Newfoundland Housing Market Third Quarter MLS Trends

November 3, 2009 · Filed Under St. John's Real Estate 

Canada Mortgage and Housing Corporation released its data on the third quarter MLS housing market trends for Newfoundland yesterday.

MLS® Residential Sales Lower during Third Quarter

  • MLS® sales decreased 11% to 1,504 compared to last year’s record third quarter sales of 1,695
  • July, August and September MLS® sales were 536, 472 and 496, respectively
  • Third quarter average St. John’s MLS® residential house price climbed 13% to $206,852 compared to $182,306 during the third quarter of 2008 – the only consistent price growth market in Canada during the past 12 month period

Balanced Residential Resale Market

  • There were 2,282 new residential listings during the third quarter compared to 2,246 during the same period last year
  • However, active listings or inventory averaged 2,200 from July to September versus a much lower 1,750 during Q3 of 2008
  • Sales-to-active listings ratio hit 24% in September and averaged 23% during the third quarter versus 32% in Q3 of 2008

Balanced Market Keeps Active Listings Up

  • Normalized demand for housing caused active residential listings to increase 27% to the end of the third quarter
  • Active listings for July, August and September were 2,301, 2,150 and 2,077, respectively, with new listings of 918, 695 and 669, respectively
  • New listings were on par with 2008’s third quarter, but with available inventory 27% higher, the market was balanced

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