St. John’s Real Estate Market Improved During Fourth Quarter 2011
February 20, 2012 · Filed Under CMHC Reports
CMHC released their MLS TRENDS for Eastern Newfoundland Labrador. Below is the quick outline of the report.
- There were 1,288 new residential listings during the fourth quarter compared to 1,215 during the same period in 2010
- Active listings or inventory averaged 1,656 a month from October to December versus 1,597 a month during Q4 of 2010
- The sales-to-active listings ratio indicated market conditions were improving when 20% of listings sold in October, 21% in November and 23% in December, and averaged 21.5% during the quarter versus a much lower 18% in the fourth quarter of 2010.
- Active residential listings or inventory increased 3.7% during the fourth quarter
- Active listings for October, November and December were 1,861, 1,770 and 1,337, respectively
- The small rise in inventory, combined with the large sales increase, resulted in market conditions moving towards a more balanced market towards the end of the fourth quarter
- MLS® sales jumped 26% to 1,058 compared to 2010’s fourth quarter sales of 839
- October, November and December MLS® sales were 375, 374 and 309, respectively
- Fourth quarter average MLS® residential house price climbed 7% to $275,488 compared to $257,481 during the fourth quarter of 2010 and averaged $268,608 during 2011.