 2007. The Association cautions that the average residential price is a useful figure only for establishing trends and comparisons over a period of time. It does not indicate an actual price for a home due to the wide selection of housing available in the area.

The CREA forecast notes that MLS® average price increases will be smaller this year. In Newfoundland, the CREA forecast says 4,125 residential units will be sold through the MLS® system in 2008, a 0.2 per cent increase from 2007. The average MLS® residential price in Newfoundland is expected to increase 5.5 per cent in 2008, to $154,200.

There were 564 new residential listings added to the Association’s MLS® system this February – a 15 per cent increase from January 2008. As the month came to an end, there were 1,224 active residential listings on the Association’s MLS® system.

The Newfoundland and Labrador Association of REALTORS® was created in 2005. The Association represents more than 510 REALTORS® in all regions of Newfoundland and Labrador, providing professional support and a local Multiple Listing Service®. Listings can also be viewed on the national mls.ca web site (residential properties) and icx.ca (commercial and investment properties).

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One Response to “MLS totals show strong year-over-year growth in Newfoundland”

  1. Topic: st.john's real estate - MyBlogLog on April 15th, 2008 10:20 am

    Kramer auto Pingback[...] Market Trends, St. John’s Real…, cmhc, hebron   Stephen Winters posted a blog entry MLS totals show strong year-over-year growth in Newfoundland According to statistics released by the Newfoundland and Labrador Association of REALTORS®, [...]

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