Newfoundland Real Estate Stats for May

June 1, 2009 · Filed Under Monthly MLS Stats 

The spring real estate market is upon us as noted by the increase in Active MLS Listings last month. Average home prices in all areas have increased since the April St. John’s Real Estate Market Stats.  Increased housing prices means added pressure to first time buyers. This spins off into lower vacancy rates – great for those who own investment 2-apt homes or considering buying an investment property.  Houses are still staying on the market longer – pricing your home correctly is crucial in the market.  I would still call it a buyers market,  but again, there are still some houses receiving multiple offers.

The average price for a home in St. John’s edged slightly higher again for another month (currently at $210,969 for a 12 month period).

Mortgage rates are still at all time lows. The Bank of Canada’s Prime lending rate is at 2.25% and supposed to hold steady here til 2010.  Great for varible rate mortgages but it might be the time to look into a fixed term as the rates can only go up from here.

Total # of MLS Listings [May] = 1108

Total # of Sales [May] = 347

Number of Active Listings in the NLAR MLS System (ALL of Newfoundland) = 3491

Here is a break down by area for the month of May

St. John’s Real Estate: Listings = 210  Sales = 103 Sales/Listings Ratio = 49%

Average Sale Price: $221,707 for the month of May

Mount Pearl Real Estate: Listings = 46 Sales = 15  Sales/Listings Ratio = 33%

Average Sale Price: $201,126

Paradise Real Estate: Listings =46 Sales = 21 Sales/Listings Ratio =46%

Average Sale Price: $240,342

East Extern Real Estate: Listings = 36 Sales = 27  Sales/Listings Ratio = 75%

Average Sale Price: $236,090

Conception Bay South Real Estate: Listings = 50   Sales = 20  Sales/Listings Ratio = 40%

Average Sale Price: $205,934

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